Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 3 Chennai Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 21.00% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time : Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.99% - 17.99% Fixed
    2.25% (min. ₹1,499 + applicable tax) One time fee
    20L Max
    1-5 Years
    Response Time : Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.99% - 20.70% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time : Within 30 minutes
    Paperless approval available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
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  • Chennai Personal Loan is Rated as "Great!" by 12116 Users

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    Chennai Personal Loan

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    Chennai formerly known as Madras, this 369-year-old city is the capital of the southern state of Tamilnadu and is India's sixth-largest city in terms of population.It serves as one of the main gateways to South India and has a thriving local culture and art scene and is one of the major destinations for medical tourism. It is considered as one of the world's fastest growing cities.

    A personal loan is a kind of unsecured loan which can be used for any purpose that the borrower deems necessary. An unsecured loan is an umbrella term used for loans which do not require collateral. Banks, credit unions, and other financial institutions offer personal loans on an ongoing basis.


    You’re probably eligible for an Chennai Personal Loan if you are

    01
    02
    03
    04
    Chennai Personal Loan Minimum Age

    At least 21 years old

    Chennai Personal Loan Maximum Age

    Less than 65 years old

    Chennai Personal Loan Eligible Employment Type

    Salaried / Self – Employed
    with regular income

    Chennai Personal Loan Minimum Income

    Earn more than the minimum
    income required


    Your Chennai Personal Loan amount eligibility is based on these factors

    01
    02
    03
    Chennai Personal Loan Minimum Salary

    Minimum income required
    Rs.17,500 per month

    Chennai Personal Loan Maximum Loan Funded

    Maximum allowed personal loan is Rs. 50K to Rs. 30 lakhs

    Chennai Personal Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Chennai Personal Loan amount by these steps

    01
    02
    Chennai Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    “Chennai

    Choose longer tenure loan up to 5 years


    Documentation needed to apply for an Chennai Personal Loan

    • 1. Photo ID and age proof
    • 2. Signed application form with photograph
    • 3. Residence proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    Chennai Personal Loan Interest Rates Updated on 25 Nov 2017

    Chennai Personal Loan Details
    Interest Rate (Monthly reducing balance) 13.49% - 34%
    Processing Fees 0.5-2.5%
    Loan Tenure 1 year to 5 years
    Pre-closure Charges 2% - 5%
    Guarantor Requirement No guarantor required

    Personal Loan in Chennai

    Personal loans in Chennai are offered by some of the top banks and NBFCs in the country. All banks offer secured and unsecured personal loans. In the case of unsecured loans, banks offers loans ranging between Rs.50,000 to Rs.40 lakh without any collateral. Personal loans are offered to customers based on their annual income, the company their employed, etc. Some of the top banks offering personal loans are ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank, etc. To compare loan offers between banks, customers can facilitate the use of financial portals such as BankBazaar.

    Personal Loan offered by various banks in Chennai

    A number of top banks and NBFCs in the country offer personal loans in Chennai. Some of the more popular banks and NBFCs offering personal loans at the best interest rates are listed below:

    • ICICI Bank
    • HDFC Bank
    • Axis Bank
    • Citibank
    • Standard Chartered Bank
    • Oriental Bank
    • Kotak Mahindra Bank
    • Fullerton
    • Bajaj Finserv
    • Tata Capital
    • Aditya Birla

    How do I get a Personal Loan with the lowest interest rate in Chennai?

    When availing a personal loan most people go for the bank holding their salary account as the paperwork becomes a lot more relaxed and the process faster. While for some this might work perfectly, looking out for loans offered by numerous banks and NBFCs offering loans at the best interest rates is the best way forward. Other than that, there are a few other factors that will positively affect your loan interest rate. If you’re availing a loan, listed below are a few areas you need to look into or take care of if you wish to get the lowest interest rate on your loan:

    Credit score - Ensuring that your credit score is optimum is imperative when availing a personal loan. Having a high credit score will result in you getting a loan at a lower interest rate and vice versa. A credit score above 750 is satisfactory when availing a personal loan .

    Make a down payment - Putting down a sizeable down payment is sure to get you a better interest rate on your loan. Anything upward of 20% of your loan amount will surely positively affect the interest rate that is offered to you.

    Debt-to-income ratio - Making sure that you have a stable debt-to-ratio will firstly decide whether your loan will be approved and secondly will affect the interest rate on your loan. Debt-to-ratio is the amount one earns against his/her credit bills, loans, etc.

    Look around for the best loan interest rates on offer - Facilitating the use of financial portals such as BankBazaar will help you when shopping around for loans offering the best interest rates. The BankBazaar website compares the loan interest rates of all its partner banks and makes it easier for customers to make a decision.

    Tenure - Choosing your tenure directly reflects on the interest rate added to the loan amount. Choosing a shorted tenure will result in you having a much less interest rate - though the EMIs will considerably low. The interest rate increases with the length of the payback period.

    Employee stability and the company you work for - The number of years of experience and the company you work for plays a vital role whether firstly your loan will be approved and secondly the interest rate on the loan. Working for an established company only increases the bank's trust of you repaying the loan.

    Always negotiate - While most people readily agree to the interest rate on the loan offered by the bank, negotiating on the interest rate is a necessity. If you’re a customer availing a loan from the bank holding your salary, you have a better chance of making a negotiation.

    Personal Loan Interest Rates in Chennai 2017

    Bank Interest Rate Range Processing Fee Range Loan Amount Tenure
    ICICI Bank 11.59% - 18.49% (Fixed) 2.25% (min. Rs.1149) One time fee Rs.20 lakh (Max) 1-5 Years
    CitiBank 10.99% - 15.99% (Fixed) 1% to 2.5% Rs.30 lakh (Max) 1-5 Years
    Kotak Mahindra Bank 11.49% - 20.15% (Fixed) Up to 2% Rs.15 lakh (Max) 1-5 years
    Fullerton 17.25% - 37% (Fixed) 1.5% to 6.0% (One time fee) Rs.15 Lakh (Max) 1-4 Years
    Bank of Baroda 11.35% - 14.35%Fixed Rs.1,000 to Rs.10,000 (One time fee) Rs.20,000 - Rs.2 lakh 4 Years (Max)
    State Bank of India 12.90% - 14.90% (Fixed) 1% (One time fee) Rs.24,000 - 15 lakh 5 Years
    Aditya Birla 11.5% - 13.25% (Fixed) Nil Rs.30 lakh (Max) 1-5 Years
    Allahabad Bank 13.10% (Fixed) 1.22% (One time fee) Rs.50,000- Rs.7.5 lakh 1-5 Years
    Yes Bank 14% (Fixed) Up to 2%One time fee Rs.20 lakh (Max) 1-5 Years

    Salary requirements to avail Personal Loans in Chennai

    When availing a personal loan in Chennai, the salary requirements change from bank to bank. When looking for the bank offering the best interest rates, make sure to look out for the minimum salary requirement of the bank as well.

    • For salaried individuals - Banks have a minimum salary requirement between Rs.7,500 and Rs.50,000 for salaried individuals.
    • Self-employed individuals - Those having their own business should provide proof of income and most banks have an income requirement of Rs.1 lakh to Rs.2 lakh (profit) annually.

    Chennai Personal Loan FAQs

    1. What is the tenure range of personal loans?

    Most banks offer loans for a tenure of 1 to 5 years. The tenure decides the interest rate, the EMIs to be repaid to the bank monthly, etc.

    2. What documents are required when applying for a personal loan?

    You will need to submit your regular KYC documents (address and identity proof) - Passport, Aadhaar card, Voter’s ID, driving licence, any government employee card, etc. Apart from that, you will have to submit your payslips, last two years IT Returns, last six months bank statements, etc.

    3. Are there any additional charges for personal loans?

    You will have to pay the processing fee upfront when availing a loan. Apart from this there are no additional charges unless a prepayment is made.

    4. Will the loan be disbursed at once or in stages?

    Once your loan application has been approved by the bank or NBFC, the loan will be disbursed all at once. There is no option of splitting the disbursal.

    5. Can I prepay a loan after a couple of months?

    Most prepayment requirement for most banks is six months from the point of disbursal. Pre closing the loan in two months would not be a possibility. You would have to pay prepayment charges on the outstanding balance.


    Check For Latest: Gold Rate in Chennai Or Silver Rate in Chennai

    Chennai Personal Loan Reviews

    • IOB Personal Loan
      "Good rate of interest"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with Indian Overseas Bank and it was Straight through process with no requirement of any documents as i have an account for the last 20 years. I also had an additional benefit as the rate of interest for my loan was a nominal one.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 24, 2017
    • ICICI Bank Personal Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan with ICICI bank and i have a 11.75 % rate of interest for the loan and i feel it is nominal for the mount taken. But would still be high otherwise. I had no issues during the process and all documents were collected fr om me on time.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 24, 2017
    • Bajaj Finserv Personal Loan
      "Good service but high rate of interest"
      0.5 4.0/5 "Great!"
      I had taken a personal loan from Bajaj Finserv. I appreciate the quick response and process of the loan from them as it was a critical situation and i had an urgent requirement for the amount. They were fast with their approval however the rate of interest was 14% which was a little too high for me.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 24, 2017
    • Axis Bank Personal Loan
      "Excellent experience with a good interest rate."
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with Axis bank and i can say that i am very happy with them as they had given me the loan with a 10% rate of interest even when i do not have an account with them. The process was also a smooth one and the services were good.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 24, 2017
    • HDFC Bank Personal Loan
      "Good rate of interest"
      0.5 4.0/5 "Great!"
      This is my first Loan and Axis Bank did provide me with a good offer. They gave me the amount that I asked for with a Rate of Interest of 11.5%, which I feel is one of the best anybody could get. The loan got approved very easily and didn't require huge paperwork.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 24, 2017
    • HDFC Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I got the Higher loan amount with the low interest rate when compared with other banks with HDFC bank. The processing fee and the charges were also low with HDFC personal loan service when compared with other banks. I got the loan amount with in 30days of time. I am satisfied with the HDFC bank personal loan service.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 24, 2017
    • Kotak Personal Loan
      "Not bad"
      0.5 4.5/5 "Excellent!"
      My personal loan was taken with KOTAK bank 1month back. The loan amount was 8.5 lakhs and the interest rate was 12% which was high in the market . The EMI period was 5 years. The customer service ad responses was satisfactory . They have provided door step service for collecting documents. My overall experience was not bad
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 24, 2017
    • HDFC Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It was a good experience with hdfc for my personal loan service the process was very fast with hdfc they took only ten days to process the loan process they offered me a interest rate of 10.75 which was comfortable for me and the documents part was easy it was a awesome service from hdfc for my personal loan service.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 23, 2017
    • Bank Bazaar Personal Loan
      "Application "
      0.5 5.0/5 "Blown Away!"
      Good to do it even on an mobile. I am glad it will be helpful for working professionals. The process goes step by step which makes the client aware of the list of providers which was a surprise. The bank options are good also the EMI amount and the rate of interest is very much attractive.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 23, 2017
    • HDFC Bank Personal Loan
      "Charges has to be reduced"
      0.5 4.0/5 "Great!"
      Personal loan was fast in HDFC, they disbursed the loan amount on time. I took the loan of Rs. 2.5 lakhs and 1.40 lakh, they gave higher interest and with huge processing fee. Finally I foreclosed my loan by paying 4% of interest on principal amount.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 22, 2017
    • Axis Bank Personal Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      My personal loan was taken with AXIS bank few months ago. The loan amount was 1 ,70,000 and the interest rate was 18.5% which was very high than other banks. The tenure period is 5 years and the pre closure is after 1 year. The customer service and responses was up to the mark.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 22, 2017
    • HDFC Bank Personal Loan
      "The experience was good"
      0.5 5.0/5 "Blown Away!"
      The process for getting a Personal Loan with HDFC Bank was quite simple. They required very minimal amount of documents and the process was pretty quick too. Their Rate of Interest is one of the best in the Market. I have been a happy customer of HDFC for a while now.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 22, 2017
    • Bank Bazaar Personal Loan
      "Good website"
      0.5 4.0/5 "Great!"
      I recently used Bankbazaar for my Personal Loan usage and they were great with their communication. They called me up on regular interval and informed me the various options available to me. I was able to check my Credit Score using this website pretty easily.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 22, 2017
    • Citibank Personal Loan
      "Good Communication"
      0.5 4.0/5 "Great!"
      The communication put forth by Citibank in regards to my Personal Loan was good. They called me on regular interval and gave me good amount of informations. Their Rate of Interest of 12.99% is pretty good. They informed me the reason for not getting the Loan, which I was okay with. They are top notch Bank with good communication.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 22, 2017
    • HDFC Bank Personal Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      Within 10 seconds I got the personal loan from HDFC bank . They have offered me a pre approved loan so I never submitted any documents to HDFC bank. The customer support was very prompt with their service, because they have approved the required loan amount. The rate of interest and the charges are nominal with HDFC bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 22, 2017
    • Axis Bank Personal Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      It was been a very good experience with axis bank for my personal loan service the interest rate they offered me was 10.5% its fine when compared to others in the market the documents have been collected from my door step the customer service was prompt it was a excellent service that I received from axis for my personal loan service.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 22, 2017
    • Bank Bazaar Personal Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I applied for my personal loan process with Bankbazaar.com website which was easy to use the customer service was good, I use to get regular followups regarding my loan process it was totally a wonderful experience with Bankbazaar.com for my personal loan service.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 22, 2017
    • Tata capital Personal Loan
      "Average service"
      0.5 1.0/5 "Really Bad"
      I have not get any response from tata capital for my personal loan service, I did not even receive a call from tata capital executives from the date I applied for my loan process. I am not much happy about the service that I received from tata capital for my personal loan service.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 22, 2017
    • Bank Bazaar Personal Loan
      "Great Job - Fast service"
      0.5 4.0/5 "Great!"
      Easy to access and paper free, its great. will be completely happy once the loan is approved. awaiting for the further calls and confirmation, thanks for Bank bazzar for making the JOB easy. Easy to access and paper free, its great. will be completely happy once the loan is approved. awaiting for the further calls and confirmation, thanks for Bank bazzar for making the JOB easy.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 21, 2017
    • Axis Bank Personal Loan
      "Personal loan with AXIS"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with AXIS. Within 3 to 5 working days i got my loan approved. The approved loan amount was 2 lakhs with a rate of interest of 14.5%. Including the processing fees and insurance they have taken 9000 rupees from loan amount. The monthly EMI is 6756 for 3 years. Partial payment and pre closure with out any interest.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 21, 2017
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