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.

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.

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.

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.

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.

Chennai Personal Loan

The capital city of Tamil Nadu, Chennai is home to some of the biggest and most trusted banks and financial institutions in India, thereby making it easy for you to find the right personal loan for your unique financial needs. With interest rates starting from just 8.90% and a multitude of banks to choose from, getting a personal loan in Chennai is relatively easy. You can avail amounts up to Rs.40 lakh with flexible repayment tenures.

Click here to
Check your Eligibility!

Chennai, a busy city, is the capital of Tamil Nadu. It is located on the Coromandel Coast on the Bay of Bengal in the eastern part of the country. The city has a population of around 46.5 lakh people. The city attracts medical tourism on a yearly basis very successfully. It has famous financial, cultural, IT, and educational centres that have been functioning for several years.

If you are in need of reliable financial assistance for your personal needs, you can apply for a personal loan from any of the banks or non-banking financial companies (NBFCs). Personal loans are typically unsecured in nature. However, if you need a secured loan, you could take a personal loan against shares, against gold, or against mortgage.

In Chennai, there are top lenders that provide loans through online and offline methods. You can select your lender depending on your requirement and repayment capacity. If you buy online, you can enjoy paperless documentation, make comparisons of interest rates, fees, and other charges.

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 03 Jun 2023}

Chennai Personal Loan Details

Interest Rate (Monthly reducing balance)	8.90% to 36% p.a.
Processing Fees	0% -6%
Loan Tenure	1 year to 6 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 Loans offered by Various Lenders in Chennai

A few of the prominent banks and non-banking financial companies (NBFCs) that offer personal loans in the city include:

State Bank of India (SBI)
Aditya Birla
Tamilnad Mercantile Bank
Tata Capital
ICICI Bank
Indian Bank
Axis Bank
HDFC Bank
Kotak Mahindra Bank
Fullerton India
Standard Chartered Bank
Citibank
Punjab National Bank
Karur Vysya Bank

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 2023

Name of the Bank	Interest Rate Range	Processing Fee Range	Loan Amount	Tenure
ICICI Bank	10.50% - 19.00% (Fixed)	2.50%	Rs.25 lakh (Max)	1-6 Years
CitiBank	9.99% - 16.49%	1% to 2.5%	Rs.30 lakh (Max)	1-5 Years
Kotak Mahindra Bank	10.25% p.a. onwards	Up to 2.5% of the loan amount along with GST or service tax	Up to Rs.20 lakh	1 to 5 Years
Fullerton India	11.99% to 36% p.a.	Between 0%-6% of the loan amount	Up to Rs.25 lakh	1 to 5 Years
Bank of Baroda	10.50% - 12.50%	2% of the loan amount subject to a minimum of up to Rs.1,000 and maximum of up to Rs.10,000 (One time fee)	Rs.50,000 - Rs.15 lakh	5 Years (Max)
State Bank of India	9.60% - 15.65%	1%	Up to 1.50% of the loan amount (One time fee)	1- 6 Years
Aditya Birla	14% to 26% p.a.	2% of the loan amount	Up to Rs.15 lakh (Max	1-3 Years
Yes Bank	10.99% p.a. onwards	Up to 2.50% of the loan amount (One time fee)	Rs.1 lakh to Rs.40 lakh	1-5 Years
Union Bank of India	8.90% to 13.00% p.a.	At the discretion of the bank	Up to Rs.15 lakh	Up to 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.

FAQs on Chennai Personal Loan

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.
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.
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.
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.
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.

A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.

Important Personal Loan Pages

Personal Loans by Bank

Personal Loan Eligibility by Banks

Personal Loan Interest Rates by Bank

Personal Loan EMI Calculator by Bank

Personal Loan Customer Care by Bank

Personal Loan Status Track by Bank

Personal Loan Articles

Other Loans

Disclaimer

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

Chennai Personal Loan Reviews

Write a Review

"Need to decrease interest rate "

0.5 4.0/5 "Great!"

BAJAJ FINANCE has offered a pre approved personal loan offer and I accepted for the same. I have taken this loan 2 months back. The process was smooth and submitted required docuemtns within 1.5 hrs amount was credited to my account with 1.64L with tenure period of 4 years. The rate of interest is 18% which is high. Fee was deducted of 9K. There is pre closure option after 30 days with charge of 4%. EMI need to pay the amount of 4K. The best which I would like to say is online process was done with short term.

Was this review helpful? 182

JOHN , chennai
Reviewed on Mar 21, 2020
"Good "

0.5 4.0/5 "Great!"

BAJAJ FINANCE has provided a personal loan of 3L. Hence I taken this loan on 2.5 years before. Within 4 months am going to close this loan. The tenure period of 3 years. The rate of interest is nominal. EMI need to pay of 11,500 rupees. The pre closure is applicable, before 6 months I was try to close the loan but banker told to provide Pan Card but at that time I have not taken to bank hence I am unable to do it.

Was this review helpful? 107

VELU , chennai
Reviewed on Mar 19, 2020
"Good service"

0.5 3.0/5 "Satisfactory"

I have applied Hdfc bank personal loan through online .There was lack of information from online customer service ,i have not availed the loan since i have requested some information they have gather my details and without any information they have told application is on process this was the issue.

Was this review helpful? 192

RAJENDRAN , chennai
Reviewed on Mar 19, 2020
"Excellent Service "

0.5 5.0/5 "Blown Away!"

I have taken personal loan direclty through Canara Bank.The rate of interest and the processing fee was medium .I have taken this loan before 2 years only and the loan amount was 75000 for the tenure of 35 months .Still 8 emi is there to close this loan.This loan was sanctioned within a week and this loan was availed for education purpose.The process was very smooth and comfortable .

Was this review helpful? 89

KANDHA , chennai
Reviewed on Mar 18, 2020
"Need to decrease interest rate "

0.5 3.0/5 "Satisfactory"

I got a call on delayed after 2 days from HDFC bank, but the process was done on smooth. I requested the loan amount of 3L but they have offered lesser than that. While during the verification my company was not listed in their category so the loan process was closed from bank. The tenure period of 3 years and an interest rate of 14.5% which was high.

Was this review helpful? 37

GOWTHAM , chennai
Reviewed on Mar 17, 2020
"Need to provide more loan amount "

0.5 4.0/5 "Great!"

I was not comfortable with rate of interest though they offered of 9.5% but it was not satisfied for me. TATA CAPITAL offered the loan amount of 1.42L only but I was expecting up to 3.5L. The tenure period of 5 years. Hence due to low amount closed the loan process from my end.

Was this review helpful? 12

ARUNA , chennai
Reviewed on Mar 17, 2020
"Instant loan approval"

0.5 5.0/5 "Blown Away!"

The loan which i was taken from HDFC Bank, instantly got approved. The loan amount was Rs. 1L and the interest rate was normal. EMI i am paying Rs. 4935 for the tenure period for 2 years. Fore closure charge is there and still one year to complete the loan.

Was this review helpful? 140

D , chennai
Reviewed on Mar 16, 2020
"Easy loan approval"

0.5 5.0/5 "Blown Away!"

STATE BANK OF INDIA has offered me a personal loan and the loan amount was Rs.5L, the rate of interest was normal 11.5%. Fore closure charge is there and i opted for the tenure of five years and i am paying EMI of Rs.10,000. This loan got disbursed within a day and that was a smooth process.

Was this review helpful? 314

SELVARAJ A , chennai
Reviewed on Mar 16, 2020
"Very high interest rate so don't go for it"

0.5 2.0/5 "Expected more"

For the marriage purpose, i have taken my personal loan from Bajaj Finance. Because i was holding the loan already since i have closed it perfect, they have offered me a pre-approved loan. Interest rate was 17% to 18% which is high and fixed one. I bought the loan amount of Rs. 2.99 lakhs but when i repay the loan it comes around more than 5.60 lakhs for the tenure period of 5 years.

Was this review helpful? 2

NATH , chennai
Reviewed on Mar 16, 2020
"Good Loan Services"

0.5 5.0/5 "Blown Away!"

Purchased my personal loan around 1 year back. My salary account is in HDFC for almost 7 years its because of the best customer care, i have chosen them. In terms of interest rate, its minimal and the processing fee is normal. I have chosen the duration of 4 years. They have sanctioned the loan in 2 weeks. Even though i have a salary account with them, they have collected all my documents.

Was this review helpful? 2

NATH , chennai
Reviewed on Mar 16, 2020
"Interest rate and pre closure charges are high"

0.5 1.0/5 "Really Bad"

The rate of interest was very high in HDFC Bank 12.5%. The loan amount was Rs. 5,00,000 and i am paying emi Rs. 13k with the tenure of 48 months . Pre closure charges was very high 4.7% need to decrease the charges and this bank has a good customer service.

Was this review helpful? 5

A KARTHIKEYAN , chennai
Reviewed on Mar 16, 2020
"User Friendly"

0.5 4.0/5 "Great!"

I have taken personal loan through Tata capital ltd.The rate of interest and the processing fee was medium .This loan was sanctioned on delay basis it took 2 weeks that was the issue.For verification of documents it took long time and there was proper acknowledgement from online as well as from tata capitla ltd.

Was this review helpful? 5

HARI , chennai
Reviewed on Mar 15, 2020
"Excellent Service"

0.5 5.0/5 "Blown Away!"

My personal loan journey was started through Indusind bank.The rate of interest and the processing fee was fine which was decided by bank. I got this loan on time and opted for my personal use. This was my first loan loan and process was shared by agent .I have submitted the documents through agent and the online, They were very kind and had a patience to listen me.

Was this review helpful? 3

DIVYA , chennai
Reviewed on Mar 13, 2020
"Best Service"

0.5 4.0/5 "Great!"

I have availed this personal loan from Incred for my brother marriage .The rate of interest and the processing fee was medium. This loan was sanctioned on time and documents submitted through the agent.There was no drawbacks faced and the agent shared all the required information .

Was this review helpful? 7

YOGESH , chennai
Reviewed on Mar 13, 2020
"Easy loan approval"

0.5 5.0/5 "Blown Away!"

From HDFC Bank, i have taken a personal loan still its running. The loan amount was Rs. 2,50,000 and the rate of interest compare to other bank its higher and i am paying EMI 11550. I applied this loan through bank directly and the tenure 2 years.

Was this review helpful? 1

T , chennai
Reviewed on Mar 13, 2020
"Quick process "

0.5 5.0/5 "Blown Away!"

They were provided me a lowest interest rate which is 5% from my Indian overseas Bank personal loan. Branch is nearby my location and I have been holding my account with them for almost 20 years hence they have provided the loan by the next day. I have not submitted any documents to them.

Was this review helpful? 18

ANAND , chennai
Reviewed on Mar 13, 2020
"Good Loan Service"

0.5 5.0/5 "Blown Away!"

It was a quick process from Paysense personal loan and its easy method to apply the loan. They have taken 35 days to sanctioned this loan. I purchased this loan for business purpose. Interest rate offered was high but i have asked them to reduce the same but i haven't got any response from them. Now i pay the EMI amount of Rs. 5377 for the loan duration of 24 months.

Was this review helpful? 1

ANAND , chennai
Reviewed on Mar 13, 2020
"Very Good Loan Service"

0.5 5.0/5 "Blown Away!"

I have got a pre-approved personal loan from TATA Capital so only i have taken with them. I have received the loan amount of Rs. 80000 and they have provided me a nominal interest rate. I am paying the EMI amount of Rs. 2400 every month. I have opted the tenure period of 4 years.

Was this review helpful? 7

NATHAN , chennai
Reviewed on Mar 12, 2020
"Very Good Loan Service"

0.5 5.0/5 "Blown Away!"

I have taken my personal loan from Axis bank because they have offered me this loan because I'm holding a salary account with them and the loan is going to be completed in next 5 months. Their documentation process was good. I have selected the tenure period of 2 years to close this loan. For the medical purpose, i availed this loan.

Was this review helpful? 64

LOGA , chennai
Reviewed on Mar 12, 2020
"Better Loan Service"

0.5 5.0/5 "Blown Away!"

Its because of CITI bank interest rates. I have chosen this bank and its a trustworthy bank. I got the loan disbursement in on time. I got the interest rate of 12%. Whatever the loan amount I applied, they have sanctioned the same. They charged me a processing fee of Rs. 1,500. I have selected the duration of 24 months and EMI is auto debited from my account.

Was this review helpful? 5

BALASUBRAMANIYAN , chennai
Reviewed on Mar 12, 2020

Talk to us!