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  • Chennai Personal Loan

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  • 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 10.99% and a multitude of banks to choose from, getting a personal loan in Chennai is relatively easy. You can avail amounts up to Rs.30 lakh with flexible repayment tenures.
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    We found 17 Chennai Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.75% - 21.45% Fixed
    Up to 2.5% One time fee
    40L Max
    1-5 years
    Ad 100% PAPERLESS APPROVAL
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    10.50% - 17.99% Fixed
    0.50% - 3.00%
    30L Max
    1-5 Years
    Ad Accelerated Approval
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    25.00% - 32.00% Fixed
    3.00% + taxes One time fee
    75K - 5L
    Upto 4 years
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    Eligibility Criteria
    11.25% - 14.49% Fixed
    0 Bankbazaar Exclusive
    20L Max
    1-6 Years
    100% PAPERLESS APPROVAL
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    18.00% - 36.00% Fixed
    2% - 3% + taxes One time fee
    1L - 5L
    Upto 5 years
    Only KYC docs required
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    11.99% - 25% Fixed
    3%- 6% One time fee
    25L Max
    1-5 Years
    100% PAPERLESS APPROVAL
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    13% - 30% Fixed
    0 Zero Processing Fee
    2L Max
    0 - 4 Years
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.50% - 16.99% Fixed
    Up to 2.5%
    25L Max
    1-5 years
    100% PAPERLESS APPROVAL
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    11.00% - 16.75% Fixed
    0 Bankbazaar Exclusive
    25L Max
    1-5 years
    100% PAPERLESS APPROVAL
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    16.5%-20% Fixed
    Up to 2% or minimum ₹2,000 (whichever is Max) One time fee
    15L Max
    1-5 Years
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    16% - 24% Fixed
    2% - 5%
    50K - 7.5L
    1-4 Years
    100% PAPERLESS APPROVAL
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    23% Fixed
    2% + Taxes
    10L Max
    1 - 2 Years
    What you'll love
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    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 19 Nov 2019

    Chennai Personal Loan Details
    Interest Rate (Monthly reducing balance) 10.99% to 24% p.a.
    Processing Fees Up to 2.5% of the loan amount
    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 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
    • Andhra Bank
    • Axis Bank
    • HDFC Bank
    • Kotak Mahindra Bank
    • Fullerton India
    • Oriental Bank of Commerce
    • Standard Chartered Bank
    • Citibank
    • Syndicate Bank
    • Punjab National Bank
    • Corporation 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 2019

    Name of the 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 10.99% to 24% p.a. Up to 2.5% of the loan amount along with GST or service tax Rs.50,000 to Rs.15 lakh 1 to 5 Years
    Fullerton India 11.99% to 23.99 p.a. Information not provided. Up to Rs.20 lakh for salaried and up to Rs.30 lakh for self-employed individuals 1 to 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 11.85% to 14.70% p.a. 1% Rs.25,000 to Rs.15 lakh Up to 84 months
    Aditya Birla 14% to 26% p.a. Nil Rs.25,000 to Rs.15 lakh 6 to 36 months
    Allahabad Bank Information not provided 1.06% of loan amount Information not provided. 1 to 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.

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

        

    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

    • HDFC Bank Personal Loan
      "Excellent customer follow up and care"
      0.5 5.0/5 "Blown Away!"
      From the HDFC Personal loan, they have provided me an interest rate 11.25%. They have not given me any pressure and they have done immediate followup once i applied the loan. I felt quite comfortable. They processed the loan very fast. They have sanctioned the loan amount of Rs. 8 lakhs and they have credited the money in 15 days after getting all my documents.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 19, 2019
    • Citibank
      Citibank Personal Loan
      "They need to improve in process"
      0.5 2.5/5 "Just OK"
      I have availed the loan in HDFC thats the reason i have rejected the loan from CITI bank because i did not get any further information since i could not wait for long time. I have approached the different bank. I am not sure about the interest rate. Based on the immediate response, i have chosen the CITI bank but the process is slow.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 19, 2019
    • Bajaj Finserv Personal Loan
      "Service is Good"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan through Bajaj Finserv directly .The rate of interest was very high since had requirement at that time.I have got the loan amount sanctioned on time that too received on one day .I have successfully closed the loan without any difficulties .
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 18, 2019
    • Cashe Personal Loan
      "Need to reduce interest rate"
      0.5 4.0/5 "Great!"
      I have taken a short term personal loan from CASHe with tenure of 6 months. Rate of interest is very high. Loan provided is Rs.1,00,000 but I am paying the return amount around 1.3 lakhs. I uploaded all the documents through online and office verification done. Loan amount processed within 3 days. Monthly EMI is Rs.23,000 I pay before the date.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 17, 2019
    • Indian Bank Personal Loan
      "Good bank"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with INDIAN BANK on 3 years before which I had applied through bank directly. They have sanctioned a loan within a day and process was good. The amount was sufficient for 5 years. Rate of interest was 11% and processing fee was not applicable. EMI payment is 11K. Pre closure and part payment options are applicable.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 16, 2019
    • Axis Bank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan through Axis Bank directly .The rate of interest and the processing fee was very high since had requirement on that time taken this loan,i have got the loan amount which was sanctioned on proper time frame .I am paying EMI, documents are submitted through the agent. This loan is still active and so far not undergone any drawbacks .
      Was this review helpful? 3
      , chennai
      Reviewed on Nov 12, 2019
    • HDFC Bank Personal Loan
      "Best service"
      0.5 4.0/5 "Great!"
      I have HDFC Bank personal loan directly and got the loan on proper time frame .I have got the loan amount on time .I have got the loan amount on time .Still this loan is active and there was no difficulties faced so far .I have uploaded documents through online .I am satisfied with the service.
      Was this review helpful? 2
      , chennai
      Reviewed on Nov 11, 2019
    • Standard Chartered Bank Personal Loan
      "Need to be process at earlier"
      0.5 4.0/5 "Great!"
      On 6 months before I had taken a personal loan with STANDARD CHARTERED BANK. The verification process was okay because initially banker will not process on time. Interest rate was high. Amount is sufficient tenure period of 5 years. I use to do EMI payment on time. Pre closure option is applicable after one year.
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 11, 2019
    • Axis Bank Personal Loan
      "Need to update preclosure option in mobile app"
      0.5 3.0/5 "Satisfactory"
      Axis bank has offered a pre approved personal loan on 10 months before. Loan amount is sufficient tenure period of 2 years. I have not submitted any documents and sanctioned a loan with in a day. Rate of interest was high for this loan. EMI payment is nominal. But they have not intimate about pre closure option and there is no option to check in mobile app.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 11, 2019
    • Aditya Birla Finance Personal Loan
      "Too much interest "
      0.5 2.0/5 "Expected more"
      Aditya birla offered a personal loan and I have taken recently on 2 months ago but the interest rates are higher which is more than 20% and the processing fee was around 5%. I have paid the first month EMI as well. It took around 3 weeks to sanctioned the loan. The documentation process was fine.
      Was this review helpful? 2
      , chennai
      Reviewed on Nov 08, 2019
    • Bajaj Finserv Personal Loan
      "If the service is good, they could get more customer"
      0.5 3.0/5 "Satisfactory"
      I got my phone through Bajaj Finserv once I completed durable loan they have offered me a personal loan with the interest rate of 9.8%. They don't have a customer care hence there is no way to contact anybody even if I visit their office also, there is no proper response. I got the loan amount of Rs. 3.3L with the tenure period of 5 years.
      Was this review helpful? 3
      , chennai
      Reviewed on Nov 08, 2019
    • Axis Bank Personal Loan
      "Too much interest rate"
      0.5 2.0/5 "Expected more"
      I had taken a personal loan from Axis bank and they have provided me a rate of interest of 19%. I took the loan 2.5 years back and this was my first loan. They do have a partial payment and there is no charges for that, but they charge 2% for fore-closure charges.
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 08, 2019
    • HDFC Bank Personal Loan
      "Good Service but if interest is low it would be fine"
      0.5 5.0/5 "Blown Away!"
      I got a personal loan offer from HDFC bank without any reason I purchased this loan. They charged me a processing fee of 2% and the interest rate is 13%. I have been paying EMI amount of Rs. 23,000 tenure period of 5 years. I got the top up loan. The loan got processed earlier.
      Was this review helpful? 2
      , chennai
      Reviewed on Nov 08, 2019
    • Citibank Personal Loan
      "Very Flexible Loan"
      0.5 4.0/5 "Great!"
      On 5 years before, I had taken a personal loan from CITI bank and now I have done pre-closed the loan. The interest rate was more which is 15% and I didn't compared interest rates with other bank. They have charged for pre-closure which was very high. I got the loan in 48 hours since its a pre-approved loan I didn't submit any documents. It was a 4 years tenure period plan.
      Was this review helpful? 4
      , chennai
      Reviewed on Nov 08, 2019
    • ICICI Bank Personal Loan
      "Simply Good"
      0.5 3.0/5 "Satisfactory"
      Taken my personal loan from ICICI bank and I got for pre-approved offer and a loan process was user friendly hence they have transferred the money immediately and bankers were keep on contacted me and done a proper follow up. Interest rates are nominal when compared to other banks. There is no processing fee since I'm privileged customer. They are charging pre- closure charges which is convenient.
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 08, 2019
    • HDFC Bank Personal Loan
      "Need to provide more loan amount"
      0.5 4.0/5 "Great!"
      HDFC bank has offered a personal loan which was processed through an online on a month before. I received a call for a verification purpose and process was done on smooth. Amount offered for a low of 2.5L but I was expecting 4L tenure period of 3 years. Rate of interest 12%.
      Was this review helpful? 2
      , chennai
      Reviewed on Nov 08, 2019
    • HDFC Bank Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have applied for HDFC BANK personal loan through online and submitted the required documents. I received the verification call next day once the application submitted, asked me only for the basic details. Further not received any update from the bank and application is not processed, I am not aware of the reason.
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 08, 2019
    • HDFC Bank Personal Loan
      "Need to reduce interest rate"
      0.5 3.5/5 "Pretty good"
      l was applied for HDFC BANK personal loan through online and received the call from bank executive, they offered me with high rate of interest. So, I have not submitted any of my documents. I have received a better offer from other bank,so I opted that.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 06, 2019
    • Incred Personal Loan
      "Interest rates are high"
      0.5 2.5/5 "Just OK"
      For the tenure period of 2 years, they are charging higher interest rate on Incred. For the loan amount of Rs. 2 lakhs they are charging Rs. 3 lakhs including the interest rate. I had applied the loan amount of Rs. 4 lakhs but they were ready to provide only Rs. 2 lakhs.
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 05, 2019
    • Fullerton Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have applied for FULLERTON personal loan via online and not received any call from their end. I don't have payslip and my company is not providing it. I was failed to submit the documents on time so application not processed from their end. I received clear information regarding process.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 04, 2019
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