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    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 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 33 Chennai Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.75% - 18.00% Fixed
    0 Bankbazaar Exclusive
    20L Max
    1-6 Years
    Response Time : Within 30 minutes
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    10.99% - 17.99% Fixed
    0
    30L Max
    1-5 Years
    Response Time : Within 30 minutes
    Accelerated Approval
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    20% - 22%  Fixed
    2.50%
    2L Max
    1-3 Years
    Response Time : Within 30 minutes
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    23% Fixed
    2% + Taxes
    10L Max
    1 - 2 Years
    Response Time : Within 30 minutes
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    11.25% - 21.50% Fixed
    Up to 2.5% One time fee
    40L Max
    1-5 years
    Response Time : Within 30 minutes
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    11.00% - 16.75% Fixed
    0 Bankbazaar Exclusive
    25L Max
    1-5 years
    Response Time : Within 30 minutes
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    11.25% - 19.99% Fixed
    Up to 2.5%
    25L Max
    1-5 years
    Response Time : Within 30 minutes
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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
    Response Time : Within 30 minutes
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    16% - 28% Fixed
    2% - 5%
    50K - 7.5L
    1-4 Years
    Response Time : Within 30 minutes
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    11.25% - 22.00% Fixed
    From .75% (min. ₹999 + applicable tax) One time fee
    20L Max
    1-5 Years
    Response Time : Within 30 minutes
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    14.99% - 14.99% Fixed
    Up to 2% One time fee
    20L Max
    1-5 years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    11.5% - 13.5% Fixed
    1% + applicable tax One time fee
    2L - 25L
    1-5 Years
    Response Time : Within 30 minutes
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    Chennai Personal Loan is Rated as "Great!" by 14271 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    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 25 May 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.

        

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    Chennai Personal Loan Reviews

    • Tata capital Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan in TATA CAPITAL LIMITED for more than a year. As per my requirement i received the loan amount for the duration of 5 years. The rate of interest is very low when compare to other. Fee is applicable for this loan but it gets waive off.
      Was this review helpful? 0
      , chennai
      Reviewed on May 24, 2019
    • Kotak Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken a personal loan from Kotak Mahindra Bank a long time back and the experience i had was quite good. The loan was completed a while back without facing any hassle, they did not made any sort of additional charges and overall i am satisfied with the services provided.
      Was this review helpful? 1
      , chennai
      Reviewed on May 22, 2019
    • IndusInd Bank Personal Loan
      "Very Good Service"
      0.5 4.5/5 "Excellent!"
      The overall experience in getting my personal loan from IndusInd Bank has been pretty much okay, where i did not face any difficulty in getting the loan. The process went well and the loan amount has been sufficient, the interest rate was quite nominal as well. They did not made any additional charges as well.
      Was this review helpful? 2
      , chennai
      Reviewed on May 22, 2019
    • Axis Bank Personal Loan
      "Very Good Service"
      0.5 4.5/5 "Excellent!"
      I have taken a personal loan from AXIS Bank a while back and the process in getting this loan was really easy, it was seamless and the loan was disbursed on the right time. The interest rate and processing charges has been nominal with them and the loan is still running.
      Was this review helpful? 1
      , chennai
      Reviewed on May 22, 2019
    • Fullerton Personal Loan
      "Super loan services"
      0.5 4.0/5 "Great!"
      Their Rate of Interest is high in Fullerton India where i have purchased my personal loan. They have offered me a interest rate of 23% with a loan amount of Rs. 3 lakhs. They have a pre-closure options. I have chosen the tenure period of 3 lakhs. They took the time of 1 month to sanction the loan. I am paying the EMI through auto deduction from my account.
      Was this review helpful? 0
      , chennai
      Reviewed on May 20, 2019
    • HDFC Bank Personal Loan
      "GOOD"
      0.5 3.0/5 "Satisfactory"
      The two wheeler loan has been applied with the HDFC BANK where the loan amount was good also the documentation process was simple and easy also it was a quick process. The loan amount given was satisfactory added on that the rate of interest was nominal.
      Was this review helpful? 0
      , chennai
      Reviewed on May 20, 2019
    • HDFC Bank Personal Loan
      "BETTER"
      0.5 3.0/5 "Satisfactory"
      I have taken the personal loan with the HDFC BANK where the loan amount was good added on that the rate of interest given with this loan was 13-14% which was nominal added on they have the balance transfer option in this loan. The customer support is good with this loan.
      Was this review helpful? 0
      , chennai
      Reviewed on May 20, 2019
    • IndusInd Bank Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have applied for the personal loan with the INDUSIND BANK where the loan amount was satisfactory added on that documentation process was smooth and quick and fast to get the loan. The rate of interest was nominal with this loan amount.
      Was this review helpful? 1
      , chennai
      Reviewed on May 20, 2019
    • Kotak Personal Loan
      "NOT SATISFIED"
      0.5 1.0/5 "Really Bad"
      I have applied for the personal loan with the personal loan with the KOTAK MAHINDRA BANK where they have given the loan amount which was lesser it was 50K and also the rate of interest they have given was higher it was 28% with this loan. I am not satisfied with this loan.
      Was this review helpful? 0
      , chennai
      Reviewed on May 20, 2019
    • HDFC Bank Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I took my personal loan from HDFC BANK recently with the rate of interest 10.99%. They have given me 12L and my loan experience is good, there was no delay in the service. The documents are collected by the executive and processing fee is reasonable. The loan duration is 5 years. They charge 3% for foreclosure but Axis is taking 4%.
      Was this review helpful? 0
      , chennai
      Reviewed on May 19, 2019
    • Axis Bank Personal Loan
      "Interest should be less"
      0.5 1.0/5 "Really Bad"
      Axis Bank is charging 24% for the personal loan which is very high compared to other banks. They are doing at12% for salary account holder with them. After negotiation, I got around18% and taken the loan. The documents are submitted, after one month have completed the loan by doing balance transfer. The processing fee is applicable but loan process was faster.
      Was this review helpful? 3
      , chennai
      Reviewed on May 19, 2019
    • HDFC Bank Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have applied for HDFC Bank Personal loan ,The rate of interest and the processing fee was nominal ,directly applied with bank,The agent gave all information about the loan process clealry ,I have applied for the loan amount of 5 lakhs for the tenure of 5 years.The service is good tomme so far.
      Was this review helpful? 3
      , chennai
      Reviewed on May 18, 2019
    • HDB Financial Services Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I do have a personal with HDB FINANCIAL SERVICES, the rate of interest is 17% which was very high compared to other banks. The loan amount is not sufficient and it was provided according to the documents and not for the customer requirement. And the norms will change after 6 to 8 months, they should call the customer and check if they required any further assistance. There were some processing fees levied too.
      Was this review helpful? 0
      , chennai
      Reviewed on May 14, 2019
    • RBL Bank Personal Loan
      "Need to call the customer even after the disbursal of loan"
      0.5 4.0/5 "Great!"
      The interest rate is okay, I have taken a personal loan with RBL BANK one year ago. The loan amount is 2L and am trying to contact them to know the foreclosure charges and also for the topup loan. I am unable to reach the customer service after taking the loan there was no proper response.
      Was this review helpful? 0
      , chennai
      Reviewed on May 14, 2019
    • ICICI Bank Personal Loan
      "Reasonable Interest Rate"
      0.5 4.0/5 "Great!"
      ICICI has offered me a personal loan based on my salary profile . Initially when I applied for a loan in ICICI , they said a charge of 15 % interest will be there . Based on my track record , it will minimized . Now I have taken some top up loans with lesser interest rates .
      Was this review helpful? 1
      , chennai
      Reviewed on May 14, 2019
    • ICICI Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using ICICI bank personal loan for an while, the loan amount was sufficient, the rate of interest they have charged me up to 13.45% which was nominal, the processing fee they have charged me up to 2000 which was nominal, still this loan is running, they had supported me very much, like in doing emi payment i need to do ecs account they have given me idea for updating ECS option.
      Was this review helpful? 2
      , chennai
      Reviewed on May 14, 2019
    • HDFC Bank Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have applied for the personal loan with the HDFC BANK where the loan amount was good also the the rate of interest was nominal with this loan amount added on that the documentation process was simple with this bank to get the personal loan.
      Was this review helpful? 0
      , chennai
      Reviewed on May 14, 2019
    • review Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The interest rate is lesser in MUTHOOT FINANCE and I took the personal before 5 months. The duration is 12 months, I applied 1.5L and got the same amount. They have delayed and taken 2 to 3 days extra than the committed time. The documents are submitted to the branch which is near by to my location.
      Was this review helpful? 1
      , chennai
      Reviewed on May 13, 2019
    • Axis Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken my Personal loan from AXIS BANK a while back and the process in getting my loan was pretty much easy. It was a pre-approved loan and the interest rate with them had been pretty much nominal. The charges which they had made has been fine and their staffs where quite helpful.
      Was this review helpful? 1
      , chennai
      Reviewed on May 11, 2019
    • RBL Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I took a personal loan from RBL which is on going. I have selected this bank because of lower interest rate and the process was quick. There was a processing fee which was minimum. The loan tenure is 3 years, I can do partial payments or foreclosure after a year and not sure about the charges.
      Was this review helpful? 3
      , chennai
      Reviewed on May 10, 2019
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