Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 33 Chennai Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.99% - 17.99% Fixed
    0
    30L Max
    1-5 Years
    Response Time : Within 30 minutes
    Accelerated Approval
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    11.49% - 18.25% Fixed
    0 Bankbazaar Exclusive
    20L Max
    1-6 Years
    Response Time : Within 30 minutes
    Rs.750 Amazon Voucher 100% PAPERLESS APPROVAL
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    Customer Reviews
    14.99% - 14.99% Fixed
    Up to 2% One time fee
    20L Max
    1-5 years
    Response Time : Within 30 minutes
    Rs.750 Amazon Voucher 100% PAPERLESS APPROVAL
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    Eligibility Criteria
    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
    Rs.750 Amazon Voucher
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    10.99% - 17.99% Fixed
    From .75% (min. ₹999 + applicable tax) One time fee
    20L Max
    1-5 Years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    Customer Reviews
    10.99% - 21.25% Fixed
    Up to 2.5% One time fee
    40L Max
    1-5 years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11% - 16% Fixed
    0 Bankbazaar Exclusive
    25L Max
    1-5 years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    Perks
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    Customer Reviews
    10.99% - 18.15% Fixed
    Up to 2.5%
    25L Max
    1-5 years
    Response Time : Within 30 minutes
    Rs.750 Amazon Voucher 100% PAPERLESS APPROVAL
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    Customer Reviews
    11.5% - 13.5% Fixed
    1% + applicable tax One time fee
    2L - 25L
    1-5 Years
    Response Time : Within 30 minutes
    Rs.750 Amazon Voucher 100% PAPERLESS APPROVAL
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    16% - 28% Fixed
    2% - 5%
    50K - 7.5L
    1-4 Years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    12.00% - 17.00% Fixed
    1%
    30L Max
    1-5 years
    Response Time : Within 30 minutes
    What you'll love
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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12.49% - 33% Fixed
    6.0% One time fee
    15L Max
    1-4 Years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    Perks
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    Chennai Personal Loan is Rated as "Great!" by 13430 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    Chennai Personal Loan

    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 Jan 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 2018

    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.

    Chennai Personal Loan Reviews

    • Early Salary Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The rate of interest and charges are nominal. I like the process which was much easier to proceed the personal loan. They did not required any documents and executive came for verification then loan amount was processed. I took 10K and it was paid through online.
      Was this review helpful? 1
      , chennai
      Reviewed on Jan 18, 2019
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Bank Bazaar helps me to get a personal loan and the process was faster. It is good and the response was very quick. This is the first time, I have tried it through online. I have no issues with the website and which is easy to access. I have checked credit score.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 18, 2019
    • Kotak Personal Loan
      "Loan processing time is very good"
      0.5 4.0/5 "Great!"
      My personal loan was processed with Kotak Mahindra Bank through online portal. I have expected the minimum interest rate around 14 to 15% but they have charged me 16%. The processing fee was around 8% due to my urgency so have proceeded it. I have submitted the documents online also executive came to collect few documents.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 18, 2019
    • HDFC Bank Personal Loan
      "Very Good Service"
      0.5 4.5/5 "Excellent!"
      The experience with them has been quite good where the loan amount was satisfied. The interest rate with them has been nominal when compared with the market rate. There has not been any hidden charges which they had made and their customer support team has been helpful as well.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 18, 2019
    • HSBC Bank Personal Loan
      "Transparent service provider"
      0.5 4.0/5 "Great!"
      I closed HSBC personal loan I paid all the amount and done the closure, the bank service is super. The customer support is also good on time they approved the loan, they are very transparent, they didn't take any charges from the disbursement.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 18, 2019
    • Axis Bank Personal Loan
      "Interest rate should be reduced"
      0.5 4.0/5 "Great!"
      I took 10 lakhs rupees of personal loan from AXIS, I paid almost Rs. 5 lakhs remaining amount is there. I thought to do balance transfer because they have higher rate of interest. The service is good but need to reduce the interest. Based on the customers demand they are increasing the rate of interest because initially Axis bank executive told the interest rate was 13% finally they processed it for 16% its huge.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 18, 2019
    • Early Salary Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      The loan process was very faster and applied the personal loan from Early Salary through online channel. The customer service is good. The rate of interest was better, I took 12K as a personal loan. It will be paid online. I have submitted the documents online and executive came for verification.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 18, 2019
    • Bank Bazaar Personal Loan
      "Hassle free"
      0.5 5.0/5 "Blown Away!"
      I have started using the bankbazaar.com for personal loan. I have received the message so I have simply logged in and given a request. The process was hassle free and easy to compare. I am using mobile application and I do check my credit score.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 18, 2019
    • Early Salary Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      The process was easy and I got a good response from the customer support. I have not checked the interest rate, I have taken 13,000 rupees by last month. They have informed me if there is any delay 600 rupees will be charged extra. My documents are submitted online. Overall good experience.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 18, 2019
    • HDFC Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The experience in getting this loan has been quite good and the process has been fast. The interest rate with them has been nominal when compared with the market rate and the processing fee and charges has been nominal. Their customer support has also been helpful and has guided me through the process.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 17, 2019
    • Bank Bazaar Personal Loan
      "One of the easiest procedure to apply the loan"
      0.5 4.0/5 "Great!"
      I can get a multiple options for availing my personal loan. I have started using the bankbazaar website for nearly 6 months. I have received so many messages and mails from that i have come to know about the bankbazaar website. I got a proper response from them.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 17, 2019
    • HDFC Bank Personal Loan
      "Useful for everyone"
      0.5 4.5/5 "Excellent!"
      Already I'm customer of HDFC credit banking hence i have chosen them. I have received the loan on time. I have applied the loan amount of Rs. 2.5 lakhs but they have provided only Rs. 1.29 lakhs including all the fees and charges. I'm planning to do the top up. They have given me a interest rate of 14.5%.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 17, 2019
    • ICICI Bank Personal Loan
      "In banking sector, they are providing good loan"
      0.5 4.0/5 "Great!"
      I have taken the personal loan with ICICI and i have closed the loan before 6 months. I have done a balance transfer. They have provided me a interest rate 11%. The documentation process was quite smooth. I have not faced any issues with the ICICI.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 17, 2019
    • HDFC Bank Personal Loan
      "Providing good loan for salaried customer"
      0.5 4.0/5 "Great!"
      I have received the loan on time with HDFC. 6 months before, i have got the loan. The interest rate was 11% and it was okay for me. They have charged me a processing fee of 1%. I have been paying the EMI of 13% and i have selected the tenure period of 5 years. Customer care service is really good.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 17, 2019
    • Bank Bazaar Personal Loan
      "Grow well and keep up the good work"
      0.5 4.0/5 "Great!"
      They are providing their best service to the customer. We can get different quotes from different source. In that, we can choose the best. They are giving proper services oriented service to the people. We can get all kind of financial products
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 17, 2019
    • Tata capital Personal Loan
      "They need to improve the customer care"
      0.5 3.0/5 "Satisfactory"
      Hence I'm working with the TATA group, hence i have selected the TATA CAPITAL. The annual fee got waived off. They have provided me a interest rate of 13% and i have applied the loan amount of Rs. 3.5 lakhs and i have received the same. I have chosen the tenure period of 5 years. Documentation process was quite smooth.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 17, 2019
    • ICICI Bank Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I also have a personal loan with ICICI Bank. The customer services are good and the process was on time. I did not face any delay and the documents was collected on time. I received the loan within a week. The rate of interest and the processing charges is normal.
      Was this review helpful? 1
      , chennai
      Reviewed on Jan 15, 2019
    • Bank Bazaar Personal Loan
      "Supportive services"
      0.5 4.0/5 "Great!"
      There were no delay with Bankbazaar.com, and the customer services and the response is good. They were on time to contact me and inform me the details. The website is also satisfactory and it is easy to understand and it is informative as well. Mr. Vijay was very supportive in the whole process.
      Was this review helpful? 1
      , chennai
      Reviewed on Jan 15, 2019
    • HDFC Bank Personal Loan
      "Good. Can do better"
      0.5 4.0/5 "Great!"
      HDFC Bank has also offered me a personal loan. The process was quick and I got the loan on time. The rate of interest is of 18% and there were processing charges as well. The loan amount is not as expected. I asked for 5.5 lakh and I received 2.5 Lakh.
      Was this review helpful? 1
      , chennai
      Reviewed on Jan 15, 2019
    • Bank Bazaar Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I am happy with the bankbazaar.com and using it for last 6 months. It was the first time, I have approached for the personal loan and the process was simple. I have known it through advertisement. I have installed the mobile application and options are simple but there is no synchronization between banks.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 12, 2019
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