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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 18 Chennai Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    PA PL OTP
    10.75% - 21.50% Fixed
    Up to 2.5% One time fee
    40L Max
    1-5 years
    Ad 100% PAPERLESS APPROVAL
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    11.00% - 16.75% Fixed
    0 Bankbazaar Exclusive
    25L Max
    1-5 years
    Ad 100% PAPERLESS 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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    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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    10.50% - 16.99% Fixed
    Up to 2.5%
    25L Max
    1-5 years
    100% PAPERLESS APPROVAL
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    10.50% - 17.99% Fixed
    0.50% - 3.00%
    30L Max
    1-5 Years
    Accelerated 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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    18% Fixed
    2% - 5%
    50K - 7.5L
    1-4 Years
    100% PAPERLESS APPROVAL
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    17.00% - 26.00% Fixed
    2% + Taxes
    20L Max
    0.5 - 4 Years
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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 23 Feb 2020

    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
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      The rate of interest was very high hence not taken this loan of Tata Capital Ltd and documents not submitted . I have just uploaded the documents through online.The agent gave a clear picture about the loan process banker has not shared any information about the loan process .The rate of interest should be reduced that is my suggestion.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 18, 2020
    • HDFC Bank
      HDFC Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have applied a personal loan from HDFC through online. I have not availed this loan since shifted my residence from Mumbai to Chennai. I was not having difficulties with the rate of interest and the processing fee .There was proper callback and follow up from bank end as well as from online .
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 17, 2020
    • HDFC Bank Personal Loan
      "Good "
      0.5 5.0/5 "Blown Away!"
      I got a call on time from HDFC bank when have applied a personal loan through online. The process was done very smoothly and it takes around 7 days, the amount is sufficient with tenure period of 3 years. The rate of interest was 13-14% and processing fee was applicable. I get remainder message on time for EMI payment of 6,750 rupees. There is locking period of one year for pre closure with nominal charge.
      Was this review helpful? 1
      , chennai
      Reviewed on Feb 15, 2020
    • HDFC Bank Personal Loan
      "Need to improve customer service "
      0.5 4.5/5 "Excellent!"
      HDFC has delayed for first time to call the customer for further process, actually have applied a personal loan through online. Then I have been calling them for the next step. I received a call only once after no response from bank which I am unhappy with their service. The loan was sanctioned for same amount of 7L and the tenure is 3 years, ROI is good when compared to other bank it is low of 11.47%. EMI need to pay of 23,080 rupees. Processing fee was not applicable. There is pre closure option but locking period is 1 year.
      Was this review helpful? 1
      , chennai
      Reviewed on Feb 15, 2020
    • Incred Personal Loan
      "Fast approval loan"
      0.5 4.0/5 "Great!"
      For my sister's marriage purpose, i have bought the personal loan. Compared to others, I felt Incred interest rate is less so that i have availed the loan with them. I bought the loan amount of Rs. 1 lakh and they have provided me a duration of 24 months. After i applied, they have credited the money to my account in 12 days. Documentation process was quite smooth.
      Was this review helpful? 1
      , chennai
      Reviewed on Feb 15, 2020
    • IndusInd Bank Personal Loan
      "Good servcie"
      0.5 4.5/5 "Excellent!"
      I have taken a personal loan from INDUSIND Bank and the loan amount was Rs. 1.90L, interest rate was bit high it was 12% something. Executive collected the documents and within a week i received the loan. Its a 3 years tenure with the EMI of Rs.7000, service was good.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 15, 2020
    • Early Salary Personal Loan
      "Fantastic "
      0.5 5.0/5 "Blown Away!"
      Taken my short term personal loan from Earlysalary and they don't make un-ncessary calls to the customer. Based on the repayment date, they are charging me an interest rate. The process was so simple by just submitting my details on their app got the loan from them and even the closing process is also easy by making a call to their call centre people. Interest rate also nominal.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 15, 2020
    • HDFC Bank Personal Loan
      "Good Loan Service"
      0.5 3.0/5 "Satisfactory"
      HDFC have taken lot of time to provide the loan. Customer care, they won't speak in English with the customer which is not convenient. Since the money was necessary so i have got the loan from HDFC and they were keep on changing the loan disbursement date. They are sending the messages to pay EMI and they are making reminder call as well. They did not activated the ECS facility even though i have given a request lots of time in their office. Interest rate was quite high which is 17%.
      Was this review helpful? 1
      , chennai
      Reviewed on Feb 15, 2020
    • Incred Personal Loan
      "Need to improve in service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from INCRED through online. The rate of interest was very high and the EMI starts from FEB month, processing fee amount was Rs. 7800. The amount was Rs. 1.50L and this my first loan i has a good credit score. Customer service was fine.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 15, 2020
    • Tata capital Personal Loan
      "Very Good company to avail a loan"
      0.5 5.0/5 "Blown Away!"
      For my Sister's marriage, i have taken the personal loan from TATA Capital. Actually I have chosen Tata capital because its non financial banking sector hence their process is very fast so that i availed the loan with them. They gave me a interest rate of 17%. I took the loan amount of Rs. 4 lakhs and they have sanctioned the loan in 3 days.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 15, 2020
    • Incred Personal Loan
      "Average Service"
      0.5 5.0/5 "Blown Away!"
      There will be no response, sometime if I apply for any products through online. Recently, i have applied for Incred personal loan.The rate of interest was very high at that time I had a requirement .This loan got sanctioned on time and the loan process was clearly explained .I am paying the premium on EMI basis and the service was average .
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 14, 2020
    • Incred Personal Loan
      "Need to decrease interest charge"
      0.5 4.0/5 "Great!"
      I got a call on delay from INCRED. So I called to them and confirmed the application is under process or not. Then the loan process was done and sanctioned the amount of 76K but I have applied of 1.5L. The tenure period of 2 years. The rate of interest of 26% is high and they have not negotiated. The processing fee was around of 4. I have done EMI amount payment via INCRED app, because one 5th of every month amount should be auto debit from salary account but it was not happened so I have done payment on next day through their app. EMI need to pay of 4,300 rupees.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 14, 2020
    • Citibank Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      The customer service are very good in CITI Bank. I have taken a personal loan through online. I got a verification call they came to home. I told them my son not well today, so that am working at home but he wrongly mentioned fully as I work at home so they rejected my application. I raised a complaint so it got approved that's was unhappy for me. The rate of interest was very less and I received loan within 3-4 days.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 14, 2020
    • Incred Personal Loan
      "Need to decrease interest rate "
      0.5 5.0/5 "Blown Away!"
      INCRED was delayed to call for verification process of the personal loan took almost one week. The process was done smooth and they have sanctioned by one hour for the loan amount was okay but interest rate of 18% was offered at an initial then later of 24% which is very high, since I had requirement so taken this loan. Regarding for high interest contact to banker they told as I have applied for first time and also the company category not in A grade so I am eligible for high interest only. The loan amount of 1.40L for tenure period 2 years. The processing fee of 7K.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 14, 2020
    • Incred Personal Loan
      "Interest rate was high"
      0.5 1.0/5 "Really Bad"
      I have taken a personal loan from INCRED. The loan amount was Rs. 1.40L and the rate of interest was very high 34% , I would suggest they need to decrease an interest rate. EMI use to pay of Rs. 8000 with the tenure period of 2 years. The documentation process was simple, though I uploaded through online they asked manual documents again, once submitted with in a month I received the amount. The customer service is not satisfactory so they need to improve it.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 14, 2020
    • Shubh Loans Personal Loan
      "Interest rate was high but service is good"
      0.5 3.5/5 "Pretty good"
      I have taken a personal loan from SHUBH Loans. I opted the loan amount was Rs. 80K but I got of Rs. 77K. The rate of interest was 28% very high, compared to other bank. The loan got processed within 10-12 days and I am paying EMI of 8k for the tenure period of 12 months.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 14, 2020
    • Tata capital Personal Loan
      "Friendly services"
      0.5 5.0/5 "Blown Away!"
      TATA Capital has contacted me when i got a pre- approved loan and they have follow up me very well and completed the process very soon. I bought the loan amount of Rs. 3L and they gave me a rate of interest of 21% with the processing fee of Rs. 7,500. I have been paying EMI amount of Rs. 9,300 for the duration of 4 years. Their executives were guided me very well.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 14, 2020
    • Incred Personal Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      INCRED has sanctioned the personal loan on easily when compared to other bank. They have provided the loan in 2 days. I got the interest rate of 32% per annum. I applied the loan amount of Rs. 2Lbut they offered me a Rs. 1.15 lakhs but i have received Rs. 1.06L after deduction of processing fee. I have selected the duration of 2 years to close this loan.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 14, 2020
    • SBI Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken SBI personal loan for my business purpose.The rate of interest and the processing fee was very less and loan got sanctioned on time,still this loan is active.I have availed loan amount of 15lakhs for the tenure of 3 years and still this loan is active on my account .
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 14, 2020
    • Citibank Personal Loan
      "Best Sevice"
      0.5 4.0/5 "Great!"
      My personal loan was taken through CITI bank .The rate of interest was comparatively low to other bank. The loan amount got sanctioned on time, the document submitted through the agent. The process was very quick and there was no difficulties faced until the loan was sanctioned.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 14, 2020
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