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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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    Fees & Charges
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    25.00% - 32.00% Fixed
    3.00% + taxes One time fee
    75K - 5L
    Upto 4 years
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    Fees & Charges
    Eligibility Criteria
    10.99% - 15.49% 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
    What you'll love
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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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    Customer Reviews
    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% - 28% 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 20 Oct 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

    • review Personal Loan
      "Good Loan"
      0.5 5.0/5 "Blown Away!"
      Without any interest rate, they have provided me a personal loan from Bajaj Finance. This loan for medical expense and the overall tenure period is only 1 year. I got the loan amount of Rs. 1.25 lakhs. They charged me some documentation charges alone. I make the EMI amount of Rs. 10400 for every month.
      Was this review helpful? 1
      , chennai
      Reviewed on Oct 17, 2019
    • IndusInd Bank
      IndusInd Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I am the first time user of Indusind Bank and its a first month so far there is no glitch and its going good. They have given me a limit which I wanted so its fine. I don't know really about the annual fee. I have been generally browsing for certain things that time, I get a popup then applied for the card and got it easily.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 17, 2019
    • Bajaj Finserv Personal Loan
      "Average Service"
      0.5 1.0/5 "Really Bad"
      I have applied for Fullerton personal loan through Online .I have availed this loan since they offered ,The rate of interest ad the processing fee was nominal and i have closed the loan successfully .I have got all the details about the loan process very clearly .According to me the service was quite average.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 17, 2019
    • Fullerton Personal Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I have applied for Fullerton Personal loan through Online .I have not taken this loan since dont have payslip at that time .I have go all the relevant details about the loan process through the agent.I have got the update rate of interest was 18% and then got the update it is 21% and told can negotiate the rate of interest hence dropped the plan .
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 17, 2019
    • HDFC Bank Personal Loan
      "Need to decrease interest charges"
      0.5 2.0/5 "Expected more"
      I applied for a personal loan with HDFC BANK through an online. For further process verification I have received a call from bank end. The amount was low was okay for the tenure period of 4 years. Rate of interest was 16%. From bank closed the loan process and the reason was not intimated to us.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 17, 2019
    • Fullerton Personal Loan
      "Good service "
      0.5 4.0/5 "Great!"
      I have applied for Fullerton personal loan through Online .I have not availed this loan since it was not approved and no offers because i have already availed some loan earlier so unable to avail this loan .I have submitted the required documents also.I have not got any information about the loan process through the agent.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2019
    • Fullerton Personal Loan
      "Need to decrease interest charges"
      0.5 4.0/5 "Great!"
      The rate of interest was high for the personal loan of 23% which I was applied for a personal loan with FULLERTON on a month before. On time I received a call from their end for further verification. The loan amount was offered for one lakh only which was low for the tenure of 5 years. So closed from my end as of now not required.
      Was this review helpful? 1
      , chennai
      Reviewed on Oct 15, 2019
    • HDFC Bank Personal Loan
      "Unhappy with processing fee"
      0.5 2.5/5 "Just OK"
      HDFC BANK is charging higher processing fee, hence have dropped the plan of taking personal loan. Actually the rate of interest was less only around 11.5%. My concern is they should reduce the processing fee. I have provided the documents via online. The service is good.
      Was this review helpful? 1
      , chennai
      Reviewed on Oct 15, 2019
    • HDFC Bank Personal Loan
      "Good Loan for salaried people"
      0.5 5.0/5 "Blown Away!"
      Compared to other banks, i get the loan service easily because i'm doing a business and i do not have any salary statement. I didn't get the loan even though i have provided all the documents. There is no proper response from their end. Executive visited my place for collecting all my documents.
      Was this review helpful? 1
      , chennai
      Reviewed on Oct 15, 2019
    • HDFC Bank Personal Loan
      "Good Loan for salaried people"
      0.5 5.0/5 "Blown Away!"
      Compared to other banks, i get the loan service easily because I'm doing a business and i do not have any salary statement. I didn't get the loan even though i have provided all the documents. There is no proper response from their end. Executive visited my place for collecting all my documents.
      Was this review helpful? 1
      , chennai
      Reviewed on Oct 15, 2019
    • Kotak Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I applied for a personal loan from KOTAK MAHINDRA BANK online. I had received the loan amount on time and they provided sufficient loan amount. Their rate of interest is little higher than other banks and processing fee is also very high. Their overall service is good.
      Was this review helpful? 1
      , chennai
      Reviewed on Oct 14, 2019
    • HDFC Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I had applied personal loan from HDFC bank online. They had disbursed the loan on time and loan amount is sufficient for me. I had submitted my documents online and verification was done on time. HDFC bank customer service is good and responsive.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 14, 2019
    • HDFC Bank Personal Loan
      "No transparency in HDFC"
      0.5 2.0/5 "Expected more"
      On the basis of my profile, HDFC suits to me so i have applied the loan with them. I had given the documents but they used those documents for credit cards and other products. If the loan got rejected, they won't inform the details as well.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 14, 2019
    • HDFC Bank Personal Loan
      "Good "
      0.5 4.0/5 "Great!"
      I have taken a personal loan with HDFC BANK on a month before which was processed through an online. The verification process was done on time. The loan amount was sufficient for the tenure period of 5 years. Rate of interest was nominal of 10.9%. I got an amount from other bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 13, 2019
    • ICICI Bank Personal Loan
      "Good Loan services"
      0.5 5.0/5 "Blown Away!"
      I have a salary account with ICICI so i have selected the same bank for my personal loan as well. I got the loan amount of Rs. 1.5 lakhs and they have disbursed the loan in 1 week. My friend is working as a collection executive so the process was very easy and smooth. They do have a pre-closure for that they are charging 5% interest rate.
      Was this review helpful? 1
      , chennai
      Reviewed on Oct 13, 2019
    • Fullerton Personal Loan
      "Need to improve on follow up"
      0.5 4.0/5 "Great!"
      Fullerton is the only Financial institution eligible for my profile so i have selected the same. I had applied the loan amount of Rs. 3 lakhs but the interest rates are more and they haven't informed me about the exact rate of interest details. I have chosen the tenure period of 3 years. The loan is not processed fully because no proper follow up for collecting the documents.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 13, 2019
    • HDFC Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with HDFC BANK on a month before which was processed through an online. The verification process was delay to get a call from their end around 4 days. The loan amount was sufficient for the tenure period of 5 years. They have sanctioned a loan after 8 days. Rate of interest was nominal.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 12, 2019
    • review Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for Bajaj Finserv personal loan directly since got callback .The rate of interest was nominal and there was no processing fee .I have got the loan amount on time within one day itself it was sanctioned .While submitting the documents there was no difficulties faced .
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 12, 2019
    • Fullerton Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for Fullerton personal loan through Online .I have not availed this loan since there was no requirement .I was not having any difficulties with the rate of interest and the processing fee ,I have not submitted any documents and there was proper callback and follow up from fullerton as well.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 12, 2019
    • Kotak Personal Loan
      "Moderate Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for Kotak Mahindra Bank personal loan through Online .I have got all the required information about the loan process ,I have got the loan amount on time and there was no difficulties faced while submitting the required documents ,The rate of interest was very high that was the only issue.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 12, 2019
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