A personal loan is an important financial tool for many employees today to help pay for sudden expenses. One can use personal loans for many reasons including travel, marriages, emergencies, medical expenses, home renovation, real estate down payments, debt consolidation, credit card pay offs, etc.
Chennai formerly known as Madras is the capital of the state of Tamil Nadu. It is one of the biggest cultural, economic and educational centres in South India. Many Leading banks and NBFC’s have banking operations in Chennai to provide for the ever growing needs of the city.
How Apply personal loan in Chennai
Over 50 leading NBFCs and banks offer personal loan in chennai range from Rs 50,000 – Rs 50 Lakhs to qualified customers without any securities and assets. Anyone can avail a personal loan by filling a simple application or enquiry form on website provided by banks or NBFCs. Based on eligibility applicant will receive phone call or email by customer service for verification. Banks look at many different factors while sanctioning a loan.
While choosing a personal loan, it is very important for one to understand different factors such as interest rate, processing fee, and pre-payment penalties. Banks look at many different factors while sanctioning a loan. Every applicant must have a sufficient salary and good credit score to avail a personal loan from Bank or an NBFC. Below are the some of the factors may include in processing-
- Age of the applicant
- Company of work
- Work experience
- Identity documentation
Eligibility Details for Personal Loan in Chennai
- Employment Type – Salaried/Self-employed professionals/non-professionals.
- Employment Status – Employed/In-business for at least 2 yrs, at least 1 yr with current employer/business.
- Income – Minimum 15k net income per month.
- Loan Amount – 50,00 to 50 Lakhs.
- Age limit – 21 to 60 years.
- Good CIBIL score: 350 to 900.
Interest Rates of Leading Banks and NBFC in Chennai
|Banks & Financial Institutions||Interest Rates||Processing Fee (Does not include GST)|
|Axis Bank||11.25% - 24.00%||1.5% - 2.0%|
|Bajaj Financial Services||11.99% - 15.50%||2.25% - 3%|
|Bank of Baroda||11.60% - 16.60%||2% (Min Rs. 250)|
|Bank of Maharashtra||15.10% - 15.10%||1.00% (Min. Rs. 1000)|
|Canara Bank||13.65% - 13.65%||1.00% - 2.5%|
|Citi Bank||10.99% - 16.49%||2% - 3%|
|Corporation Bank||12.75% - 13.75%||1.5% (Min Rs. 500)|
|Dena Bank||13.00% - 14.00%||1.00% - 2.5%|
|Federal Bank||13.32% - 15.12%||0.5% - 1%|
|HDFC Bank||10.99% - 20.00%||Rs. 1,000 - Rs. 30,000|
|ICICI Bank||10.99% - 22.00%||Up to 2.25%|
|IDBI Bank||13.20% - 13.75%||1% - 2%|
|IDFC Bank||11.00% - 19.50%||2% - 2.5%|
|IndusInd Bank||11.99% - 23.00%||Up to 2.50%|
|Kotak Bank||11.50% - 24.00%||Up to 2.50%|
|Punjab National Bank||12.25% - 15.25%||1% - 2%|
|RBL Bank||13.99% - 16.00%||Up to 2%|
|Standard Chartered Bank||11.49% - 20.00%||1% - 2%|
|State Bank of India||12.50% - 16.60%||2% - 3%|
|Syndicate Bank||14.20% - 14.20%||0.5% (Min Rs. 500)|
|Tata||11.99% - 18.00%||0.02|
|Union Bank of India||14.40% - 14.40%||0.50% (Min Rs. 500)|
|Vijaya Bank||12.50% - 13.50%||0.25% (Max Rs. 10000)|
|Yes Bank||11.99% - 20.00%||1.5% - 2.0%|