Know about Personal Loan in Chennai

About Personal Loan in Chennai

Personal loan is a type of unsecured loan that often comes handy to meet personal financial needs. They often carry a lower interest rate than credit cards. Individuals can apply for personal loan in Chennai to meet their urgent finance needs such as medical emergencies, educational expenses, debt consolidation, business/holiday trips, and vice versa.

They are issued by banks solely on the basis of the applicant’s credit history and repayment ability. Therefore, it is important that you maintain a good credit score and file taxes on time. Personal loans are given to applicants without any questions and thus, are also known as multi-purpose loan.

Features and benefits of personal loan:

Short-term finance :–  As life comes with some unexpected twist and turns at the most unexpected time, so, to aid such twist and turns, personal loan comes as a saviour. Salaried and self-employed individuals can apply for personal loan for shorter tenure, in order to meet urgent finance needs.

No collateral required :–  One of the added benefits of getting a personal loan is that it doesn’t demand for any sort of collateral security from the borrower.

Quick approval :–  The lending banks and financial institutions approves the personal loan application in no time, usually within 24 hours. Hence, they come handy at the time of financial crisis.

Minimum documentation :–  Applicants are not required to follow a lengthy documentation process as it involves quite minimum paperwork. Just a copy of few documents like identity proof, address proof, and income proof are required along with the application to process the request.

Loan quantum :–  Individuals can apply for the loan quantum based on their finance needs. Usually, the loan quantum ranges between Rs.50,000 to Rs.30 lakhs.

Flexible tenure :–  Depending on certain factors like income, age, loan quantum, credit history, and interest rate, applicants can choose flexible loan tenure for maximum up to 48 months.

Loan top-up :–  In case, if the sanctioned loan amount is not enough to meet the needs, applicants can get a loan top-up at the ongoing interest rate, i.e., they don’t have to compromise with their needs due to lack of monetary sources.

24*7 customer support :–  In any case of query or enquiry, the customer care services are open round the clock to ensure quick assistance to the valued customer.

Loan transfer :–  The most amazing part of personal loan is that they can be transferred from one bank to another, in order, to avail lower rate of interest.

Eligibility criteria for personal loan in Chennai:

a. An applicant must be a resident of India
b. He/she must be a salaried employee or self-employed professional
c. He/she must have a good credit history
d. The minimum age of an applicant must be 21 years (at the time of loan application), but, not more than 60 years (at the time of loan maturity)

Documents required:

a. Duly filled loan application form
b. A copy of identity proof (Voter ID/ Passport/ Adhaar card/ Ration Card/ Driving license)
c. A copy of residential proof (Voter ID/ Adhaar/ Ration Card/ Utility Bills/ Rent agreement)
d. Bank statement copy for the last 6 months
e. Salary slips for last 3 months.
f. Income tax returns statement for last 2 years or form 16.

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