Personal Loan in
Chennai

Personal Loans ranging from Rs.25K to Rs.25L with a tenure starting from 6 months.

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loan disbursals

Personal Loans in Chennai

Personal loans in Chennai are provided by a lot of financial institutions and NBFCs at a decent interest rate with the loan amount ranging from Rs 25,000 to 50 lacs and a tenure period of one to five years. A personal loan does not require you to provide an asset as collateral as it is a type of unsecured loan. Personal loans in Chennai are best suited for times of contingencies as the loan is provided instantly. Minimal documentation and processing time is taken for the loan approval process. Also, personal loans can help you save up some amount as the interest rates are lower than most forms of debt such as credit cards.

Usually, a personal loan is obtained for various purposes such as paying off medical bills, home renovation, wedding expenses, personal durable goods and travel expenses. You can use a personal loan if you want to pay off multiple unpaid loans by opting for debt consolidation or balance transfer.

Chennai, also known as the “Detroit of South Asia” is famous for its automobile industry. It is the educational and cultural hub of South India. The city been exposed to the cosmopolitan glamour and hustle bustle of city life in the recent years. The city has a large number of financial institutions and is the home to national level commercial bank.

For obtaining a personal loan with ease, certain requirements such as a decent credit history, adequate monthly salary and minimum age are important. After you apply for a personal loan, your credit report containing your credit history and your final credit score is reviewed by the lender. Thus, if you have a good credit history, lenders would give you a personal loan at low-interest rates and vice versa.

It is best to carry out detailed research and gather relevant information before taking a personal loan. The interest rates, processing fees, flexibility of tenure and pre-payment charges should be compared and the best option should be chosen. Many people fall into the trap of borrowing from private lenders who charge a very high rate of interest. At times, the interest rates can go as high as 30%. It is advisable to turn to online lending platforms as the loans are provided at lower interest rates at these platforms. To get the best deal without going through a lot of trouble, online lending platforms such as IndiaLends.com are a good option. Applying for a personal loan online is convenient as most of the work is done by the online platform. When you apply online, your application is sent to banks and NBFCs according to your profile who make a lending decision after reviewing your application. Moreover, online platforms like IndiaLends operate without charging any extra fees or attached hidden costs.

Personal Loan: An Overview

A Personal loan is a form of credit offered by financial institutions for the borrower’s personal use.
It is an unsecured loan and doesn’t require collateral as security or a guarantor to avail the loan.

11.99% - 23% Per Annum

12 to 60 Months

Up to 2% of the loan amount

17.25%-35% Per Annum

12 to 60 Months

Up to 2.0% of the loan amount

11.49%-20% Per Annum

12 to 60 Months

Up to 2.0% of the loan amount and applicable Service Tax

12.5%-16% Per Annum

12 to 60 Months

Up to 1.82% of the disbursed loan amount

10.99%-20% Per Annum

12 to 60 Months

From Rs. 999/- Up to 2.0% of the loan amount

12%-18% Per Annum

12 to 60 Months

Up to 2.5% of
the loan amount

10.99%-22% Per Annum

12 to 60 Months

From Rs. 999/- Up to 2.0% of the loan amount and applicable Service Tax

14%-35% Per Annum

12 to 60 Months

Up to 2.0% of the loan amount and applicable Service Tax

*The figures provided in the table are indicative subject to change from time.

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How it Works

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Find out your customized interest rate for a Personal Loan in Chennai

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Basic Eligibility Criteria

Good Credit Score
Above 18 years of Age
Self-employed or Salaried professional
Resident of India
Valid Bank Account
PAN Card and Voter ID Card/Driving License
Bank Statements for the last three months
Salary Slip for last three months

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- Abhishek Sharma
  
  I will recommend Indialends to all my friends for their financial needs. I personally request you to specially reward GURPREET SINGH for all his efforts and hardwork
  
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- Kapil Kapoor
  
  I will recommend Indialends to all my friends for their financial needs. I personally request you to specially reward GURPREET SINGH for all his efforts and hardwork
  
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- Bobby Singh
  
  I will recommend Indialends to all my friends for their financial needs. I personally request you to specially reward GURPREET SINGH for all his efforts and hardwork
  
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  I will recommend Indialends to all my friends for their financial needs. I personally request you to specially reward GURPREET SINGH for all his efforts and hardwork
  
  4.0

Frequently Ask Questions

Q. How much can I borrow and for how long?

A. You can get personal loans starting from Rs. 50,000 up to Rs.25 Lacs for 1 to 5 years.

Q. Can I repay my loan early?

A. Yes, you can pre-pay your loan as and when you want.

Q. How does Indialends assess my credit worthiness and how long does this take?

A. Each consumer wishing to borrow on the Indialends portal will need to go through a rigorous verification and credit assessment process. The assessment is based on information collected from various data sources like the application form, credit bureaus, bank statements, pay slips, verification reports, social media, etc. The above process is automated and happens within seconds. Hence, you can get an approval shortly after you submit your application.

Q. Why was my application rejected?

A. The reason your application was rejected was because your credit profile did not match the criteria stipulated in the Indialends policy at the time. However, Indialends might be able to approve your application at a later date, if by then your credit file has improved or there have been changes in the Indialends credit policy.

Q. What is my repayment schedule?

A. Repayment of the loan will happen monthly on an EMI (equated monthly installment) basis where the amount will be calculated based on amortizing balance. One or two of the installments might be different which will depend on the timing of the loan.

Q. What happens in the case of a missed payment or non-payment by a borrower?

A. If the monthly payment for a borrower is delayed for any reason, a penalty fee and penal interest might be charged to the borrower. The borrower’s credit file will also get impacted which will restrict him / her to get credit in the future. Legal action may also be taken against the borrower.

Q. What information is shared with the lenders browsing through the profiles?

A. Lenders will have the ability to view detailed profiles of the borrowers, information like financial information, employment information, etc. The personal information of the borrower remains protected as per our privacy policy.

Q. How do I alter my loan request?

A. Loan requests can only be cancelled prior to loan disbursal. In case you want to make any changes to your request please reach out to support@indialends.com. The support team will help you in making the modifications.

Q. How can I make monthly payments?

A. You can pay your EMIs using electronic transfer of funds, ECS.

Q. How will you disburse the loan amount?

A. Soon after the loan is approved, the funds will be transferred right into your bank account.