Applying for a Personal Loan in Chennai: Here’s What You Need to do

Chennai is the capital of Tamil Nadu and is one of the biggest metropolitan cities in India. It has famous financial, cultural, IT, and educational centers that have been functioning for several years. If you require funds for any purpose, you have the option of applying for a personal loan in the city. There are many lenders in Chennai that offer personal loans at an attractive rate of interest. You can apply for the same on your lender’s official website or on a third-party financial website.

Before applying for a personal loan in Chennai, you are required to fulfill certain eligibility criteria which are mentioned below:

• Age: The minimum age should be at least 21 years old and not more than 60 years at the time of loan maturity.
  
• Occupation: You must be a salaried employee or self-employed professional to apply for a personal loan in Chennai.
  
• Income required: The minimum income should be Rs. 25,000 per month, if you are residing in Chennai.
  
• Work experience: You should have 2 years of total work experience with a minimum tenure of 1 year with your present employer.
  
• Credit score: A credit score of 650 and above is considered good to avail a personal loan in the city.

You are required to submit the following documents in order to get a personal loan:

• Signed application form.
  
• Age proof - PAN card, Voter ID card, Passport, Driving License, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate.
  
• Identity Proof - Aadhaar Card, Passport, PAN card, Voter ID or drivers license.
  
• Residence Proof - Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ bank statement (not more than 3 months old).
  
• Last 6 months bank statement.

• Last 3 months salary slips, Form 16 or Income Tax Returns.

Here are few tips to get your personal loan approved:

• Before taking a personal loan, it is necessary to do a thorough research of all the options available to you. Don't just blindly choose the first lender who approaches you with a personal loan offer. 

• A credit score of 650 and above will give you a good chance of getting a personal loan with a lower interest rate and good terms.

• Check your eligibility, especially in terms of your income and employment.

• Ask your lender about loan prepayment. A prepayment on loan will help you to save tremendously on the high interest.

• Don’t apply for a personal loan with several lenders as it can have adverse effects on your credit score.

Here’s how you can apply for a personal loan in Chennai:

Step 1: Visit the official website of the bank or one of the online loans marketplaces to check and compare loan offers.

Step 2: Apply for a personal loan. Fill in your personal, financial, and employment details. 

Step 3: Submit the required documents to the representative of the bank who will get in touch with you or upload documents online.

Step 4: Receive sanction letter from the bank and get the amount disbursed in your account.

Conclusion: So, if you are in urgent need of funds, you always have the option to avail a personal loan in Chennai. Various leading banks and financial institutions are willing to provide you funds with easy documentation and hassle-free process in the city.

About This Author

Bhavna Singhal Joined: August 2nd, 2018