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It is simple for you to get the ideal personal loan for your particular financial demands because Chennai, the capital city of Tamil Nadu, is home to some of the biggest and most reputable banks and financial institutions in India. Obtaining a personal loan in Chennai is not difficult at all because there are many banks to select from and interest rates that start at just 8.90%. Up to Rs. 40 lakh is available, with flexible repayment terms.
Getting the ideal personal loan for your particular financial demands is simple because Chennai, the capital city of Tamil Nadu, is home to some of the biggest and most reputable banks and financial institutions in India. Obtaining a personal loan in Chennai is not difficult because there are many banks to select from, and interest rates start at just 8.90%. Up to Rs. 40 lakh is available, with flexible repayment terms.
Personal Loan interest rates and charges vary from bank to bank. Given below is the list of some major banks, their interest rates and charges levied by them:
| Name of the Bank | Interest Rate Range | Processing Fee Range |
| ICICI Bank | 10.50% - 19.00% (Fixed) | 2.50% |
| CitiBank | 9.99% - 16.49% | 1% to 2.5% |
| Kotak Mahindra Bank | 10.25% p.a. onwards | Up to 2.5% of the loan amount, along with GST or service tax |
| Fullerton India | 11.99% to 36% p.a. | Between 0%-6% of the loan amount |
| Bank of Baroda | 10.50% - 12.50% | 2% of the loan amount subject to a minimum of up to Rs.1,000 and a maximum of up to Rs.10,000 (One-time fee) |
| State Bank of India | 9.60% - 15.65% | 1% |
| Aditya Birla | 14% to 26% p.a. | 2% of the loan amount |
| Yes Bank | 10.99% p.a. onwards | Up to 2.50% of the loan amount (One-time fee) |
| Union Bank of India | 8.90% to 13.00% p.a. | At the discretion of the bank |
In order to apply for a personal loan in Chennai, one needs to provide some necessary documents. Listed below are the important documents that are required:
Many banks/NBFCs offer some of the best personal loans. Given below is the list of top banks/NBFCs which provide the best personal loan offers in Chennai:
| Lenders | Tenure | Interest rate | Processing fee | Limit approved |
| L&T Finance | 12-48 months | 11% onwards | 2% + taxes | Up to 7 lakhs |
| Axis bank | 12-60 months | 10.49% | 1.5% to 2% + taxes | Up to 40 lakhs |
| Yes Bank | 12-72 months | 10.49-19% | Up to 2% | 50,000 to 5L |
| HDFC | 12-60 months | 10.5% to 21% | - | Up to 40 lakhs |
| Tata Capital | 12-72 months | 10.99% onwards | 2.75% + taxes | Up to 25 lakhs |
People in Chennai who match the requirements can apply for a personal loan. Banks, credit unions, and other financial institutions commonly provide personal loans. While individual lenders may have different qualifying requirements, the following are some standard prerequisites for submitting an application for a personal loan in Chennai:
Applying for a personal loan online is a very easy process. Below are the steps one needs to follow to apply online for a personal loan in Chennai:
When choosing the right personal loan in Chennai, it is important to consider several factors to ensure it meets your financial needs. Here are some key steps to help you make an informed decision:
In Chennai, personal loans are a popular financial option for individuals who need funds for various purposes, such as medical expenses, wedding expenses, home renovations, or debt consolidation. Personal loans in Chennai are offered by banks, non-banking financial companies (NBFCs), and other lending institutions.
One can get their personal loan approved in Chennai within 2 to 7 days.
No, a bad credit score can hamper your chances of availing a personal loan in Chennai.
Yes, one can prepay or foreclose a personal loan in Chennai, depending on the terms and conditions of the lender.
If one defaults on a personal loan in Chennai, they can’t be arrested, but the debts must be repaid by the defaulters. The lender may bring legal action against the borrower under Section 138 of the Negotiable Instruments Act, 1881, if the borrower has been in default on the personal loan for 180 days.
Yes, one can apply for a personal loan from multiple lenders in Chennai.
Yes, customers who are self-employed can borrow up to INR 10 lakhs in unsecured personal loans from several lenders. If one meets the specific requirements and is a self-employed professional, the payment could potentially reach INR 30 lakhs.
Yes, one can transfer the existing personal loan to another lender in Chennai by discussing the same with either of them.
The process of closing a personal loan in Chennai is by repaying the whole loan amount which was due.