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Personal Loan in Chennai

Chennai offers a plethora of choices for job seekers and businesses. It is, after all, an important economic and education centre of the country. Chennai has a diverse economy that includes the auto industry, software services, hardware, manufacturing, etc. 

When it comes to availing a personal loan in Chennai, especially for the salaried class,  Finnable offers instant online loans at affordable personal loan interest rates. The application process is quick and easy.  If an applicant wants to avail loan of a smaller amount, he/she can do so through Finnable as we disburse instant loans starting from Rs. 50,000 up to Rs. 10 lakhs.

Documents Required for a Personal Loan

Documents required for a Personal Loan in Chennai

At the time of availing a loan in Chennai the borrower has to submit the following personal loan documents:

  • Their PAN card as identity proof
  • Their Aadhar card as address proof
  • Their 3-month salary slip/bank statement as income proof

Eligibility criteria for Personal Loan in Chennai

Before applying for a personal loan in Chennai, applicants need to fulfill the personal loan eligibility criteria:

  • Age: The age limit is between 21-45 years of age.
  • Citizenship: Applicants must be Indian citizens to get a personal loan.

Employment: The borrower must be employed in the government or private sector. He/ she should be employed at their current company for more than 3 months, with over 6 months work experience. Income: Applicants must receive an income of ₹20k and above. For tier-I city & for the amount must be Rs. 15,000/- per month. Income receipt: The income should be credited into the bank account of the applicant.

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FAQs about Personal Loan in Chennai

The entire process to avail a loan in Chennai can be carried out through Finnable’s personal loan App. Follow the 3-step process to avail of an instant personal loan online: 

Step1: Download the personal loan app and create your profile. The profile should include your personal as well as professional details.

Step 2: Choose the types of loan you are looking for, enter the loan amount, and select your tenure and terms.

Step3: Upload your PAN card, Aadhar card, and salary slip. 

The turnaround time for the funds to be credited into your account is within 6 hours of document verification.

Personal loans are repaid through EMIs. To make things easier and simpler, borrowers can repay the loan EMI automatically by filling up the e-mandate for the number of months he has availed the loan for. 

Personal loan EMI is calculated using 3 important factors: the amount of the loan, the tenure of the loan, and the interest rate on the loan. Once you know the personal loan amount, you can choose your loan tenure.

For instance, Finnable’s loan tenure starts from 6 months to 60 months and the personal loan interest rate starts at 16% up to 26%. Though the lender decides on the final rate of interest, applicants can get a ballpark idea about the EMI by adjusting the same on the personal loan EMI calculator.

It is best to use the personal loan EMI calculator before availing of the loan, as it gives the applicant an idea about the repayment amount.  This would in turn help them to budget the additional outflow of expenses.

They also have the option to either increase or decrease the loan tenure so that the EMI does not create a dent in their monthly budget.

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