Personal Loan

Apply Online For A Personal Loan In Chennai At Low Interest Rates


Chennai is a city that is famous for education and career growth. The city has a high literacy rate and a wide variety of viable occupations. Chennai is a popular place for students seeking higher education since it is home to some of India’s top universities. Those who want to apply for a personal loan in Chennai have multiple options of personal loans with low interest rates and the option to apply online. This article explores what you need to apply for a personal loan in Chennai.

Apply For a Personal Loan in Chennai

You can apply for a personal loan in Chennai at banks or NBFCs if you require dependable financial support for your various needs. Personal loans are unsecured loans, that is, they are not secured by any collateral. If unsecured options are not enough, personal loans can also be secured by shares of stock, gold or a home mortgage.

You can choose a lender based on your needs and your ability to make repayments. A personal loan in Chennai can be obtained from banks for any amount between a few thousand to Rs. 20,00,000 with no collateral. Customers can get personal loans depending on factors like their annual salary, credit history and other factors.

Who Can Apply For a Personal Loan in Chennai

People who want to apply for a personal loan in Chennai must meet the following requirements:

  • The minimum age should be 21 years.
  • The maximum age is 70 years.
  • The applicant must be an Indian citizen or resident
  • The applicant’s credit score must be at least 750 to have a good chance of getting a personal loan in Chennai with less interest.
  • The applicant should be salaried or self-employed to apply for a personal loan.

Documents Required To Apply For a Personal Loan in Chennai

The documents required for a personal loan in Chennai are:

  • PAN card 
  • Proof of identification such as an Aadhaar card, passport, driving licence or voter’s ID
  • Proof of address such as a passport, Aadhaar card, driving licence, voter’s ID or utility bills
  • Proof of income such as pay slips and bank statements
  • Photos of the applicant and co-applicant in passport size

How To Get a Low Interest Rate Personal Loan in Chennai

Most people who need a loan in Chennai approach a bank with whom they already have a salary account. This is because less paperwork is required and the process takes less time. But people have many options to apply for a personal loan and can approach other banks and NBFCs that give loans.

For people who want to apply for a personal loan in Chennai, a loan with a low rate of interest starting from just 10.91% is an option. These personal loans have easy payment terms. People can choose an EMI option that ranges from 3 months to 24 months. The interest rate that is applied to a loan EMI is fixed as per the term length that is selected. You can reduce your interest rate and monthly payments by decreasing the length of your loan term.

Here are some important aspects to carefully consider and review before you apply for a personal loan in Chennai to make sure that you get the best possible interest rate:

  • Credit Report: Before you apply for a personal loan, it is crucial that your credit rating is as high as possible. A personal loan with a low interest rate is more easily available for people with better credit scores. A loan application with a credit score of around 750 is considered strong.
  • Make a Deposit: A lower interest rate can be secured by making a larger deposit. A larger down payment, greater than 20% of the loan amount, will almost always result in a lower interest rate being given.
  • Debt-To-Income Ratio: Your debt-to-income ratio is one of the most vital factors that determine whether or not you are approved for a loan and what interest rate you will be charged. You can check your debt-to-income ratio by comparing your monthly take-home pay to your total debt.
  • Negotiate: Even though most borrowers accept the interest rate that is given by the bank, it is vital to negotiate for a lower rate whenever possible. It is easier to negotiate as a consumer taking out a loan from a bank that also processes your other payments.

How To Apply For a Personal Loan in Chennai

If you want to apply for a personal loan in Chennai, you can easily fill out an online application on the bank’s website. Most banks have made this option available since it follows a simple procedure and is less time-consuming. Once you have done your research and have decided on a lender, you can visit their official website and fill out a simple application form. It can take anywhere from a few minutes to around three to four days to have your loan approved. These are the steps to follow:

  • Step 1: Go to the bank’s official personal loan application webpage.
  • Step 2: Fill out the requested details.
  • Step 3: Upload any supporting documentation that is requested.
  • Step 4: If your loan is approved, you will receive the requested funds in your account.


Many young people come to Chennai for academic and professional pursuits, and the city also attracts its fair share of career professionals looking for more growth. Oftentimes, people will need to apply for a personal loan in Chennai to meet their various financial needs. The personal loan application process is simple and people can take steps to ensure their personal loan is approved by following the suggestions mentioned in this article, such as maintaining a good credit score, paying their bills on time and conducting thorough research on the best personal loan and lender for their specific needs.

If this article was helpful, visit Piramal Finance to read more articles and receive relevant financial guidance and information on how to apply for a personal loan!