Tambaram is known for the flawless integration of traditional working systems and modern technology. It is also home to the rich heritage of the South and is a popular destination for foreigners. This metropolis of priceless offers has something for everyone, thanks to the seething vitality of Tamil cinema on the one hand and the dominance of the automobile industry on the other. However, the greater-than-average cost of living in this beta-level metropolis may strain your budget. Because of this, several banks are there to help you by providing low-interest personal loans in Tambaram, Chennai.
One of India’s largest commercial and educational hubs is Tambaram. Here, anyone can easily start a business or get employment. This good fortune has come about as a result of the city’s several flourishing industries. Although Tambaram offers you a variety of career opportunities, everyone’s financial situation will experience ups and downs. You can choose a personal loan in Tambaram – Chennai if you live in this amazing place and need money quickly.
Personal Loan in Tambaram – Chennai – Online Application
Here are the steps you need to take to get a personal loan online in Tambaram, Chennai:
- Select “Apply”.
- Verify the OTP given to your phone by entering the 10-digit mobile number.
- Your fundamental information, including your complete name, PAN, birthdate, and PIN, should be entered into the application form.
- The loan selection page will appear when you click “Proceed.”
- Enter the required loan amount.
- Select the repayment period, which can range from 12 to 84 months, and then click “Proceed.”
- Finish the KYC process and then submit your application.
Eligibility Criteria for a Personal Loan in Tambaram, Chennai
Those who fit the following criteria may apply for a personal loan in Tambaram – Chennai:
- Employees of private limited enterprises and those working for public sector organisations, such as federal, state, and local governments.
- People in the age range of 21 to 60 years.
- Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer.
- Those with a minimum monthly net income of Rs 25,000.
Documents Required For A Personal Loan In Tambaram – Chennai
- Identity Verification (Aadhaar card, PAN card, driving licence, passport, voter ID, etc.)
- Signature evidence (passport, PAN card, etc.).
- Proof of address (passport copy, Aadhaar card, driving licence, utility bill (gas or electricity bill), voter ID, ration card, rent agreement, etc.)
- Six months’ worth of bank statements.
How Can I Get the Lowest Interest Rate Personal Loan in Tambaram?
Most people choose the bank that holds their salary account when applying for a personal loan since the paperwork is easier and the procedure is taken care of quickly. While this may work just fine for some people, the best course of action is to search for loans supplied by multiple banks and NBFCs at the best interest rates. More than that, there are a few other things that will favourably influence your loan interest rate. If you’re taking out a loan, the following are some things you should consider or take care of to achieve the lowest interest rate possible:
When applying for a personal loan, it is crucial to have the best possible credit score. You will be able to receive a loan at a lower interest rate if you have a high credit score, and vice versa. When applying for a personal loan, a credit score of at least 750 is required.
Make a down payment
You’ll obtain a better interest rate on your loan if you make a sizable down payment. If you borrow more than 20% of the total amount, the interest rate you are given will almost certainly go up.
Ensuring a constant debt-to-income ratio is important because it will determine if your loan application will be approved in the first place and how much interest you will pay. The debt-to-income ratio is the difference between a person’s income and all of their debts, including loans and credit card obligations.
Choosing your tenure will directly affect the interest rate that will be applied to the loan amount. Even though the EMIs will be significantly lower, choosing a shorter duration will result in you having a much lower interest rate. The duration of the payback time is inversely correlated with the interest rate.
Employee stability and your employer’s reputation
The number of years of experience you have and the business you work for are crucial factors in determining both the approval of your loan and the loan’s interest rate. The bank will be more confident that you will return the loan if you work for a reputable organisation.
Even if most people are happy to accept the bank’s loan interest rate, bargaining is still necessary. You have a higher chance of negotiating if you’re a client of the bank that has your paycheck as collateral for the loan.
Without having to worry about anything, you can easily obtain a personal loan in Tambaram – Chennai. In Tambaram, you can get the ideal financial solution thanks to simple payback terms, adaptable loans, and a tonne of extra services like managing your costs, assisting with savings, and informing you about your EMIs. For more such articles, log onto Piramal Finance.