Instant Personal Loan in Chennai

Chennai is one of the biggest educational and economic centres in India. People can comfortably find a job or start a business here. This is because this city is home to several booming industries. But, even though Chennai has several employment prospects for you, ups and downs in the financial journey are common in everyone’s life. After all, anyone can encounter financial emergencies, be it someone residing in Chennai or any other part of India.

So, if you are a resident of this exceptional city and require immediate monetary help, then you can opt for a personal loan in Chennai. Prompt fund transfer happens after approval is granted. We pride ourselves in our service and strive to be the best among personal loan providers in Chennai.

Documents Required for a Personal Loan in Chennai

The documents required for personal loan application are minimal:

• You need to provide proof of age, identity, and address, income/salary proof, and bank statements, along with your recent passport-sized photograph.
• If you apply online, you need to upload a soft copy of these documents.
• If you apply offline, then carry the originals and copies of the required documents to the branch office. Submit the documents with the duly signed and filled loan application form.

Eligibility Criteria for a Personal Loan in Chennai

• Nationality: Applicants must be residing citizens of India.
• Age: Applicants must be between 21 and 65 years old (self-employed individuals must be at least 25 years old).
• Employment: Both salaried professionals and self-employed individuals can apply for a personal loan.
• Minimum Income: Salaried applicants must have a monthly income of at least Rs. 16,000*. For self-employed individuals, the minimum annual turnover or profits after tax will be taken into account.
• Credit Score: A credit score of 700 or higher, along with a strong credit history, enhances your chances of loan approval.
• Work Experience: Salaried individuals must have at least one year of work experience with at least 6 months in the current job, while self-employed applicants should have been operating a business that is at least 3 years old.

Minimum Salary Required to Get a Personal Loan in Chennai

To get an instant personal loan in Chennai, you must have a minimum monthly salary of Rs. 16,000*. On the other hand, if you live in Mumbai or Delhi, the minimum monthly salary requirement is Rs. 25,000.

Interest Rates and Charges for a Loan in Chennai

The personal loan interest rate in Chennai is as low as 13%*, but it can go as high as 33%*. The rate applicable depends on your age, location, employment, financial profile, monthly income/salary, repayment capacity, loan requirement, tenure, and other considerations. To get the best rates, you must have a good credit score (minimum CIBIL of 700).

Uses of a Personal Loan in Chennai

A personal loan can help you manage various expenses in Chennai, from emergencies to planned investments. Here are some key uses:

• Medical Emergencies: Cover hospital bills and urgent treatments without financial strain.
• Home Renovation: Upgrade your home with repairs, remodeling, or new furnishings.
• Higher Education Expenses: Fund tuition fees, study materials, or other higher education costs.
• Wedding Costs: Manage venue bookings, catering, and other wedding expenses.
• Travel & Vacation: Explore dream destinations without disrupting your savings.
• Business Expansion: Get funds for investments, equipment, or working capital for your small business.
• Debt Consolidation: Merge multiple loans into one for easier repayment.

Features & Benefits of a Personal Loan in Chennai

• You can get funds  up to Rs. 30 lakhs*
• No security is required to get the funds
• The processing fee is Up to 3.75% of the total loan amount + GST
• The interest rate starts from 13%*
• Flexible repayment options are available between 12 - 60 months
• Foreclosure is allowed after full payment of  the first 6 EMIs

How to Apply for a Personal Loan in Chennai?

Here is how to apply for a personal loan in Chennai from SMFG India Credit:

1. Provide Key Details

Fill out the application with your mobile number, PAN, pincode, and select whether your employment status is ‘Salaried’ or ‘Self-Employed’.

2. Verify Contact Information

Authenticate your phone number with a 6-digit OTP.

3. Fill in Additional Information

Provide further details such as your email address, date of birth, gender, and annual household income. Verification of your email ID is also necessary.

4. Employment Information Submission

If you are salaried, provide the relevant employment details.

5. Provide Bank Statement

Kindly share your bank statement using Net Banking, an Account Aggregator, or by uploading the file. Your banking details will be used to generate a loan offer (for salaried individuals only).

6. Complete Identity Verification

Verify your identity by taking a selfie and submitting your address details through CKYC, Offline Aadhaar XML-based KYC, or DigiLocker.

7. Enter Bank Account Details

Provide your bank account information for verification purposes.

8. Complete the ‘Additional Details’ Section

After we verify your bank account information, proceed to the ‘Additional Details’ section. Provide details about your marital status, loan purpose, and parent names (mother’s maiden name).

9. Select Re-payment Mode and Set Up E-NACH

Choose your preferred re-payment method between a debit card and internet banking, and set up E-NACH.

10. Digitally Sign and Verify the Loan Agreement

Digitally sign the loan agreement once you have reviewed it carefully. The process is complete when you validate it with a 6-digit OTP sent to your registered mobile number.

Complete these easy steps and take your first steps towards achieving your financial goals in Chennai.

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