Are you looking for a personal loan in Chennai? Are you still confused about which bank to choose or where to get started? Do the procedures that you’re required to follow overwhelm you? Well, this article is going to be your problem solver and will put an end to your personal loan search. By the time you’ve reached the end of this article, you will have found the answers to all your queries and will be set to apply for your personal loans.
A personal loan is an unsecured loan that can be applied for without any collateral and can be used for a variety of purposes. These include investing in higher education, wedding, renovating your home or getting a new one, business expansion or even debt consolidation. Generally offered at low and affordable interest rates, a personal loan can be borrowed for a short tenure. The benefit of opting for a personal loan is zero requirement and minimal paperwork. This makes personal loans much more common for the fast-paced youth. A lot of people are now choosing personal loans over the traditional ways of opting for a home loan, car loan or other types of loan. If this is the first time you are planning to get a personal loan, you must read ahead for information on where and how to apply for a personal loan and the hassle-free method to the entire procedure.
Life doesn’t bring in emergencies after asking us or knowing our financial status. Most of the time, the need for instant cash may be the reason for applying for an emergency cash loan in chennai. Such a need may arise more in metro cities where life happens at lightning speed and expenses are often beyond what we earn. If you live in the hustling-bustling capital city of Tamil Nadu and are looking for options to borrow instant cash, you have landed in the right place. In this article, you will find information on applying for an instant loan in Chennai. Not just this, you can also find additional information on getting a personal loan for low salary in Chennai, a personal loan in Chennai with low-interest rates and a personal loan for CIBIL defaulters in Chennai. Worry not, if this is your first time applying for a personal loan, this article will help you understand CIBIL scores and the eligibility for a personal loan in Chennai.
Table of Contents
You can read about the following and find more information as per your requirement in this article:
- What is Loaney?
- Important things to know before you avail a personal loan
- Reasons and benefits of getting a personal loan
- Eligibility to get a personal loan
- How to get a personal loan in Chennai?
- Why you should choose Loaney?
- The documents required and the interest rates.
What is Loaney?
Digitisation in its full power has led to all possible services being offered online, borrowing loans and banking have also not been left behind. Online platforms are performing well and provide hassle-free solutions to customers while sitting at home. This has proved beneficial especially during the current times when a pandemic is threatening the lives of all. Borrowing a personal loan from an online platform can be a great option for those looking for a personal loan for a low salary in Chennai.
Loaney is an online platform where you can apply for and get instant personal loans hassle-free. You can use Loaney’s convenient methods to get your personal loans approved. There is no need to submit collateral on Loaney and the platform doesn’t ask for a guarantor. The information regarding the clients is always kept confidential by the platform.
Loaney is a complete digital platform for filling out the application forms to get instant personal loans online. The platform offers personal loans to their clients for minimum documentation and minimum interest rates on loans. The client must go through a simple registration process and get their loan approval immediately. Loaney offers a hassle-free and easy application process that can be completed from home.
Loaney allows its clients to apply for a personal loan up to Rs. 15,000.
Important Things to Know Before Availing a Personal Loan
Personal loans are unsecured loans that can be applied for without any collateral and used for a variety of purposes. This type of loan gives an individual a free hand in times of need and emergencies as it provides access to instant cash, without any limitations on how to use the borrowed money. In the last few years, many people have started turning to personal loans instead of common home loans, car loans or borrowing from family and friends as well. If you have finally decided on availing a personal loan, there are a few things that you need to know about the benefits, the eligibility and the reason why most people are now choosing this option over a secured loan.
Reasons to Get to a Personal Loan
The best part of choosing a personal loan which is an unsecured loan is that unlike a secured loan it doesn’t have to be used for a specific purpose. This is an advantage over the home loan, car loan or education loan as the personal loan can be used for a very large variety of purposes. The range of uses of a personal loan can include the following:
- Emergency cash assistance
- Debt consolidation
- Medical emergencies
- Business expansion
- Funding your holiday
- Improving your credit score
- Buying new electronics or gadgets
- Higher education
- Renovating your home
- Paying your credit card bills
- Funding a big purchase
- Moving out or relocating
- Vehicle financing.
Benefits of Getting a Personal Loan
In the last few years, many people have started turning to personal loans instead of common home loans, car loans or borrowing from family and friends as well. Personal loans help when people don’t have sufficient funds in their savings, they choose this alternative to tide over financially tough times. Some of the benefits of a personal loan over the other types of loan include the following:
- No need of submitting a collateral
- Instant cash
- Affordable interest rates
- Shorter repayment tenors
- Minimum documents and paperwork is required
- Simple eligibility criteria.
Eligibility for a Personal Loan
The eligibility criteria to get a personal loan in Chennai consists of the following points:
- The first and most important is the applicant’s monthly income which must be a minimum of 25-30k INR per month.
- The next most important factor is the CIBIL score which must be at least 750 to be able to get a loan approved easily. A high CIBIL score ensures that the applicant is willing to repay the loan. However, being a CIBIL defaulter does not mean that you will not get a loan. You might have to face some challenges to get a personal loan of the desired amount. Further in this article, you will get to know how to apply for a personal loan for a CIBIL defaulter in Chennai.
- The applicant must be above the age of 18 and fill in accurate and genuine details in the application form.
- The last point is the source of income which must be certified and approved by a verified organisation.
How to Apply for a Loan with Low CIBIL Scores?
The CIBIL score is determined by looking into your credit card history. The vital points that the lenders usually take note of are:
- Timely payments of bills
- Timely payments of instalment of loans
- Maintenance of the regular payment period.
To get a personal loan for CIBIL defaulters in Chennai here are some things you need to take care of:
- Borrow the amount wisely: You should borrow only the amount you can repay.
- Payment timings should be in check: Avoid any late fees. Do not miss the deadlines of your payments.
- Do not exceed your credit card limit: To have a high score for your CIBIL, it is essential to not exceed the limit of your payment through the credit card.
- Close a defaulted account: A cheat code to get your loan; if you are listed among the defaulters, open a new account.
- Opt for loans backed by a guarantor: Choose a guarantor with good payment track records who can back you up when the loan needs to be paid.
How to get a personal loan in Chennai?
A personal loan in Chennai can be applied for online or offline. You can trust Loaney for online personal loans in Chennai. The following easy steps will help you apply for a loan for cibil defaulters in Chennai, sitting at home with a few clicks.
- The first step is to fill out an application form. The application form would contain a list of essential details such as your name, date of birth, personal mobile number, and some more relevant information to apply for the loan.
- After filling out the application form, the site will review your details and check your application’s personal loan eligibility criteria. The details in your forms are reviewed immediately, and the procedure is taken further to be approved.
- The last step is lending the money. Once your loan is approved, Loaney will send the money to you within a span of a few minutes.
Why should you Choose Loaney?
There are several reasons why one should choose Loaney. They are:
- Loaney provides the fastest instant personal loans at low interest rates.
- The information of the client is confidential. Once you trust Loaney, they will not let you down.
- A proper schedule of payment along with the interest rate per month is pre-generated. This avoids confusion regarding the payment.
- Loaney would never ask for the reasons you’re applying for loans.
- Good customer support is a vital part of running any organisation. Hence, Loaney ensures that their clients are always under the guidance of top-notch customer support.
- The system is built in such a way that procedures are easy, fast and efficient. The work is done fast, and the registration is hassle-free.
- Registration and all related work are done online.
- All legal protocols are followed with all authenticity.
- Clients do not have to stand in a long queue and can apply for a loan from the comfort of their home instead.
- Loaney is trustworthy, and there are no hidden protocols or charges that come with using their services. Everything they do is transparent.
- The best feature about loaney is that the platforms offer small loans.
- The client must give the website their correct information as the personal loan eligibility improves and their chances to get an instant loan for Rs. 20,000 increases.
Documents Required to get a personal loan in Chennai
The following documents are required to apply for and get a personal loan in Chennai:
- Identity Proof- PAN Card/Voter ID/Driving License/Aadhar Card/Passport
- Address Proof- Utility bill/Passport/Aadhar card/Voter ID
- Income Proof- Latest Salary Slip/ ITR/Form-16
- Bank Statement- Last 3-6 Month Bank Statement.
The only documents you require while applying for a personal loan on Loaney include:
- Pan Card
- The mobile number linked with Aadhar Card
- A picture of the applicant
- Bank account with internet banking.
Interest rates and charges to get an instant personal loan in Chennai
In this section, you will get to know the personal loan in Chennai with low-interest rates. The interest rates in Chennai range between 11% to 32% depending on the lender and the amount. Loaney offers a very affordable and low-interest rate compared to these along with a minimal processing fee for the entire seamless online procedure of getting a personal loan online.
We have answered a few common questions to help you apply for your first personal loan.
What protocols need to be maintained to get a personal loan from Loaney?
- You must be a citizen of India.
- You should be 18 years or above.
- You must possess a PAN Card and an Aadhaar card.
- Your mobile number must be linked with the Aadhaar card.
How to get approval for a personal loan?
The approval for your personal loan depends on the following factors:
- CIBIL score
- Monthly income
- Payment clearance of previous loans
- Your expenditure pattern.