How to Apply for Instant Cash Loans in Chennai?
Cash loans are unsecured loans that could help you during financial emergencies. Since financial emergencies come unannounced, your savings and investments might not be fully sufficient at such times. During such situations, applying for a cash loan could be a viable option. Thanks to modern technology, you can get a loan from anywhere in India. So, if you’re looking for a cash loan in Chennai and unsure about the application process, loan interest rates, etc., read on. We have jotted down all the details regarding how to apply for a cash loan in Chennai.
Features and Benefits of Applying for a Cash Loan in Chennai
Here are some of the features of taking a cash loan in Chennai and the benefits associated with it:
1. Instant Approval
Usually, you get approvals almost instantly for cash loans. Lenders would verify your loan eligibility based on a few parameters, like credit score, monthly income, repayment capacity, etc. Once verified, you could get the loan amount disbursed into your loan account.
2. No Collateral
You won’t have to pledge any collateral or require any third-party guarantor to avail of a cash loan in Chennai.
3. Simple Process
Loan application process is actually quite simple and hassle-free for instant cash loan. With lenders like Navi, you could get a cash loan within a matter of minutes provided you are eligible.
4. Flexible Repayments
Cash loans come with flexible EMI options, as in the repayment tenure. Usually, the loan tenure could go up to 84 months or 7 years. You have the flexibility to select the loan tenure at your convenience. However, in some cases, the lender may decide the tenure based on their terms and conditions. So, read the fine print carefully before signing up.
5. EMI Calculator
The online loan EMI calculators will show the net EMI amount you need to pay. You can easily change the loan amount and the tenure to see the best and most affordable EMI options.
Interest Rates for Cash Loans in Chennai
The table below shows the interest rates various financial institutions offer for instant Cash loans in Chennai:
| Banks/NBFCs | Interest Rate (p.a.) | Processing Fee |
| Navi Cash Loan | 9.90% onward | Check with the lender |
| Kotak Mahindra | 10.50% onward | Up to 2.5% |
| HDFC | 10.50% onward | Up to 2.5% |
| IndusInd Bank | 11% onward | 2.5% and above |
| Axis Bank | 12.50% onward | Check with the lender |
| IDFC FIRST | 12% onward | Up to 3.5% |
| Yes Bank | 13.99% onward | Up to 2.5% |
| Home Credit | 19% onward | Up to 5% |
| Aditya Birla Capital | 14% onward | Up to 2% |
| IIFL | 24% | 2% onward |
Important: This table is for educational purposes only and the final rate offered is solely at the concerned lender’s discretion. Navi doesn’t take responsibility for any interest rate changes that may occur in the due course of time
Eligibility Criteria for a Cash Loan in Chennai
Usually, lenders do a background check on the applicant and assess their eligibility. You need to fulfil the below parameters to get an instant cash loan in Chennai.
| Age | 18 – 65 years. (With some lenders, it is 21-25 years) |
| Occupation | A salaried or self-employed individual |
| Income | According to your lender’s requirements. (It could vary across lenders in Chennai) |
| Credit score | Preferably 750 or above |
Calculate Your Cash Loan EMI
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Years)
Years
Monthly EMI
0
Total Interest
Total Amount
Documents Required for a Cash Loan in Chennai
Many lenders have a list of documents that need to be submitted to avail of a cash loan in Chennai. The list of documents,
1. For Salaried are
- Identity proof (Aadhaar, PAN, Passport, etc)
- Income proof or Bank account statements
- Age proof (Aadhaar, Driving Licence, etc)
- Address proof (Aadhaar, Ration card, voter’s ID, etc)
- Passport-size coloured photograph
- Salary slip for the last 3 months
- Form 16
2. For Self-employed are
- Identity proof (Aadhaar, PAN, Passport, etc)
- Income proof or Bank account statements
- Age proof (Aadhaar, Driving Licence, etc)
- Address proof (Aadhaar, Ration card, voter’s ID, etc)
- Passport-size coloured photograph
- Balance sheet and profit & loss account, previous two years’ income computation
- IT Returns for the last 2 years
- Business Proof (Registration Certificate, Licence, GST)
- Income Tax Challans or Form 26AS
However, with lenders like Navi, your Aadhaar and the PAN Card usually suffice as identity proof, age proof as well as address proof in order to avail of an instant cash loan in Chennai.
Also Read
With Navi, you can follow these simple steps to apply for an instant cash in Chennai:
Step 1: Download the Navi app from Google PlayStore or App Store
Step 2: Enter your mobile number to get OTP
Step 3: Fill in your basic details – Name, DOB, PAN, Profession and Total Monthly Income
Step 4: Check loan offer
Step 5: Select loan amount and tenure
Step 6: Link your bank account
Upon verification, the loan amount will be disbursed in just a few minutes based on your eligibility.
How to Calculate Cash Loan EMI in Chennai
There are many EMI calculators available online. You can check your EMI options by entering your loan amount, tenure and interest rate. Let’s understand this with an example:
Let’s say you want to borrow a loan amount of 2 lakh for a tenure of 5 years at an interest rate of 10% p.a.
The EMI you need to pay would be Rs.4,249, and your yearly breakdown would be as follows:
| Year | Principal Paid | Interest Paid | Total Payment | Outstanding Loan Balance |
| 2022 | Rs.21,275 | Rs.12,720 | Rs.33,995 | Rs.1,78,725 |
| 2023 | Rs.34,681 | Rs.16,310 | Rs.50,991 | Rs.1,44,044 |
| 2024 | Rs.38,311 | Rs.12,680 | Rs.50,991 | Rs.1,05,731 |
| 2025 | Rs.42,325 | Rs.8,668 | Rs.50,993 | Rs.63,406 |
| 2026 | Rs.46,758 | Rs.4,236 | Rs.50,994 | Rs.16,649 |
| 2027 | Rs.16,649 | Rs.348 | Rs.16,997 | Rs.0 |
*Note that the table is for illustration purposes only
Things to Remember Before Taking a Cash Loan in Chennai
1. Credit Score
A credit score of 750 or above is considered ideal to apply for a cash loan in Chennai as a low credit score signifies bad debt management and might lead to the cancellation of your application.
2. Eligibility Criteria
Check your lender’s eligibility parameters such as age, occupation, income, and more before applying for a cash loan. However, with Navi, you can simply download the app, and enter your basic details, Aadhaar and PAN number to check your eligibility.
3. Compare Interest Rates
It is advisable to compare the interest rates various lenders offer before applying for a cash loan. If you have a good credit history, the chances of getting a cash loan at low-interest rates are higher.
4. Other Fees & Charges
There are numerous other fees and charges that need to paid while availing of a cash loan. Make sure to read the agreement and understand all the fees and charges such as processing fees, foreclosure charges, and more before applying.
Final Word
During unforeseen financial emergencies, a cash loan could save you from distress. However, before taking a cash loan, always gauge your repayment capacity. Borrow the amount you need and not the amount you have been approved for. This would help you manage your finances in a better way.
So, if you are in need of urgent cash in Chennai, you can go for Navi. Just download the Navi app, and enter your basic details such as your name, DOB, Aadhaar, and PAN number to check your eligibility and get a fast cash loan in Chennai.
FAQs
Ans: The loan repayment tenure differs from lender to lender. However, Navi offers a tenure of up to 36 months for you to repay the loan.
Ans: Cash loans are multi-purpose loans and can be used for a variety of purposes including house renovation.
Ans: The loan is repaid through EMI. You need to repay the relevant instalment each month for a period of up to 36 months, as selected by you.
Ans: Your interest rate for your cash loan is determined by your credit score. It is advisable to have a credit score of 750 or above to avail of a cash loan at good interest rates.
Ans: The time needed to get your loan amount disbursed varies across lenders as a huge process is involved. However, with lenders like Navi, you can check your eligibility and instantly get the loan amount that you can avail of as your cash loan.
Before you go…
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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