How To Apply For Instant Cash Personal Loans In Chennai?

Personal Finance

Personal 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 personal 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 personal 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 personal loan in Chennai.

Features and Benefits of Applying for a Personal Loan in Chennai

Here are some of the features of taking a personal loan in Chennai and the benefits associated with it:

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.

No Collateral: You won’t have to pledge any collateral or require any third-party guarantor to avail of a personal loan in Chennai.

Simple Process: Loan application process is actually quite simple and hassle-free for personal loans. With lenders like Navi, you could get a personal loan within a matter of minutes provided you are eligible.

Flexible Repayments: Personal 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.

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.

Also Read: How To Apply For Instant Paperless Personal Loan In India Online?

Interest Rates for Personal Loans in Chennai

The table below shows the interest rates various financial institutions offer for instant personal loans in Chennai:

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 Personal 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 personal loan in Chennai.

Also Read: Apply For Instant Personal Loans In India: Benefits, Eligibility Criteria, Documents Required

Documents Required for a Personal Loan in Chennai

Many lenders have a list of documents that need to be submitted to avail of a personal loan in Chennai. The list of documents,

• For Self-employed are:

1. Identity proof (Aadhaar, PAN, Passport, etc)
2. Income proof or Bank account statements
3. Age proof (Aadhaar, Driving Licence, etc)
4. Address proof (Aadhaar, Ration card, voter’s ID, etc)
5. Passport-size coloured photograph
6. Balance sheet and profit & loss account, previous two years’ income computation
7. IT Returns for the last 2 years
8. Business Proof (Registration Certificate, Licence, GST)
9. 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 personal loan in Chennai.

Also read: How To Apply For A Personal Loan On Low Salary

How to Apply for a Personal Loan in Chennai with Navi

With Navi, you can follow these simple steps to apply for an instant personal 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 Personal 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:

*Note that the table is for illustration purposes only

Things to Remember Before Taking a Personal Loan in Chennai

1. Credit Score: A credit score of 750 or above is considered ideal to apply for a personal 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 personal 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 personal loan. If you have a good credit history, the chances of getting a personal 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 personal 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 personal loan could save you from distress. However, before taking a personal 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 to avail of an instant personal loan in Chennai.

FAQs on Personal Loan in Chennai

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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