The gateway to south India, Chennai, is one of the biggest cultural, educational and economic centers. It is also the fourth most populous agglomeration in India. This directly translates to the presence of a large number of households here from all parts of the country. Tidel Park, one of the largest IT Parks in Asia is situated here, the presence of young IT professionals here just cannot be wished away. The various needs and aspirations of the urban young sometimes cannot be met by the salary alone. Rising inflation and high living standards have ensured that they hardly have access to emergency funds. Private loans in Chennai are helping such young households make ends meet.
In case of unforeseen circumstances, instant personal loans have emerged as the best financial support system for the young urban households. The fast disbursal cash loans in Chennai are quick, easy and hassle-free. Qbera, a leading Fintech company for instance, will inform you about your loan eligibility in 2 mins. The documentation and validations are all done online with minimum paperwork. After the completion of all checks, the amount is deposited directly into your bank account in 24-48 hours. The eligibility for a private loan in Chennai are:
- You must be a salaried individual.
- You must have a min net salary of Rs.20 000/- per month.
- You must be above 23 years of age and less than 55 years
- A minimum CIBIL score of 575 and no defaults in the last 24 months
The CIBIL score plays an important part in defining the loan eligibility of an individual and the interest rate that is being offered. So, with Fintechs who are cash loan lenders in Chennai, even if the CIBIL score is marginally less, the personal loan application is processed. The rate of interest, however, will be on the higher side. These Fintech companies also offer the benefit of flexible repayment tenures, from 6 months to 60 months. Accordingly, the applicant can choose a private loan in Chennai with an affordable rate of interest and tenure so that the monthly budget is managed.
The loan amount is directly disbursed to the applicant’s bank account and there is no restriction on the end-usage. The applicant can use the amount to pay for medical bills or carry out extensive repairs and renovations to his house. He can also finance his marriage, education or simply use the amount to consolidate his debts. If he so wishes, he can use the amount to go on a vacation as well. These instant personal loans are truly multi-dimensional. There is minimal paperwork which is required once the loan amount is approved. The documents needed are:
- Aadhaar Card
- PAN Card
- Proof of address
- Salary and income documents
- Bank statements for the last 3 months
- Photographs
View a complete list of our FAQs at our
help center
Interest Rate & Other Charges
Interest Rate
|
11.99% to 35.99%
|
Processing Fee
|
1% to 5% of total loan amount
|
Loan Amount
|
₹1,00,000 to ₹15,00,000
|
Loan Tenure
|
12 to 60 months
|
Step 1: Online Application Form
Get approved instantly
Fill out our online application form by answering a few questions about yourself, your employment, your education, expenses and needs. This process would take no longer than 10 minutes.
Step 2: Connect bank account
Submit your bank statements
Connect securely to your bank via netbanking and submit bank statements as part of the easy loan application form. Alternatively, you can upload bank generated pdf bank statements.
Step 3: Loan term
Choose your Loan Term
Using our proprietary Credit Scoring Algorithm we determine your loan eligibility in real-time. Our algorithm uses the information about you, to determine your future potential and help you get the best rate instantly.
Example: A
loan offer of
₹2 lac, for a
tenure of
3 years at an
interest Rate of
16.6% (on a reducing principal) and a
processing fee of
2.5%.
Translates to:
- Processing Fee deduction of ₹5000 (2.5% of 2 Lacs) from loan amount, thus, the amount credited to your account will be ₹1.95 Lacs
- EMI of ₹7091 per month
- Total payable amount in 3 years = 36 times ₹7091 = ₹2,55,276
- Total Interest paid in 3 years = ₹55,276, hence, annual interest paid = ₹18,425 (which translates to an effective flat annual rate of interest of 9.21%)
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