Why Should You Apply for A Personal Loan in Chennai?

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Personal Loan in Chennai is one of the most popular Google searches in recent times. There is a rise in the credit demands in the country, and Chennai being a major economic hub in South India, has been a tremendous growth in demand for credit. This rise in demand is due to various reasons such as the increase in the prices of commodities, the rise in the living standards of individuals, growing aspiration levels, etc. Alongside, there are various lenders in the market providing Personal Loans. These lenders include numerous financial institutions, banks, NBFCs, etc. Numerous lending options make it convenient for individuals to opt for a Personal Loan. 

Below are a few of the reasons why you should apply for a Personal Loan in Chennai

  • Multiple usages: There are various uses of a Personal Loan such as weddings, travel, medical emergencies, home renovation, buying a car, or any personal financial needs. 
  • Higher Loan: A higher loan amount depends on several factors such as a good CIBIL score, higher income, work experience, age, past repayment behaviour, etc. A Personal Loan can be used for various purposes and a higher loan amount will ensure the freedom to use funds. 

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  • No-end usage restriction: No-end usage restriction is one of the highlighting features of a Personal Loan. It allows a borrower to use a Personal Loan with freedom and meet any urgent financial requirement. Compared to other Loan options such as Education Loans or Home Loans, there is a lot of freedom when it comes to a Personal Loan. There are very few restrictions and regulations for a Personal Loan. 
  • Flexible Tenure: Flexible tenure helps the borrower to repay the loan at their own convenience. As a borrower, you can choose the tenure before applying for Personal Loan. You can use the online EMI calculator to plan your Personal Loan. There are three factors that majorly influence your monthly EMI. Loan amount, tenure, and rate of interest – you can insert these factors in the EMI calculator to plan your EMIs with your desired tenure. 
  • Attractive interest rate: Once you meet eligibility criteria, there are high chances that you can avail of a Personal Loan in Chennai at a lower interest rate. Also, you should apply for a Personal Loan with the existing lender. The already-established good relationship with the lender can help you avail of a lower rate of interest. 
  • Quick approval and disbursal: A Lender ensures that your loan is quickly disbursed once you meet all the requirements. With the online documentation process and approval, your loan amount is directly disbursed to your bank account. 
  • Minimal documentation: Documentation is an integral part of loan approval. It requires several documents such as KYC documents like an Aadhaar/PAN Card, Current address proof (Passport/Utility bills/Rent Agreement), Latest salary slips and salary credit bank statements from the last 3 months, and Proof of employment, such as official mail ID confirmation /Emp ID Card.
  • No collateral Requirement: No collateral requirement means that you are not required to pledge any security. Borrowers prefer Personal Loans over other loans as they don’t have to pledge any security while applying for a loan. 
  • Easy-to-meet eligibility criteria: A Personal Loan has easy-to-meet eligibility criteria which makes it easier for the applicant. Also, these eligibility criteria might differ from lender to lender. Following are a few of the eligibility criteria – you must be between 24 and 58 years of age, and you must have a minimum of two years of overall experience with more than ₹40,000 monthly income. Lastly, you should have a credit score of more than 750. 
  • Easy to follow steps: Applying for a Personal Loan is easier than ever. With digitalization and faster internet, a borrower can apply for a Personal Loan from anywhere and at any time. You can apply for an instant Personal Loan in India either through the online route or the offline route. You can follow the below steps to apply for a Personal Loan online.
  • Step 1: Visit the lender’s official website and search for Personal Loan  
  • Step 2: Click on the link that says ‘Apply Now’ and fill up the loan application form 
  • Step 3: Enter basic details and upload all required documents 
  • Step 4: Await verification and assessment of the application 
  • Step 5: Upon successful loan approval, you will receive a confirmation from the lender
  • Step 6: Approve and authorize the disbursal of the loan amount 

You can directly visit the lender’s official branch to apply for a Personal Loan in Chennai. 

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