What are the Eligibility Criteria for a Personal Loan in Chennai?

Posted on Tuesday, August 27th, 2024 | By IndusInd Bank

Chennai is a bustling city, brimming with rich cultural heritage and exciting opportunities. It is also a hub for aspiring young people and individuals looking to live their best life. Whether you have a dream wedding in mind, or want to renovate your Chennai residence, or expand your business in Chennai, a personal loancan provide the financial flexibility you need.

But before you apply for one, you must understand the eligibility criteria and documentation required for different individuals. 

This blog outlines the eligibility criteria for securing a personal loan in Chennai, along with documentation and the application process. 

Eligibility Criteria for Salaried Employees in Chennai

Salaried employees looking to apply for a personal loan in Chennai must meet the following criteria:

1. Applicants should be at least 21 years old at the time of application. They should be 60 years of age (or retirement age, whichever is earlier) at the time of loan maturity.

• The applicant must be employed with a minimum of two years of work experience. Also, they should have been working with their current employer for at least one year.

• They should have a minimum monthly income of ₹25,000. This ensures that the applicant has a steady income to repay the loan.

• The applicant must have stayed at their current (rented) residence for at least a year.

In addition, a good credit score, typically above 700, can help in the approval of personal loans in Chennai.

Eligibility Criteria for Self-Employed Individuals in Chennai

Chennai offers many opportunities for individuals who have an entrepreneurial spirit and want to start their own ventures.

If you are a self-employed individual, keep the following criteria in mind when applying for personal loans in Chennai:

1. The applicant should be at least 25 years of age during the application, and should not exceed 65 years of age at the time of loan maturity.

• The individual must have at least 4-5 years of post-qualification experience.

• The applicant should have a minimum annual income (as per the latest Income Tax Returns) of ₹4,80,000.

Similar to salaried individuals, a good credit score is essential for self-employed applicants to get their Chennai loan approved.

Documentation Requirement for a Personal Loan in Chennai

To apply for a personal loan in Chennai, you will also need to provide the following documents:

For Salaried Employees:

1. Application Form: Filled-out application form attached with a recent photograph.

2. Identity Proof: PAN card, Aadhaar card, Passport, Driving Licence, or Voter ID.

3. Income Proof: Latest salary slips for the past three months and Form 16/ITRs for the last three years.

4. KYC Documents: Valid identity/residence/signature proof.

5. Bank Documents: 3 months’ bank statements, showcasing salary credit.

For Self-Employed Individuals:

The application form, identity proof, and KYC documents remain the same for self-employed individuals. But ITR for the last 3 years is treated as income proof due to the absence of salary slips.

In addition to the above documents, their banking documents must include the latest six months’ practice current account and latest three months’ primary savings account bank statement.

You can also apply for a personal loan of up to ₹5 Lakh from IndusInd Bank online. The process is completely digital, and you do not have to furnish any documents.  

Before you apply for a personal loan, consider how you will repay it. Timely repayment is necessary for good financial health and to maintain a steady credit score. You can use IndusInd Bank’s Personal Loan Calculator to estimate your EMIs based on your loan amount and tenure. This can help plan your repayment strategy better.

Also Read: Securing a Personal Loan Without a Salary Slip- Tips and Strategies

Conclusion

Securing a personal loan in Chennai is a practical solution for managing your financial needs. To help you smoothly sail through the application process, you must keep the eligibility criteria and documentation in mind.

IndusInd Bank offers a seamless online application process, competitive interest rates, and excellent customer service to help you achieve your financial goals.

Explore our wide range of Online Personal Loan options in Chennai and let us help you unlock your financial potential.

Apply now!

Disclaimer:

The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.