Things You Should Know to Get a Personal Loan in Chennai

Posted on Thursday, September 26th, 2024 | By IndusInd Bank

Are you in need of urgent finance in Chennai? Wondering how to avail a personal loan with ease? If the answer to both is yes, then you must consider exploring online deals that offer instant personal loan approval processes. Look for options with 100% paperless documentation and a competitive rate of interest. Also, consider using an online personal loan EMI calculator to plan out your Equated Monthly Instalments (EMIs) effectively. 

However, before diving into any of this, being aware of the basics is crucial. Discussed here are the essential things you must know to avail a personal loan in Chennai.

1) Understand Your Eligibility Criteria

The initial step in availing a personal loan in Chennai is being aware of the eligibility parameters set by the preferred financial institution. These typically include income, age, employment status, and credit score. Lenders prefer applicants who have a stable income and an excellent credit score of 750 and above. However, a few other lenders may offer loans for CIBIL defaulters in Chennai, but these may come with higher interest rates and processing charges. So, to avail the benefit of lower rates and other favourable terms and conditions, ensure you maintain an excellent credit score and profile.  

2) Compare Distinct Loan Offers

Distinct financial institutions provide differing terms for personal loans in Chennai. It is essential to compare these offers to zero in on the one that best matches your needs. For instance, IndusInd Bank offers enticing instant personal loan terms that simplify your loan planning and processing. These terms include – 

3) Know the Application Procedure

Applying for a personal loan in Chennai can be simple if you follow the correct steps. Here’s how you can get a personal loan from IndusInd Bank – 

• Input Your Details

Visit the IndusInd Bank website and search for the personal loan page. On the page, you will be prompted to input your mobile number and PAN details. Make sure you have your address, income, and Aadhaar details handy for quicker processing. This step is essential as it assists the bank in accumulating basic information about your financial status and contact details, allowing them to tailor loan offers as per your needs.  

• Best Offer for You

Depending on the details you have provided, IndusInd Bank will fetch the most prudent deal for you. You will be presented with distinct loan options customised to your needs, each with distinct rates and repayment tenures. This tailored approach allows you to select the most suitable loan deal without the stress of sifting through distinct offers. 

• Complete Application

Once you choose the deal that best matches your needs, complete the application process. The steps involved are completing a video KYC and setting up an auto-repayment facility linked to your bank account. The video KYC process is a convenient and secure means to authenticate your identity without the requirement of visiting the branch, while the auto-repayment facility ensures your EMIs are paid timely, helping you avoid late payment penalties.

• Receive Proceeds

After your application is authenticated and approved, the proceeds will be disbursed directly to your bank account. This process is quick, allowing you to access the funds almost instantly once approved. Once the required funds are in your account, you can start using them instantly for your financial needs, whether for home renovations, medical exigencies, or any other immediate or planned expenses. 

4) Use Online Instruments for Better Financial Planning

Before applying for a personal loan, ensure to make use of online instruments like a personal loan EMI calculator. This instrument allows you to understand your month-on-month repayments and plan your finances in a better way. Knowing your EMI beforehand can assist you in managing your budget and avoiding any financial constraints. 

Also Read: Economic Planning Made Easy: Leveraging a Personal Loan EMI Calculator for Budgeting

Ending Note

Securing a personal loan in Chennai requires understanding the eligibility parameters, comparing distinct loan deals, being aware of the online application process, and using an online tool for better planning. By opting for a personal loan with a seamless application process, like the one offered by IndusInd Bank, you can easily avail the funds you require.

IndusInd Bank Personal Loans come with enticing repayment terms, a 100% paperless process, and an instant disbursal feature, making them a prudent choice for urgent finance in Chennai. So, why wait? Opt for an IndusInd Bank Personal loan and address your financial needs with ease today. 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.