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Personal Loan in Chennai

Chennai - a city known for learning and professional advancement, has a high literacy rate and offers a diverse set of career avenues and job opportunities. Students who wish to further their education often consider moving to Chennai as it has some of the best institutions in the country. It is seen that many young aspirants study and settle in the city for career-building while some mid-career professionals move to Chennai for higher growth opportunities as well.

However, Chennai is also one of the most expensive cities in India. It is, in fact, only behind Mumbai and Delhi when it comes to cost of living. To keep up with your expenses you can use IDFC FIRST Bank’s Personal Loan services in Chennai. An instant Personal Loan like this can help you meet your daily expenses, EMIs, credit card bills, subscriptions and more.

Features of an instant Personal Loan in Chennai

An instant personal loan in Chennai offers immense value. You can apply online and receive the amount in your account within hours. Few other features and benefits of urgent cash loans in Chennai include:
You can only enjoy the benefits of an instant personal loan with IDFC FIRST Bank. IDFC FIRST Bank also offers additional features like affordable EMIs.

Competitive interest rates starting at 10.99%.

Competitive interest rates starting at 10.99%.

Completely digital, paperless online process

Completely digital, paperless online process

Balance transfer of existing personal loans and credit cards at affordable rates

Balance transfer of existing personal loan at affordable rates

Use a Personal Loan in Chennai to Fulfil Your Needs

Living in Chennai can sometimes be more expensive than expected. When unexpected expenses arise, many individuals choose a personal loan to manage their financial needs. Here are some common situations where a personal loan in Chennai can come in handy:

Travel expenses

Embark on your dream adventures with a travel loan designed exclusively for elite travellers.

Weddings

With weddings bringing unexpected costs, an instant wedding loan is a go-to solution for many.

Home renovation

Moving into a new space? A home renovation loan can help meet renovation expenses with ease.

Medical emergencies

A medical loan serves as a financial backup during sudden medical emergencies.

Travel expenses

Embark on your dream adventures with a travel loan designed exclusively for elite travellers.

Weddings

With weddings bringing unexpected costs, an instant wedding loan is a go-to solution for many.

Home renovation

Moving into a new space? A home renovation loan can help meet renovation expenses with ease.

Medical emergencies

A medical loan serves as a financial backup during sudden medical emergencies.

ELIGIBILITY

Who Can Apply?

For Salaried Individuals:

  • Minimum Age: 21 years
  • Maximum Age: at the time of loan maturity - 60 years or retirement, whichever comes first

For Self-Employed Individuals:

  • The business must have been in existence for a minimum period of 3 years
  • Minimum Age: 21 years
  • Maximum Age: 65 years at the time of loan maturity

Documentation

When self-employed or salaried individuals want to avail of a personal loan in Chennai, they will need to submit the following documentation:

  • Valid KYC
  • 3 months’ bank statement
  • Net Banking or Debit Card details to set up e-Mandate
  • eSign/eStamp for faster disbursal

Personal Loan in Chennai

Minimum Salary to Apply for Personal Loan in Chennai


The minimum salary you need to apply for a loan in any part of India is ₹20,000. It applies to every state in the country barring Mumbai and Delhi, where the minimum salary a person needs to have to avail a loan is ₹25,000.

Thus, to apply for an emergency cash loan in Chennai, you must have a minimum salary of ₹20,000 per month. The minimum salary requirement helps assert whether you can repay the amount with interest.

Interest rate and charges in Chennai for Personal Loan

Types of Fees Applicable Charges
Personal Loan interest rate Starting 10.99%
Processing fees Processing Fees of upto 3.5% will be deducted from the loan amount at the time of disbursal
Late payment fees 2% of the unpaid EMI or ₹300 whichever is higher. The late payment fees might be applicable from the date of default to the date of payment.
Stamp duty As per actuals

 

How to Apply for Personal Loan in Chennai?

You can apply for a personal loan in Chennai online. You can apply here or our mobile app and avail of a loan without having to visit the bank. The online application process at IDFC FIRST Bank involves four stages. 

IDFC FIRST Bank’s instant Personal Loan is one of the quickest ways to receive financial support when you need it the most. With a simple process and fast disbursal, IDFC FIRST Bank urgent Personal Loans in Chennai can fulfil your financial requirements instantly.

Stage 1: Online application

You can apply for an instant personal loan or the IDFC FIRST Bank Loans app. You can apply for a Personal Loan online by filling out an online application form.

Stage 2: Approval

IDFC FIRST Bank will process your application if it meets the eligibility requirements.

Stage 3: Upload documents

You must upload the documents needed for verification.

Stage 4: Disbursal

After verification, the instant cash loan amount will be disbursed into your account.

Get FIRSTmoney Smart Personal Loan of Different Amounts

₹4 lakh Personal Loan
₹4 lakh Personal Loan Karma FIRST Programme
₹3 lakh Personal Loan
₹3 lakh Personal Loan
₹2 lakh Personal Loan
₹2 lakh Personal Loan Covid 19 Programme

Get FIRSTmoney Smart Personal Loan of Different Amounts

₹5 lakh Personal Loan
₹5 lakh Personal Loan Arrow Right
₹4 lakh Personal Loan
₹4 lakh Personal Loan Arrow Right
₹3 lakh Personal Loan
₹3 lakh Personal Loan Arrow Right
₹2 lakh Personal Loan
₹2 lakh Personal Loan Arrow Right
₹80000 Personal Loan
₹80000 Personal Loan Arrow Right
₹70000 Personal Loan
₹70000 Personal Loan Arrow Right
₹60000 Personal Loan
₹60000 Personal Loan Arrow Right
₹50000 Personal Loan
₹50000 Personal Loan Arrow Right

Personal Loan Blogs

Credit Score for Personal loan

FEATURED

Personal Loans for a Credit Score of 550

Personal loans are one of the easiest loans to acquire. They are unsecured loans, which means one does not need to offer collateral. They can be used for a multitude of purposes. There is minimal documentation involved and a relatively shorter processing time as well. However, one of the most important considerations when applying for a personal loan is your CIBIL score.

Team FinFIRST14 Sep 2021 • 3 mins read

Read Full Story

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Frequently Asked Questions

How to get a personal loan with a low CIBIL score in Chennai?

Although a high CIBIL score is preferred, you can apply for a FIRSTmoney smart personal loan in Chennai with a CIBIL score over 730. IDFC FIRST Bank evaluates other factors such as your income, employment stability, and existing debt. However, the loan may come with higher interest rates or stricter terms.

Can a person get a personal loan for a low salary in Chennai?

Yes, individuals with a low salary can apply for a personal loan with IDFC FIRST Bank in Chennai. Loan eligibility is determined based on factors like your repayment capacity, job stability, and overall financial profile.

How long does it take to get a personal loan in Chennai?

Once your loan is approved, funds are typically disbursed within minutes making it convenient for those in urgent need of financial assistance.

What is the minimum income requirement to get a personal loan in Chennai?

The minimum income requirement usually starts from ₹20,000 per month and ₹25,000 in metro cities, but final eligibility depends on your credit profile and other relevant factors.

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