Chennai, a bustling commercial city in India holds a high literacy rate and many internet-savvy users. Even the educational centres are on the rise where people find a lot of potential businesses and employment opportunities to flourish in their careers. With so much happening in and around Chennai city, there are many people who require personal loans to balance financial emergencies and shortages.
Considering the challenging financial scenario, many NBFCs and financial institutions in Chennai have spread their presence via launching smart instant personal loans apps with a low rate of interest. Once the interest rate becomes affordable, loan acquisition becomes sorted, and borrowers seek no further to apply for instant loans in Chennai.
Personal Loan Interest Rate in Chennai
The interest varies from lender to lender and also based on the borrower’s demographic features – locations, age, income, employment, etc. Get the best interest rates with a stable credit score that does not fall under the purview of a low credit score.
Why Apply for Personal Loans in Chennai?
- A variety of online personal loan lenders to choose from catering to different areas in the Chennai location
- Digital loan apps simplify loan applications via smartphones anytime, anywhere. This suits the busy schedule of borrowers as they do not have to personally visit the lender.
- The automated loan EMI calculator within the loan app helps borrowers accurately to calculate the estimated EMI in minutes
- The loan tenure ranging from 6 to 24 months enables repayment of EMIs easily, with no burden of a heavy amount to be repaid at once
- Document submission has become hassle-free with only KYC details required for authentication in a paperless format
Interest rate on personal loan by Hero FinCorp in Chennai
Try to avoid borrowing the principal amount more than you can repay the interest rate. At Hero FinCorp, the interest rate starting from at 11% per annum with a maximum loan amount of 3 lakh.
Utilize the loan interest calculator a freely available tool offering user benefits such as:
- Instant results in seconds, 100% accuracy, and results are displayed graphically for clarity
Documents and Eligibility Criteria for Personal Loan in Chennai
Borrowers in Chennai should confirm the eligibility criteria to avoid loan rejection:
- The borrower must be a citizen of India
- Borrower must be working in/with either private or public sector
- Borrower must fall in an age group of 21 to 58 years
- Borrower must earn at least 15,000 per month
No Physical Documents required
- Standard KYC documents - Aadhar card and PAN card details for online KYC verification
- Borrower’s banking verification through net banking or debit card
Borrowers in Chennai are quite user-friendly with digital loan apps and hence the usage of instant cash loan apps is at a good rate. Considering a loan app with a low rate of interest is a smart decision that borrowers should apply to stabilize the repayment amount that falls within the budget.
