Short Term Personal Loan In Chennai

Chennai is an administrative city called a Gateway to South India. Chennai is one of the largest economic hubs and education centre of India. Many people shift to this city from different parts of the country in search of living. However, a person living in this city may face the requirement of Short Term Personal Loan In Chennai to overcome emergencies during this post-pandemic era. In such a case, you need to know the followings to get a hassle-free loan sanction.

Eligibility Criteria for a personal loan

• You must be a resident Indian citizen.

• You must be aged between 21 years to 60 years.

• You must be either a salaried or, a self-employed individual.

Documents required for a personal loan

• PAN Card / Aadhaar Card/ Driver’s license

• Recent passport-sized photographs.

• The last 6 month’s salary slips.

In case you are a salaried professional

• The minimum eligible salary is 20K per month.

• 1 year of work experience with proof of at least 6 months completed under your current employer is required.

• The last 3 month’s salary slips.

In case you are a businessman or, self-employed individual,

• The annual turnover is required.

• The audited copies of yearly balance sheets and annual profit statements after-tax are required.

Fees and rate of interests applicable for a personal loan

• The rate of interest for a Short Term Personal Loan In Chennai varies from 9.6% to 36% per annum depending on the lender and your eligibility criteria.

• A processing fee of 1.5%-3% of the total loan amount is applicable.

• Bank charges 2%-5% pre-payment or, loan foreclosure charge depending on the remaining principal amount.

• You need to pay at least 3 to 6 EMIs before you apply for a loan foreclosure.

Hope this helps you to get a hassle-free Short Term Personal Loan In Chennai .

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