The capital city of Tamil Nadu, Chennai is the largest educational centre in South India and is also known for its rich cultural landscape. Moreover, in recent years, the city has also surfaced as an abode for several tech parks, making it a popular destination for those seeking lucrative career opportunities.
To make it easy for you to manage both planned and unplanned expenses in a bustling metropolis such as Chennai, leading financial institutions like Bajaj Finserv offer personal loans in Chennai. While the offerings are many, to ensure that you get the best personal loan, you need to keep an eye on the personal loan eligibility criteria and the other features that the lender offers.
To know more about how you can secure the best personal loan in Chennai, read on.
Compare various lenders based on the interest rates on offer
When scouting for a lender in Chennai, pick one that offers financing at a nominal interest rate, as this has a direct impact on your monthly instalments. A reasonable rate of interest does not disrupt your monthly budget and hence makes repayment convenient. A quick way to compare lenders based on interest rate is by using an online personal loan EMI calculator.
All you have to do is enter the desired loan amount and tenor, along with the interest rate offered by the lender. The calculator then automatically performs the math and displays the EMIs, interest, and total amount payable. You can then tweak the parameters until you reach an affordable loan structure. However, top lenders not only offer competitive interest rates, but also reasonable loan structures.
For example, Bajaj Finserv offers personal loans in Chennai of up to Rs.25 lakh at attractive interest rate coupled with a flexible repayment tenor of up to 60 months. This allows you to borrow affordably, without any stress of repayment. Typically, opting for a short tenor keeps your interest payments to a minimum. However, you can make repayment simpler by paying marginally higher interest over a longer tenor, while keeping your EMIs as low as possible. You can also check your EMI by using a personal loan EMI calculator.
Watch out for hidden fees and charges
Some lenders offer a low interest rate, only to negate the benefit by charging high processing fees and other related costs. On the other hand, all leading lenders such as Bajaj Finserv are transparent in their dealings and ensure that you are fully aware of all the loan-related costs before applying for the loan. As a borrower, accounting for all the associated charges, and not just the rate of interest, is important as these ultimately make up the total cost of borrowing.
Opt for lenders providing attractive features
Apart from a nominal interest rate, a good lender also provides various features that make your borrowing experience richer. For instance, Bajaj Finserv offers the flexi loan facility, which allows you to withdraw funds from your sanction multiple times, as per your needs. Further, you incur interest only on the amount you utilise and you can make part-prepayments. This facility also allows you to reduce your EMIs by up to 45% when you pay interest-only EMIs.
Check the personal loan eligibility criteria once you shortlist lenders
After shortlisting lenders based on the above-mentioned points, examine their eligibility terms and pick one that has easy-to-meet criteria and minimal documentation requirements such as Bajaj Finserv.
To qualify for a Bajaj Finserv Personal Loan in Chennai, you must:
- Be a residing citizen of India aged between 23 and 55 years
- Be working with an MNC, private or public company
- Earn a minimum salary of Rs.35,000 every month
To support your application, you must produce basic documents that you’re likely to have handy, such as the following:
- KYC documents
- Employee ID card
- Past 2 months’ salary slips
- Past 3 months’ bank account statement of your salary account
Apart from the simple personal loan eligibility criteria, Bajaj Finserv also provides pre-approved offers to you in order to streamline the loan application and expedite financing. So, don’t forget to check your pre-approved offer from Bajaj Finserv before applying for a personal loan in Chennai.