Planning to escape the Chennai heat and enjoy a quick holiday? Or do you need some financial help to avail the stellar medical facilities in one of Chennai’s renowned hospitals? Personal loans can be an answer to many of your financial needs. If you are looking for a personal loan in Chennai, here are a few things you should know:
1. You must be of the right age
Banks insist that you must be at least an adult to avail a loan, while there are other institutions that allow personal loans only to people who are 21 or above. Similarly, there can be a limit on the maximum age. Your bank branch in Chennai may insist that your personal loan should be repaid before you turn 58 or 60.
2. Your employment details are important
The loan provider would want you to be actively employed, be it in a public or private company. You might need to have a total experience of 2-3 years, including a year spent with your present employer. Your income must meet a minimum amount, generally in the range of Rs 15,000-20,000 per month in Chennai.
Lenders in Chennai may also offer special interest rates to IT sector employees working in organizations like TCS, HCL, Infosys, Cognizant, etc. Similarly, special schemes on personal loans are available to state and central government employees in Chennai.
3. Residency in Chennai
Address proof is a standard KYC requirement sought by most banking and financial services companies. While applying for a personal loan in Chennai, make sure that you have documents like driving license, Aadhaar card, voter ID card, etc., handy with your declared Chennai address.
4. Payment terms
Most of the renowned banks and financial institutions in the country are present in Chennai. You can easily walk into any of the branches to learn more about loan products and personal loan repayment.
If you wish to apply for personal loan at Tata Capital, you can choose to visit one of the branches in Centennial Square, Egmore, Tambaram or Vellalar Street. You can also seek more details about repayment terms online, especially with the use of an EMI calculator. It is an easy way of knowing the EMI applicable against your loan and the repayment tenure you would be most comfortable with.
5. Seek a trustworthy lender
The lenders, their services and their presence may vary from one city to another. For example, a lender popular in Kochi may not provide the same service quality in Chennai. Besides, reputation also brings a certain amount of goodwill with it. You can be more assured that a reputed lender is less likely to charge exorbitant rates from you or spring a rude shock with hidden charges.
Tata Capital has served 15 lakh customers and disbursed Rs 4.5 lakh crore worth of loans. It is present in more than 200 branches across over 140 cities across the country. With a pan Indian presence and proven track record, Tata Capital can be your ideal personal loan provider in Chennai.