Instant Personal Loan in Chennai – Get Quick Loans for Any Purpose!

Do you need funds for an emergency? You may consider getting an instant personal loan in Chennai. Previously known as Madras, Chennai is the capital of the southern state of Tamil Nadu. Home to a major port, the city is not only a manufacturing hub, but it is also known for its financial and educational infrastructure and institutions. Some of the major banks have their headquarters and/or extensive operations and developments in Chennai. It has opened the city up to a host of potential lenders and financial institutions. That is why your chances of finding personal loans in Chennai are fairly good.

Basics of an instant personal loan in Chennai

Both banks and NBFCs provide personal loans in Chennai. The loan amount, repayment terms, eligibility criteria and other details may vary from one lender to another. Having a huge variety of options helps. However, it also makes it difficult for the borrowers to make up their mind about a particular loan product or lender. Here at Loan Sumo, our goal is to inform you about the personal loans in Chennai and the financial institutions that are providing the same. Being an online lending platform, we help you connect with the best personal loan lenders. This way, you do not have to go from one bank to the other. All the information is just a click away!

If you have never borrowed an instant personal loan in Chennai before, you are sure to have some questions about how these loans work. Simply put, these personal loans are lump sum amounts that you borrow at a fixed interest rate. The repayment term may range from 1-5 years depending on the loan amount. The payment is broken down into several monthly instalments. You need to keep up with these monthly payments till the loan is fully paid off. Depending on the lender you choose, the application process may take a few minutes. Most lenders provide a fast approval of loan applications. If you have a decent credit score and if you meet the eligibility requirements, you may get the loan within a couple of days of submitting the application!

Top providers of the instant personal loan in Chennai

When it comes to finding a lender for the instant personal loan in Chennai, you have plenty of options to choose from. As mentioned above, both banks and NBFCs provide personal loans. You may even find some credible online lenders and personal loan apps. Banks are typically known to have stringent qualifying criteria. These loans may be reserved for borrowers with good credit scores. If you have a sterling credit history, you may get the best interest rates. If you do not know your credit rating, you can check your CIBIL score for free using the special Loan Sumo tool. Here is a quick list of the top personal loan providers and the rates they charge:

Bank/NBFC

Loan Amount

Interest Rate

Loan Term

Processing Fee

Foreclosure Charges

Yes Bank Rs. 1 lakh to Rs. 25 lakhs 10.75% 12 to 60 months Up to 2.50% plus taxes of the loan amount Only allowed after paying 12 EMIs
RBL Bank Rs. 1 lakh to Rs. 20 lakhs 14.00% – 20.00% 12 to 60 months Up to 2.0% plus taxes Up to 2.0 to 4.0%
IIFL Rs. 1 lakh to Rs. 20 lakhs 12.00% – 20.00% 12 to 60 months Up to 2% Up to 5%
Fullerton Rs. 65,000 to Rs. 20 lakhs 17.25% – 35.00% 12 to 60 months Up to 3.5% Up to 4%
Capital First Rs. 1 lakh to 15 lakhs 12.00% – 35.00% 12 to 60 months Up to 2.0% plus taxes 5% of outstanding principal
Indusind Bank Rs. 1 lakh to Rs. 20 lakhs 11.49% – 20.00% 12 to 60 months Up to 2% Up to 4%
Tata Capital Rs. 75,000 to Rs. 30 lakhs 11.49%-19.00% 12 to 72 Months Up to 2.0% plus service tax Up to 4%
Kotak Mahindra Bank Rs. 1 lakh to Rs. 30 lakhs 11.00% – 24.00% 12 to 48 Months Up to 2.50% plus taxes Up to 4%
Bajaj Finserv Rs. 1 lakh to Rs. 20 lakhs 12.00% – 16.00% 12 to 60 Months Up to 2.0% 0% for flexi product and 4% for regular personal loans
ICICI Bank Rs. 50,000 to Rs. 25 lakhs 10.99% – 17.99% 12 to 60 Months Up to 2.0% plus taxes Up to 5% (only allowed after 6 EMIs)
HDFC Bank Rs. 50,000 to 40 lakhs 10.99% – 20.00% 12 to 60 Months Up to 2.5% Up to 4% (Allowed only after 12 EMIs)
IDFC Bank Rs. 1 lakh to Rs. 20 lakhs 11.69% – 15.00% 3 to 60 Months Up to 1.5% Up to 2.5%

Top uses and benefits of personal loans

If you have never used an instant personal loan in Chennai before, it is natural for you to wonder what it would be ideal for. Personal loans are the most versatile of all financial products. You can obtain these loans for any personal reasons including emergencies. The instant personal loan lenders in Chennai usually do not ask you about what you plan to do with the money. Therefore, you have the liberty to use the money however you like. You may borrow an instant personal loan in Chennai when you need to:

  • Pay an urgent medical bill
  • Repair your car
  • Buy tools and supplies for a new job
  • Consolidate or repay your high-interest credit card debts
  • Pay utility bills
  • Take on an emergency home improvement project
  • Sponsor a vacation or a trip
  • Put the down payment on a new house or apartment

There are tons of other reasons behind going for personal loans. If you have a different purpose, make sure a personal loan will be right for it. For example, if you are thinking about investing in your small business, you may find much better options in small business loans rather than in personal loans. Think about your needs first and then evaluate how well a personal loan will fulfil the same.