Chennai is one of India’s fastest growing cities, a major centre for the automobile industry and an economic and educational hub. The city offers ample job opportunities while attracting a large number of migrants. The cost of living in Chennai is high and as a resident, you’d probably spend approximately Rs.20,000 on rent alone. Considering that your income would also be allocated towards other important monthly expenses, having an emergency fund and identifying a source of external funding to rely on makes sense. A smart option you have is to avail a personal loan in Chennai from a trusted institution. Since, these loans are readily offered by various lenders, evaluating offerings to pick the best is key to an affordable experience.
Here are 5 important factors to consider when taking a personal loan in Chennai.
Shortlist trustworthy lenders
Right off the bat, it’s vital that you identify lenders who have a proven track record to avoid falling prey to marketing gimmicks, especially when dealing with an emergency. The way to go about it is to read customer testimonials and examine lenders’ loan agreements carefully. Bajaj Finserv, for instance, has easy-to-understand terms and conditions, with no hidden charges and this is an indication of the lender’s credibility.
Look for a high loan sanction
Given that the cost of living and accessing services in Chennai is high, identifying solutions that offer substantial finance is a must. Loans like the Bajaj Finserv Personal Loan offer collateral-free funding up to Rs.25 lakh and these ensure that you have enough funds to tackle tough situations, while not compromising on accomplishing your goals.
Consider the options you have for repayment
Planning for repayment is a vital part of the borrowing process and before you take a personal loan in Chennai, take time out to chalk out a good strategy. Having a flexible repayment tenor by your side is beneficial and with the help of an EMI calculator, you can settle on the ideal tenor length as well as EMIs. Lenders like Bajaj Finserv allow you to space out repayment over a maximum of 60 months. Similarly, part-prepayments and foreclosures reduce your debt outgo and it’s important that you account for the associated charges before you sign the dotted line.
Research standout loan features
Personal loans are often used to address emergencies and hence, you could streamline your hunt to lenders offering an instant personal loan in Chennai. However, with swift financing being offered by several institutions, you may want to get more targeted and cherry-pick offerings based on features that appeal to you. For instance, you can not only enjoy an instant online approval from Bajaj Finserv but also benefit from its Flexi Loan feature. This allows you to borrow from your sanction, multiple times, without added documentation or charges. It also gives you the option of reducing your EMIs by up to 45%.
Meet the eligibility criteria and gather the necessary documents
Loan eligibility in Chennai differs from one lender to the next. Hence, to avoid rejection facilitate quick approval, ensure that you partner with a lender who lists simple eligibility terms. For instance, to obtain financing with Bajaj Finserv, you need to only meet the age- and employment-related criteria and possess a minimum monthly income of Rs.35,000. To prove your eligibility, lenders ask for documents such as KYC documents, an employee ID card, bank account statements and salary slips. Keeping these at hand helps hasten the verification process.
Make use of these tips to get a competitive personal loan in Chennai and if you are looking for an instant loan in Chennai, pick a lender like Bajaj Finserv who offers a swift 24-hour loan disbursal. While you can apply for a personal loan from the comfort of your home by filling out the online application form, you can also check your pre-approved offer to get instant approval through a customised personal financing deal!