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Eligibility for Salaried Employee

  • Minimum age of applicant:21 years
  • Maximum age of applicant at loan maturity:58 years
  • Who can apply:Resident Indian/NRI
  • Minimum Net Monthly Income:Rs 15,000*(Top Listed Company , Non Listed Company Net monhly Income Rs.30000, ) (Pvt ltd, ltd Company only , Not possible Parnership and proprietorship company employees)
  • Employment Type: Salaried/Self-employed Professionals
  • Total years in job/profession:3 Years
  • Years in current residence:1 Year
*These are general terms only. Policy norms vary from bank to bank and customer to customer.
  • Should have completed minimum 2 years in employment and minimum 1 year in the current organisation
  • Should have completed minimum 1 year of stay at the current residence, if rented
  • Documentation for Salaried Employee

    • ID proof: PAN Card, Passport, Driving License, Voter ID, Aadhar Card, Ration Card.
    • Signature Proof:PAN Card, Passport, Driving License, Bank Verification Form.
    • Address Proof: Passport, Driving License, Voter ID, Aadhar Card, Mobile/Land Line Bill, Rental Agreement, Ration Card, Gas Bond with Bill, Sale Deed, Property Tax,Electricity Bill, Aadhar Card.
    • Bank Statement: Latest 6 Months Bank Statement.

    Payslips: Latest 3 months salary slip / salary certificate and latest Form 16

    Bank Statements: Latest 3 months bank statement (where salary is credited)

  • Signed Application form With photograph:One photograph.
  • Features

    • Highly competitive personal loan interest rates
    • Special offers, interest rates and charges for HDFC Bank account holders
    • Special personal loan offers* for women employees

    Benefits

    • Simplified documentation
    • Personal loan disbursal in 2 days*
    • Competitive pricing
    • Transparency
    • Personal loans available for various needs

    No Pre-Closure Charges,

    No Part Payment Charges

  • No Insurance
  • Attractive Interest Rate
  • Low Processing Fee
  • Minimum Net Salary 15K (Top Listed Company’s Only, Non Listed- Net 30K)

  • Should Be credited in any Bank
  • Maximum Loan upto 15Lakhs

  • Leading Personal Loan Banks Providers are

  • AXIS Bank Personal Loan
  • HDFC Bank Personal Loan
  • CITI Bank Personal Loan
  • ICICI Bank Personal Loan



  • KOTAK MAHINDRA Bank Personal Loan
  • ING VYSA Bank Personal Loan
  • STANDARD CHARTERED Bank Personal Loan
  • OTHER Banks Personal Loan



  • BAJAJ Finserv
  • TATA CAPITAL
  • HDB Financial Services Ltd
  • FULLERTON India


  • PERSONAL LOAN ELIGIBILITY & DOCUMENTS:

    You have to know the details before applying PersonalLoan:

    ELIGIBILITY

  • Minimum Net Salary Rs.15000/17500/20000 per month required (for HDFC Salary Account Rs.12000 per month except bpo)
  • Age must be More than 21 or 23 or 25 or 26 for some banks
  • Job Stability Minimum 1 to 2 Years Required (if Professional or Own House Not required)
  • Chennai Stability Minimum 1 Year Required (if Professional or Own House Not required)
  • Good Cibil Score (750 to 900) if more than 720 you have more chances to get approval
  • Loan Eligility based on Your salary as per payslip (some allowance not eligible )
  • You can increase cibil score by paying Creditcard payments or Loan EMI regularly.

  • PERSONAL LOAN DOCUMENTS FOR SALARIED

  • Passport Size Photo - 1 No
  • Office ID Front and Back Copy
  • Pancard Front and Back Copy
  • INCOME PROOF:

  • Latest 3 Months Payslip
  • Latest 3 Months Salary Credit Bank Statement with till date current month
  • SIGNATURE PROOF:

  • PANCARD / PASSPORT / SALARY CREDITING BANK LETTER
  • RESIDENCE ADDRESS PROOF - PRESENT / PERMANENT:

    Passport, Telephone/Mobile Bill, Bank Statement with address page, Driving License, HR Letter for Listing Companies, Ration Card, Life Insurance Premium Receipt Other than First Premium receipt.

    Ready with new CTC Cheque leaves (for security purposes) around 9 Nos before applying personal loan

    Extra Documents if applicable to You:

  • Qualification Proof (If Professional Engineer, Doctor and Chartered Accountant)
  • Own House Proof (If Own House EB Number, Latest House Tax Receipt)
  • Relationship Proof (If Own House EB Number, Latest House Tax Receipt in other name(parents or sibling)
  • Landline/Postpaid Bill (if not Top Listed Companies)
  • Employment Stability (if Less than 1 year in current company)
  • Other Documents (required from case to case)
  • Note: Documents may vary from case to case
  • Personal Loan Details:

  • Attractive Interest Rates (12.99% to 24 %)
  • Processing Fees (0% to 3%)
  • Preclosing charges - (0% to 5%)
  • Part Payment Accepted at no extra charges (some banks)
  • Insurance (some banks) - Insurance is good because any thing happen to us, bank will not disturb family peoples.
  • Flexible Tenure from 12 to 60 Months
  • Quick Processing & Speedy Approval
  • Banks will always give Reducing Balance Interest Rates (Interest on Outstanding Loan Amount every month)
  • You can get personal loan within 7 working days (vary from bank to bank)

    Bank considers Age, Job Stability, City Stability, Repayment Capability, Relationship, transactions of bank, Cibil Score, Credit Score.

    Terms & conditions apply. Loan at the discretion of Bank.

    HDFC PERSONAL LOAN BALANCE TRANSFER

    What does a balance transfer of a personal loan entail?

  • A: It is possible for a personal loan to be transferred to another bank. The conditions for this transfer are:.
  • a.The outstanding amount must be at least Rs. 50,000.
  • b.The tenure to be completed must be 12 months. Without bounce and late payments.
  • Does balance transfer affect credit score?

  • A: No, it does not.
  • What is balance transfer?

  • Any outstanding loan which is transferred to another bank at a lower interest loan is called balance transfer.
  • Individuals can avail of a top-up to the existing loan if their eligibility criteria increases.
  • It is available for personal, business and home loans.
  • Why consider balance transfer?

  • Save on the interest payment to the other Bank.
  • EMI/Tenure will reduced.
  • Easy and quick processing.
  • Q: What is the minimum tenure after which a balance transfer to another bank is possible?

  • A: The minimum period differs from bank to bank but is usually between 1 and 12 months.
  • Q: Can a loan be topped up during balance transfer?

  • A: Yes, this facility is possible with a balance transfer program.
  • HDFC Bank Offers You to Balance Transfer Your Personal Loans with Lowest Interest Rates @ 12.99% to 14%. If you have a personal loan from any other bank with a clean repayment record, simply opt for HDFC Personal LoanBalance Transfer and save substantially.

    Benefits of HDFC Personal Loan Balance Transfer

    You can prepay the Personal Loan after 12 months of loan disbursement by giving a written instruction to the Bank

  • Transfer your existing Personal loan from any bank.
  • Avail Lowest Interest Rates on your Personal Loan.
  • Minimum Interest Rate of 14%.
  • Option to Consolidate Multiple Loans into a single loan.
  • Minimal Processing Fees.
  • Fast Processing.
  • Repayment through Standing Instruction facility.
  • Easy and Reliable HDFC Personal Loan Process.
  • Reduce your Interest Burden now!
  • Good credit history and good repayment track record on your current loan.
  • Free Doorstep Service for your loan application. Apply Online Now.
  • HDFC Personal Loan balance transfer offer!*

  • Transfer your existing Personal loan from any bank
  • Avail 2% lower on your Personal loan interest rate.
  • Minimum interest rate of 14%.
  • Option to consolidate multiple loans into a single loan.
  • Reduce your interest burden now!
  • Minimum requirements:
  • *Gross monthly income of Rs 25000 and 3 years of work experience
  • * Good credit history and good repayment track record on your current loan.
  • Free doorstep service for your loan application. Apply online now.

  • Eligible for a personal loan in Chennai?

    Though the exact eligibility criteria for availing such personal loans varies from bank to bank there are few common guidelines which most of the lenders follow when it comes to approving a personal loan in Chennai. The basic parameters that determine an individuals’ eligibility include age, profession, annual income, credit history and outstanding liabilities at the time of applying for a personal loan.

    Employment Stability

    A salaried person with a minimum of 2 years of professional service with 1 year in current profession and a self employed person with a minimum of 5 years of total earning tenure with at least 2 years in current profession is eligible for a personal loan. However these criteria are flexible depending on other factors that the lender shall decide.

    Financial Situation

    The current and previous financial condition of an individual sis an important consideration while approving a personal loan. Minimum levels of income have been specified by the different banks for applying for personal loans. The financial condition determines the repayment capacity of the individual and hence the lenders take maximum cognizance of this aspect while giving an unsecured personal loan. The amount of loan that one is eligible for is also decided based on this criteria.

    Credit Rating

    The credit history of the applicant is another aspect that lenders would like to look into while approving personal loans. Delays and defaults in paying EMIs of other loans or credit card dues are some issues which can lower the eligibility for personal loans from banks and other financial institutions. A good credit rating on the other hand enhances the total amount that one is eligible for.

    Employer

    Since the loan is unsecured the kind of employer the applicant is working with is given due credit while deciding eligibility for personal loans. Public sector employees and those working with reputed and established private companies thus are better eligible for availing personal loans as compared to others as there is stability in their income.

    Age Criteria

    The general guideline followed by most banks and other financers is that for availing a personal loan a salaried individual must between the ages of 21 to 60 years while a self employed persona has to be within 25 to 65 years of age.

    Outstanding Credit Liability

    Any other pending loans which the applicant has at the time of applying for a personal loan are also likely to reduce the eligibility in terms of maximum amount possible. Since the amount is calculated as per EMI that the applicant can possibly repay the contributions towards other outstanding loans reduce the total personal loan amount drastically.

    However in the case of personal loans the local branch manager is given substantial discretionary powers which he can use to approve a loan despite limitations in the eligibility criteria of the applicant. The customer must always try to bargain the best possible deal while negotiating with the branch manager for a personal loan.

    How to Select the best personal loan in Chennai!

    • The Interest Rate
    • The Loan Amount
    • The Repayment Tenure
    • The Fees and Charges

    Comparison points for personal loans in Chennai!

    Interest rates

    This is the primary factor that should influence any personal loan decision. Contrary to popular belief there is a huge difference among the interest of personal loan products on offer currently. One needs to do a detailed comparison after obtaining the interest rates from online sources. There are some promotional products at certain periods during a year which banks use to enhance market visibility and popularity. It is wiser to opt for such lowered interest loans as they can have significant impact on the overall amount paid back over the repayment tenure.

    Allied Charges

    The various discounts in allied and additional charges that the bank offer can also help reduce the overall amount substantially when it comes to repayment. A processing fee discount of Rs. 10000 on a loan of Rs. 1000000 would imply as good a saving a 1-2% reduction in the interest rate over a 5 year period.

    Repayment Tenure & EMI

    These two parameters are interlinked as increasing one can result in reducing the other. Depending on the maximum repayment tenure that the banks offer a more realistic and comfortable Emi can be worked out so as to keep the personal loan servicing a lesser burden in the monthly budget and planning. However one needs to be carefully while opting for a personal loan with longer repayment period as it may come at higher interest rate. Even at the same rate of interest a longer tenure would mean huge increase in the actual amount being paid back to the bank. Thus with higher interest rates and longer tenures the amount will multiply making the borrowing unjustifiable. In such cases a comparison of the amount paid back in varying tenures must be made to realize the additional expense involved in the process.

    Eligibility Criteria

    : This parameter cannot be overlooked by the prospective personal loan borrower as it determines whether he shall get the desired loan from a particular bank or not. All banks have their own different set of eligibility criteria. The local branch managers additionally have some authority in waiving off certain requirements based on their discretionary powers. It is a great idea to explore all such possibilities when applying for a personal loan to banks.

    Approval Time

    The personal loan is mostly resorted to when in urgent need of money. Thus the approval time is a vital parameter that can affect the utility of the loan. There are banks that have less than a day as the turn around time for personal loan when the documents are ready and in order. It is worthwhile to explore the feasibility of getting such loans.

    Compare Personal loan in Chennai and Loan against property in Chennai

    LAP (loan against property) is one of the cheapest retail loans after home loans; usually in the range of 12% – 16%. Since the rate of interest is lower, frequently LAP Equated Monthly Installments (EMI) turn out cheaper.Maximum loan eligibility is determined primarily by the value of the property and income.

    What is a loan against property?

    A loan against property (LAP) is exactly what the name implies – a loan given or disbursed against the mortgage of property. The loan is given as a certain percentage of the property’s market value, usually around 40% – 60%. Loan against Property belongs to the secured loan category where the borrower gives a guarantee by using his property as security.s

    What purposes can I take a loan against property for?

    Loan against Property can be taken for following purposes:
    • Expanding your business
    • Getting your son/daughter married
    • Sending your son/daughter for higher studies abroad
    • Funding your dream vacation
    • Funding medical treatments

    What kind of properties can I mortgage for a loan in Chennai?

    You can normally take a loan against your self-occupied or rented residential property. This could be a house or even a piece of land.

    What are the normal interest rates and tenure for repayment offered for a loan against property in Chennai?

    Interest rates on loan against property range from 12% -15.75% and the loan tenure can be up to 15 years.

    What is the eligibility criteria to get a loan against property In Chennai?

    This criteria will vary from one bank to another. However, from all the host of factors, the common factors that all banks look at are:

    • Your income, savings, debt obligations
    • Cost/value of the property mortgaged
    • Your repayment track record for other loans, credit cards etc.

    After personal loan disbursal what happen?
    • Receiving the Money
    • Amount Disbursed
    • Confirmation by Bank
    • Commencing repayment

    After personal loan disbursal what happen?
    • Gold Loans
    • Loans against Insurance Policy
    • Loans against Fixed Deposits
    • Loans against Property (LAP)
    • Temporary advance from Employer

    Personal Loans

    • What are the minimum and maximum loan amounts?

    You can avail of loans ranging from Rs 1,00,000 to 30,00,000 depending on your eligibility, income and repayment capacity.

    • What are the loan tenure options?

    The loan can be repaid over a period of 12 to 60 months tenors are only available for select profile of customers.

    • Are there any additional charges?

    A processing fee of a maximum of 3% of the loan amounts and requisite documentation charges is payable upfront. This fee will be deducted from the Loan amount at the time of disbursal.

    • How much time will it take for my loan to be approved?

    Your loan will be disbursed within 4-7 working days post receipt of the required documents.

    • Do I have to provide any security, collateral or guarantors?

    No security, collateral or guarantors are required for obtaining a personal loan.

    • What is EMI?

    EMI stands for Equated Monthly Installments. This installment comprises both principal and interest components. Please use the EMI Calculator to find out the EMI you need to repay.

    • How do I repay the loan?

    You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility, or a direct account debit (only for Standard Chartered Bank Account holders).

    • Can I prepay my loan?

    You can pre-pay your loan with preclosure charges of 5% anytime after completion of 12 EMIs by giving the bank a 21 day notice.

    • Do I need to open an account with Standard Chartered Bank for availing and/or servicing the loan?

    We will encourage you to start a banking relationship with us so that we will be able to offer a host of other value added services, which are complementary to the loan, however opening an account with us is not mandatory.

    • Do I get special privileges as a Standard Chartered Customer?

    As a Standard Chartered Customer, you will be offered special interest rates, asked for minimal documentation and your application will be processed on priority.

    • How much can the customer borrow?

    HSBC India currently offers Personal Loans ranging from `75,000 to `10,00,000. The loan amount and the tenure for individual cases is based on the sole discretion of the Bank. Your Relationship Manager or our representative can meet up with you and work out the eligible amount.

    • What are the costs associated with availing a Personal Loan?

    As a Personal Loan customer, along with servicing interest on the loan will need to pay a processing fees. The processing fee (and applicable service tax) on the Personal Loan will be deducted from the loan amount disbursed.

    • How will I receive the disbursed amount?

    The disbursed amount will be credited to your bank account as mentioned in the Personal Loan application form. In certain loan takeover cases, the Pay Order will be issued to you in the name of the other financial institution (from where the loan has been taken over).

    • What are the likely dates for repayment through Equated Monthly Instalment (EMI)?

    The EMI date can be 5th or 15th of the month depending on the date of disbursal.