Top Five Instant Personal Loans in Chennai 2022

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Top Five Instant Personal Loans in Chennai 2022

With most working Indians earning a salary that covers only their basic needs, as much as 77% of them have availed of personal loans to make ends meet. These loans are unsecured, meaning they do not require collateral and have no end-use restriction. As such, people can use them for various needs, such as medical emergencies, travel expenses, marriage, buying a car, etc.

Residents of Chennai, too, can get access to personal loans to deal with unexpected expenses. With many financial institutions offering competitive rates and fast loan approval, you can easily get a Personal loan in Chennai. 

Top five instant personal loans in Chennai

1. Education loan

This is one of the most popular personal loans in India. In this, parents apply for a personal loan to fund their child’s education and repay the installments till he/she gets employed. One can use this loan to pay tuition fees, accommodation, travel, etc. 

These loans offer substantial financing and attractive interest rates. You can finance a great education abroad for your child with a personal loan as it covers a wide range of education-related expenses. This includes flight tickets, living expenses, contingencies, etc.

2. Wedding loan

As marriage is one of the most memorable moments of one’s life, most Indians spare no expense. A personal loan can help immensely with the list of costs associated with a wedding. 

Therefore, instead of draining all your savings, you can get an instant loan in Chennai to finance a wedding. With it, you can plan a dream wedding at an exotic location and throw a great party for your guests. 

3. Home renovation loan

While a loan to buy/construct a house is more accessible, many homeowners find it difficult to get funds for renovations. This includes expenses for repairs, putting a fresh coat of paint, etc.

With a personal loan for home renovation, you don’t have to postpone the repairs or compromise on aspects of your renovation project. You can get enough funds to deal with the costs of raw materials and labor charges at competitive interest rates.

4. Travel loan

Going on a vacation can be an expensive affair leading to many people putting them off. A personal loan can cover your travel expenses so that you can go around the world with the highest level of comfort. 

With an instant loan in Chennai, you can stop worrying about high expenses and enjoy your holiday. Sometimes, these loans come with travel insurance to financially secure you and your family from unforeseen situations. 

5. Medical emergency loan

A medical emergency requires you to have quick access to substantial funds. If you don’t have insurance or your insurance policy does not cover your treatment, you have to pay hefty bills out of your pocket. 

A personal loan can be used to cover all sorts of medical expenses and can be availed in an emergency. As such, it can be of great help during medical emergencies. 

Factors to consider before applying for a personal loan

Your CIBIL score: CIBIL (Credit Information Bureau India Limited) is a three-digit score summarising your past repayment history. You should also check your CIBIL score before applying for a personal loan to get the best terms.

Processing fees: This is the amount charged by your lender to process the loan application. You will want to check which lender is charging a minuscule amount before applying for a personal loan.

Interest rates: Personal loan interest rates depend on a number of factors, such as credit score, age, the income of an applicant, etc. Make sure to compare the interest rates offered by financial institutions before applying. 

Pre-approved offers: Some financial institutions provide pre-approved offers for easier and faster approval of a loan application. You can check if you qualify for a pre-approved offer here. 

Part/full pre-payment facility: You may want to know if the financial institution allows you to make repayments before the end of the tenor. You will also want to know about the charges involved when making pre-payments.

Tenor: This refers to the number of years that you will take to repay your loan. Various financial institutions offer flexible tenors to make your loan repayment more manageable

A personal loan comes with competitive rates, quick approval and can be used for any purpose. With an instant loan in Chennai, you can cover any unplanned expenses and deal with emergencies.

Read Also: Know About 7 Things Before Investing in Fixed Deposit

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Wednesday, 06th July 2022
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