Grab The Best Instant Personal Loan In Chennai

Chennai, previously known as Madras, is one of five metropolitan cities of India. Located on the Coromandel Coast of India, this city houses industries from segments like IT, automobile, healthcare, hardware manufacturing, etc. Finance is another major player in the economy of this city.

Considering the cost of living in Chennai, meeting any financial exigency can become a tough ask at times. In this regard, you can resort to a personal loan in Chennai to meet such monetary requirements without delays.

How To Grab A Personal Loan In Chennai?

Applying for a personal loan in this city or anywhere else in India is not a hassle, especially with the introduction of an online application system. Here is a step-by-step guide on the same –

Step 1: Visit the official website of your preferred lender, fill up the online application form and submit it

Step 2: After the initial approval, submit necessary papers

Step 3: Following successful document verification and other details, you will get the approval via the registered communication

Step 4: After signing the loan agreement, you will receive the loan amount within a few working days

Besides knowing the application process, you need to know the personal loan eligibility beforehand to avoid rejection.

Eligibility Criteria Of A Personal Loan

Following are the eligibility requirements one needs to meet to avail of a personal loan in Chennai –

  • Age: 21 to 67 years
  • CIBIL score: 750 or above
  • Employment status: Both salaried and self-employed individuals are eligible
  • Monthly income: Depends on the lender’s criterion for applicant’s city of residence
  • Nationality: Only Indian citizens

A point to note here is that CIBIL score is important for personal loan like any other credit product. Hence, one must be well-aware of this concept before moving ahead with the application of any financial product.

What is a CIBIL score?

The CIBIL full form is Credit Information Bureau (India) Limited. CIBIL is a credit rating agency, and this term is synonymously used with credit score to explain an individual’s financial situation.

A CIBIL score or credit score is a three-digit number assigned by credit rating agencies that ranges from 300 to 900. This rating represents a borrower’s creditworthiness, and a higher number indicates that an individual is a more capable debtor than others.

Your behaviour as a borrower, i.e., paying bills on time, maintaining credit utilisation ratio, etc., directly impacts this score. Credit rating agencies like CIBIL analyse your credit behaviour and then assign this score. You can check this score online for free. Hence, look up this rating before applying for a credit to qualify for it without any interruption.

However, if you are struggling to maintain this score, you should know the ways to manage it better.

3 Tips To Improve Your Credit Score

Here are some tips that you can follow to improve your credit score and ease the process of loan application –

  1. On-time repayment

The most crucial tip of improving or maintaining a credit score is paying instalments on time.

  1. Maintaining credit utilisation  

Maintaining the credit utilisation ratio is crucial to maintaining and improving credit scores. Ideally, you should maintain a ratio of less than 40% to improve your credit score.

  1. Not applying for multiple loans at once

Another point to remember in this respect is that applying for multiple loans at once can have a negative impact on your credit score.

Apart from maintaining a credit score to ease the loan application process, opting for financers extending pre-approved offers can streamline this process. Lenders like Bajaj Finserv extend this service to their customers for availing of financial products like personal loans, credit cards, business loans, etc. You can check your personal loan offer by submitting your essential contact details.

Availing of a personal loan in Chennai can help you fund an array of financial needs. However, before going ahead, use a personal loan calculator to know your EMIs beforehand and plan your finances accordingly. 

Read Also: How to Easily Avail a Personal Loan in Chennai

By eraedwards1991

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