Homedirect loanHow to Apply for a Personal Loan in Kandanchavadi, Chennai

How to Apply for a Personal Loan in Kandanchavadi, Chennai

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Kandanchavadi is located in the southeast of Chennai. It is well developed with residential apartments and commercial shopping centers. This locality is a good place to live, with established medical facilities, transportation, and IT hubs. With growing infrastructure and technology, the living costs hit high. As a result, your savings or income may not be sufficient when you have urgent requirements for funds. A personal loan in Kandanchavadi is the right choice in such a situation.

This article will help you understand what a personal loan is and how to apply for a personal loan in Chennai.

What is a Personal Loan?

A personal loan is an unsecured credit offered by banks and NBFIs. These loans are offered mainly based on your credit history, employment status, and income level. Since it is an unsecured loan, you need not pledge any asset for security. You can use this loan for various requirements like medical emergencies, vacation plans, business expansion, etc. Therefore, you can use Buddy Loan to get instant loans online. With a quick digital process, you can get this loan disbursed to your bank account within 24 to 48 hours.

Why Should You Take a Personal Loan in Kandanchavadi?

Taking a personal loan is a quick solution to all your financial crunches. Here are a few reasons why taking a personal loan is beneficial.

Complete digital process: The whole process is online, so you do not have to physically visit the bank to apply for a loan.

No collateral: You need not pledge any assets for security when applying for a loan.

Flexible loan tenure: You can repay the loan amount via EMI and choose a tenure period starting from 6 months to 60 months.

Instant loan disbursement: With the online process, the verification is quick, and the loan amount is disbursed to your account within 24 to 48 hours.

Best Interest rates: If you have a credit score above 750, you can quickly get a personal loan at a comparatively lower interest rate.

Security: The banks and lending institutions keep your information safe and confidential to protect your privacy.

Also Read : A Simple Guide on How to Get a Personal Loan in Perungudi, Chennai

Eligibility Criteria

Sl.No. Particulars Description
1 Nationality Indian
2 Age 21 to 60
3 Employment Status Employed or Self-Employed
4 Minimum Income INR 20,000 per month
5 Work Experience Min 1 year completed
6 Credit Score Above 750

Documents required

For Salaried Employee:

Sl. No. Particulars Documents required
1 Proof of Identity Aadhar Card, PAN Card, Driving License, Passport
2 Proof of Address Electricity Bill, Water Bill, Passport
3 Proof of Income Salaried: Bank statement for the past six months
4 Work experience Employment Certificate for a minimum of 1-year experience

For Self-Employed:

Sl. No. Particulars Documents required
1 Proof of Identity Aadhar Card, PAN Card, Driving License, Passport
2 Proof of Address Aadhar Card, Electricity Bill, Water Bill, Passport
3 Proof of Income ●      Bank statement for the past three months

●      Salary Slips of three months

●      Income Tax Returns for the last three years

●      Balance Sheet and Profit & Loss Statements for the last three years audited by a CA.

 

Steps to avail of a Personal Loan in Kandanchavadi

You can avail of a personal loan for any financial requirements such as travel expenses, medical costs, wedding expenses, etc.,

Follow these steps to avail of a personal loan:

  1. First visit the official website and log in with your credentials.
  2. Check your eligibility and credit score.
  3. Fill in both personal and professional details on the form.
  4. Select the purpose of your loan, interest rates, and tenure.
  5. Upload your Aadhar card, PAN card, and Income proof for KYC verification
  6. After completing the verification process, you will get your loan amount within 24 to 48 hours.

Also Read : Methods Through Which You Can Get A Personal Loan For Business In Karapakkam, Chennai

Know this before applying for a Personal Loan

  1. It would be best if you had a good credit score above 750. Moreover, having a good score will make you a credible borrower.
  2. Maintain your Debt-to-Income ratio to less than or equal to 50%, as it indicates how well you will manage your new debts.
  3. Please have a good relationship with your creditors as it builds trust. Lenders will also readily offer you a higher loan amount as you are an existing customer.
  4. Repay your loan amount on time without defaulting. You can also set a reminder to make timely payments. Doing so will ultimately increase your credit score.
  5. Before taking a loan, plan your loan budget according to your repayment capability. Therefore, apply for the loan amount only for what you require.
  6. If you have a poor credit score but still want to apply for a loan, you can take a personal loan with the help of a co-applicant who has a good credit rating.
  7. Before applying for a loan, calculate the EMI you have to pay to get a clear view of the budget.

Summing Up

Financial crises can occur at any time to anyone. In such scenarios, applying for a personal loan is the best option to get instant funds without hassle. Therefore, you can also apply for a personal loan using Buddy Loan, with interest rates starting from 11% per annum.

People Also Ask

What are the advantages of a personal loan?

The main advantages of a personal loan are zero collateral, completely online process, minimum documents, instant loan disbursement, and flexible repayment tenure.

Can prepaying a personal loan affect my credit score?

No, prepaying your loan will not affect your credit score. However, you may be charged a prepayment penalty by some lenders.

I am a student. Can I apply for a personal loan?

No, students cannot apply for a personal loan because you must have a stable job to qualify for this loan.

What is the minimum credit score required to get a personal loan?

You must have a credit score above 750 to be eligible for a personal loan.

I don’t have a salary slip. Can I still get a personal loan?

Yes, you can still get a personal loan without a salary slip. However, you must submit bank statements for the last three months, ITRs, and employee certificates to get your loan approved.

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