Personal Loan In Chennai

Chennai is Tamil Nadu's capital and a vibrant metropolis celebrated for its rich cultural heritage. It also has booming industrial sectors and esteemed educational institutions. The city offers many opportunities for personal and professional growth for residents and newcomers alike.

Get the most attractive interest rates in Chennai with Kotak811 Personal Loans

Whether you are a local aiming to cover personal expenses or a newcomer seeking to advance your career, a Personal Loan in Chennai can be an invaluable financial resource. These loans provide the flexibility to meet your diverse needs without putting undue strain on your finances.

Such loans help you achieve your goals with competitive interest rates and tailored repayment options up to 6 years. Explore your Personal Loan options in Chennai from Kotak811 today and take a confident step towards realising your aspirations in this dynamic city.

Features of an instant Personal Loan in Chennai

Online Personal Loans from Kotak811 offer many attractive features that are designed to meet your financial needs efficiently:

• Competitive interest rates: Get affordable interest rates starting at 10.99% per annum.
• Digital KYC: Enjoy instant loan approval with a paperless application process. Easily complete KYC verification online for faster loan approval.
• No collateral required: Personal Loans in Chennai do not require any collateral, which makes them more accessible to every borrower.
• Loan amounts: You can borrow up to Rs.35 lakhs to finance various expenses such as medical bills, travel, education costs, and home improvements.

Eligibility criteria for Personal Loan in Chennai

Here are the various Personal Loan eligibility criteria that you need to meet to get approved for the loan:

• Employment status: As a salaried person, you must be working in an MNC, public limited or private limited company.
• Age: Between 21 to 60 years.
• Minimum income requirement:
  • If you are a Kotak salary account holder, then you need a minimum income of Rs.25,000.
  • If you are a Kotak811 employee, then you need a monthly income of Rs.20,000.
  • Whereas, if you are a non-Kotak811 salary account holder, then you need an income of Rs.30,000.
• Educational qualification: A graduate degree is needed to apply for the loan.
• Work experience: A minimum of 1 year of work experience is required.

Personal Loan fees and charges

Below are the Personal Loan fees & charges when considering one:

• Prepayment charges: Your prepayment charge will be 2% of the outstanding principal loan amount with GST.
• Repayment mode swap charges: This charge is Rs.500 with taxes per instance.
• Processing fee: This fee is up to 5% of the loan amount, plus applicable taxes.

How to apply for an instant Personal Loan in Chennai?

Applying for a Personal Loan in Chennai is an easy process with digital ease. However, the process can be different depending on whether you have a pre-approved offer or not. At the same time, here are the steps to apply for the loan if you have an offer.

• Download the Kotak811 App: Start by downloading our app from the Play Store or the App Store.
• Get to the “loans” section: Navigate to the “loans” section after opening the app. 
• Start the application process: Begin with the application process and pick the desired loan amount and EMI tenure.
• Review and confirm: Approve the loan agreements at the end of your application and click on “Confirm”.
• Disbursal: Once your application is approved after some time, the loan amount will be credited to your account directly.

In case you do not have a pre-approved loan, then you can get in touch with our customer care representative or visit your nearest Kotak Bank branch with the following documents:

• Residence proof: It includes the Aadhaar card, Driving License, or Passport.
• Photographs: You will also need to carry 2-3 recent Passport-sized photographs.
• Income proof: Include three months of bank statements along with salary slips if you are a salaried individual.
• Identity proof: Carry your PAN card, Aadhaar card, Passport, Driving License, or Voter’s ID.

Conclusion

While Chennai is the ideal place for you to grow personally and professionally, you will need funds to realise your dreams. A Kotak811 Personal Loan empowers you to meet all your financial needs effortlessly. It has several benefits and does not have any hidden charges and costs. Moreover, you can avail a Personal Loan whether you have a pre-approved offer or not. The only change is that the process is different depending on whether you have an offer.

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*Terms & Conditions apply.

Credit at the sole discretion of Kotak Mahindra Bank Ltd. and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets. Personal Loan will not be disbursed if the Savings Account is in dormant or freeze state.