Chennai has emerged as a major educational and professional hub in recent years. People residing in and relocating to Chennai surely feel the imprints of its lifestyle and culture. However, moving ahead in personal and professional life involves different types of planning and expenses. In this process, salary income to deal with planning and expenses sometimes becomes insufficient. Taking a Personal Loan in Chennai can help you deal with it efficiently.
A Personal Loan in Chennai can be availed instantly online. It’s an unsecured credit that can help you handle various life situations. Be it higher education, wedding, vacation, home renovation, or medical emergencies.
Here’s a look at some major advantages of taking a Personal Loan in the city right now.
No Collateral Requirement
Personal Loan is unsecured, which means borrowers do not need to provide any security or collateral for non-payment or default at their end. It is a lucrative feature that makes Personal Loans accessible to all with regular income sources and good credit histories.
Attractive Interest Rates
Personal Loans have competitive interest rates that let borrowers enjoy budget-friendly EMIs. Most of these loans have fixed interest rates that do not fluctuate over the loan term. So, borrowers who apply for Personal Loans do not need to worry about the EMI amount.
The flexibility of a Personal Loan makes it the preferred funding option for salaried professionals. Due to the nature of Personal Loans, the user is free to utilise the amount for any legal purpose. NBFCs do not put any end-use restrictions on loan usage.
This allows borrowers to use their personal loan in Chennai to plan their dream vacations, consolidate multiple debts, host an extravagant wedding, or purchase luxury accessories or gadgets. They are also ideal for emergency expenses like medical treatments or last-minute costs.
One Personal Loan benefit that attracts most borrowers is their flexible repayment tenures. Ranging from 12 to 48 months, borrowers can choose a loan tenure suitable to their needs and finances. A Personal Loan EMI calculator helps select a term that lets the borrowers optimise their monthly outgo according to their needs and repayment capacity. Opting for a long-term reduces the EMI amount and makes repayments manageable.
Easy Online Application
Aspiring borrowers do not need to visit the NBFC’s office to apply for a Personal Loan. They can complete the application process from the comfort and privacy of their home. Since most technologically-advanced NBFCs like Clix Capital support 100% online loan procedures, borrowers can get the necessary funds without leaving their doorstep.
Minimal documentation is one of the most significant benefits people get with Personal Loans. It is entirely digital, with NBFCs supporting online application procedures. Applicants can provide their KYC details online to get their data verified. The process is completely paperless that does not require submitting physical documents.
A traditional loan disbursal usually takes around 2-3 weeks, making them an unsuitable funding option during emergencies. Online loan procedures accelerate the process due to no branch visits, no physical paperwork, no collateral requirement, and a 100% digital application process.
The application and documentation procedure takes only a few minutes, after which the applicant gets instant approval. Once the applicant accepts the loan offer, they get disbursal directly into their bank account. Thus, online personal loans are the best financial products for meeting urgent cash requirements. However, the applicant must have a good credit score and meet the NBFC’s eligibility criteria to complete the process quickly.
Chance to Build Credit Score
Apart from being affordable, Personal Loans are also an excellent way to build a credit score, especially who have no or low credit score. Salaried professionals can borrow Loans in Chennai at competitive personal loan interest rates, select their convenient loan terms according to their budget, and repay them on time to improve their credit scores. As they pay their EMIs on time, their credit score keeps improving.
Many people take Personal Loans for various purposes. Here, we have covered most of the significant Personal Loan benefits that contribute to their popularity. However, before opting for a Personal Loan in Chennai, ensure that the loan amount matches your repayment capacity. Moreover, read the terms and conditions carefully and choose a loan scheme that best suits your requirements.