Here's how a Personal Loan in Chennai can help a salaried middle-class individual with unforeseen financial emergencies

Chennai, being one of the largest metropolitan cities in South India houses top IT, BPO, automobiles, hardware and healthcare industries. The city is home to nearly 5 million people and is the 6th most populous city in India out of which a heavy population is that of salaried professionals. Living in a city like Chennai is not easy and many individuals can find it difficult to sustain the lifestyle and take care of unexpected expenses. At such times, getting a personal loan can be of great help as it can help one handle financial emergencies arising due to weddings, medical bills, shopping, travel, and others. Understanding that such emergencies can not only affect one’s finances but also cause mental stress, online lenders in India have started offering quick personal loans to salaried middle-class individuals in Chennai, making it easy for them to handle emergencies in an easy way.

What is a personal loan?

A personal loan is a loan offered for a tenure of up to 60 months by an online lender, bank or an NBFC in India; it is an unsecured loan that does not require one to offer any collateral and is solely given on the basis of one’s credit eligibility and credit score. Getting a personal loan in Chennai can help one take care of various expenses that they can otherwise find it difficult to cater to.

Reasons to get a personal loan in Chennai

Here is why availing a personal loan in the city of Chennai can help:

●       You can easily fund your or your child’s education expenses

●       Take care of hospital bills

●       Finance your vehicle purchase

●       Travel places you would like to explore

●       Upgrade your home

●       Buy a laptop or smartphone of your choice

Advantages of personal loan in Chennai

●    Convenience: Getting a personal loan in Chennai is pretty convenient now owing to the simple and instant application process offered. The loan application can be made online from the comfort of your home without having to visit the lender’s office or doing any paperwork. The convenient application process thus helps you save on time and effort, thereby making it easy for you to get quick access to money.

●       Low-interest rates: Online lenders in India make it possible for you to avail small as well as high loan amounts ranging from Rs. 5,000- Rs. 40 lakhs. The interest rate for a personal loan in Chennai is influenced by various factors including age, income, credit score, employment status, and others. Opting for a longer tenure attracts a high-interest rate, whereas a short tenure attracts a low-interest rate.

●       Minimal documentation: With digital advancement, applying for a personal loan in Chennai is simple as you can easily do so with just a few documents including your identity proof, address proof, and income documents. You don’t have to go through any paperwork. On the other hand, applying for a loan in Chennai with a bank would need you to visit the lender, provide physical copies of your KYC documents and bank statements post which your application is accepted.

●       Flexible repayment: You can pay off the personal loan inflexible EMIs on a monthly basis by opting for a tenure of 6 months-60 months depending on your repayment capacity and monthly income. Ideally, your EMI outflow each month should not exceed 50% of your monthly income.

●       Collateral-free: Another primary benefit of getting a personal loan in Chennai is that this type of loan is unsecured which means that you don’t have to offer any security to the lender to get the loan amount. This means that you don’t have to risk any of your assets like car, insurance policies, jewellery, and others to avail the loan amount. If you have a good credit score, then chances of your loan approval at low-interest rates are high in comparison to having a low score.

●       EMI Calculation: Unlike traditional lenders, online lenders use an EMI calculator that helps you determine the EMI amount you would have to pay towards the personal loan amount you take. Using the personal loan calculator is simple as you can get an estimate of the EMI you have to pay just by entering the loan amount, tenure and the interest rate. This helps you plan your monthly expenses in a better way, thereby ensuring that you don’t miss out on making the EMI payments.

Conclusion

You can apply for a personal loan in Chennai now in a convenient way from Upwards, an instant personal loan app offering loans up to Rs. 2 lakhs. Thus, with a personal loan for education, you can easily cater to your education expenses without having to worry about the availability of funds.