Chennai, known as the ‘Detroit of India’ due to its booming automobile industry, is also home to multiple IT companies. It is one among the preferred locations of working professionals. While the city’s affordable cost of living makes it easy for you to manage your budget, the presence of personal loan lenders makes it possible to avail quick financing for any need, be it a medical emergency or increasingly expensive education fees. By opting for a personal loan in Chennai from lenders like Bajaj Finserv, you get access to financing up to Rs.25 lakh. However, it is necessary that you first qualify for funding by possessing the required credit score.
Read on to know more about the minimum credit score required for a personal loan in Chennai.
What is the minimum credit score for a personal loan in Chennai?
Your credit score is a 3-digit number ranging between 300 and 900 that represents your creditworthiness. It is calculated by credit bureaus like TransUnion CIBIL and considers factors such as your past repayment performance, current debts, credit utilisation ratio, and recent repayment history. Practices such as late payments, excess credit card debt and loan defaults negatively affect your credit score and vice versa.
Since you do not have to pledge collateral to get a personal loan, lenders use your credit score to gauge the amount of risk involved in lending. Score of 750 and above is considered to be ideal and to obtain a personal loan in Chennai, most lenders will require you to possess a score that exceeds the 750 mark. A good credit score speaks for your diligence in repaying debt and helps you get instant personal loan financing at favourable interest rates.
Scores between 650 and 749 are considered to be good and with one, you may be able to secure financing on your lender’s terms. Likewise, if your credit score is below 650, it is advisable to improve it before you apply for a personal loan in Chennai.
What are the eligibility criteria for a personal loan in Chennai?
Apart from the requirement of an ideal credit score, lenders list out certain eligibility criteria, according to their policies.
To get a personal loan from Bajaj Finserv in Chennai you must:
- Be between 23 and 55 years of age
- Be a residing citizen of India
- Be salaried employee, either in an MNC or a private/public company
- Earn a monthly salary of Rs.35,000 or more
Application process to get a personal loan in Chennai
On possessing the required credit score and meeting the eligibility criteria for a personal loan in Chennai, you can apply online. Here’s how you do so with Bajaj Finserv.
- Log on to the website and fill the online application form
- Enter the loan amount and repayment tenor you desire
- Submit documents to the Bajaj Finserv representative, who will contact you post approval
- Receive the loan amount in your bank post verification
Benefits of obtaining a personal loan in Chennai
With no restrictions on its end-use, a personal loan in Chennai from Bajaj Finserv gives you access to a high loan amount of up to Rs.25 lakh, which you can use to cover a range of expenses, such as a foreign trip, home renovation or even, an overseas education fee. You can repay the loan EMIs over a flexible tenor of up to 60 months. To tackle expenses in instalments or as and when they occur, opt for the Flexi Loan facility. Withdraw from your sanction in parts, without submitting a fresh application each time.
So, what are you waiting for? Start building your credit score and when in need of a quick personal loan in Chennai, check your pre-approved loan offer online to enjoy hassle-free approval on a deal that is customised for you!