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Personal Loan in Chennai

The Chennai of three decades back has undergone a transformation that is difficult to believe. It has always been considered to be one of the most conservative cities in the country. But the heavy influx of people from all over the country to take up IT and some non-IT jobs has changed the demographics and attitude of this city beyond compare. Yes, the importance given to academics and classical music and dance still remains, but the city has also learnt to let its hair down a little.

One outcome of this change in mind-set is that the city views loans differently now. Till a few decades back, taking a loan for any purpose would have been frowned upon. But now the citizens of Chennai are more attuned towards conspicuous consumption, and are willing a loan to fulfil a current need rather than wait till they have saved up enough. Banks have responded enthusiastically to this change, and all major public sector and private sector branches now have multiple branches in Chennai. They are offering all deposit as well as loan products in Chennai.

One of the most popular loan products is the personal loan. It is an unsecured loan which can be taken for any purpose, and the borrower need not provide details of the end use of the loan amount. The loan amount and the rate of interest would depend on the credit score of the borrower. Depending on the tenure of the loan (which would be 3 years to 5 years usually) and the rate of interest charged, the bank would fix a monthly repayment amount referred to as an EMI (equal monthly instalment) which the borrower needs to pay every month.

Back in the day, loan applications used to be tedious procedures with a lot of documentation needed and a lot of time taken for the approval of the loan. But now the borrower can take advantage of a personal loan app in Chennai to apply in a matter of minutes using his or her phone. This app for personal loan in Chennai would also help the lending bank to quickly assess the application and approve/reject the application on the same day.

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