Chennai as a city has imprints of history and culture along with the beauty of modern India with great technology to back up the dreams of its people. The technology platform by LoansJagat backs up those dreams by ensuring people have access to online personal loans in Chennai by finding the best personal loan provider in Chennai.
What is the definition of a Personal loan?
It is the sum of the amount given by the banks or NBFCs to the borrowers who are looking for funds in order to take care of expenses for renovating the home, medical emergency, education expense or for planning a vacation. Expenses are not monitored by the banks or NBFCs.
What is the advantage of taking a low-interest personal loan?
A Personal Loan majorly comes with two benefits:
Unsecured Loan - This means one does not need to pledge or attach their property to take the loan as security. This is an attractive offer for customers who may not be able to raise the cash required as collateral.
The flexibility of end-use - Unlike home loan or car loan this loan is not monitored by the financial institutes. This gives the borrower complete flexibility to utilize funds for multiple things.
What are the various factors that determine loan approval?
- High Credit Score - Credit score is the repayment track of the previous loans which helps banks and NBFCs to evaluate the creditworthiness of personal loan applicants. In case of the credit score is less than the desired, they either reject loan application or sanction a lesser loan amount as per the risk appetite. Hence more the credit score, better is the personal loan amount with low-interest rates. LoansJagat provides a quick platform for online loans in Chennai.
- Annual Income - More the salary, more the loan amount. Since good income means monthly EMIs can be taken care off easily. Also, if both annual salary and credit history is good then borrower gets more bargaining power to negotiate loan amount. The technology platform by LoansJagat makes it easier for people to the best personal loan provider in Chennai
- Employment: Given personal loan is not a secured loan, it is imperative to check the employment status of the borrower. If an individual has been in a steady job for long, it gives a due advantage.
How can I apply for a Personal loan in Chennai?
Visit LoansJagat to help you with quick processing of personal loans and also to find the best low-interest personal loan in Chennai. Our personal loan platform works basis 3 simple steps and one can also choose to get the processing done offline:
- Answer Basic Questions
- Check Loan Eligibility
- Apply for loan
Depending on your answers, LoansJagat instantly shows the best personal loan providers in Chennai which helps you do a comparative study and decide the future course of action. The system shows the offer depending upon the data entered by the applicant. Final offer is rolled out by the bank or NBFC post verification and submission of the required documents.
What are the documents required to be submitted by the applicant for a personal loan?
LoansJagat helps the applicants to identify the right documents needed for the processing of the personal loans, it also provides a dedicated loan officer to guide for every step. However, to simplify, it is mainly the KYC and Financial documents that are required to be submitted by the borrower.
Why should I choose the services of LoansJagat for availing the personal loan in Chennai?
LoansJagat provides a free to use technology platform which is driven by advanced machine learning algorithms to help people find the best personal loan providers in Chennai. LoansJagat comes with an experienced professionals of over 15 years and has associations with over 40 Banks and NBFCs to help you get access to a low-interest personal loan in Chennai.
We also align a dedicated loan officer to every loan seeker to provide a seamless experience in helping people get access to the best online loans in Chennai.
With this dedicated guidance and service, we have been consistently winning several awards in the service industry, by not just being able to meet the expectation the business partners but also of our customers.
What are the precautions one should take as a borrower?
Some of the vital points to be considered while taking a personal loan are:
- Check Credit History - If your credit rating is not good, loan offer and interest rates will be too high for the borrower to consider.
- Hidden Terms - Before signing, ensure all the charges and interest related information has been read properly to avoid issues later on. LoansJagat provides a quick and comprehensive comparison of all terms and conditions of the best personal loan providers in Chennai.
- Explore - Borrower should compare all the options available under the umbrella of personal loan in order to make a well-informed decision.