Unsecured Personal Loans in Chennai - TN Finance | Best Loan Services company | agency in Chennai, Tamil Nadu

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Chennai is considered to be one of the fastest growing cities in India. Job opportunities here are in abundance, as businessmen have been spreading their business all over the city. This is possible because it is easy to procure business loans as the economical state of Chennai is far better now than it used to be a decade ago. Rated as one of the safest cities in India Chennai, it offers a high quality of lifestyle. Its industrial base is broad and has multiple growth drivers. The thriving of the businesses owe financial institutions like TN Finance for being prompt and generous in terms of fulfilling fund requirements adequately and timely.

Coming to understand what unsecured loans mean and how they work, they are offered to business owners or individuals who have a good credit or CIBIL score. TN Finance is one of the most popular financial institutions, providing all kinds of loans to businesses and start-ups. The company follows the regular norms for loan applications, however, to get a loan your CIBIL doesn’t have to be excellent, it can be just good and that would be enough to start with the application process.

The following points explains a few details about unsecured loans in Chennai:

No collateral is required to apply or get approval. This becomes risky for the financial institution, but is beneficial for the borrower.
Some companies charge higher interest because of no collateral submitted. However, if your credit scores is excellent your interest rate will be low.
If your credit score is bad, or if you are bankrupt or insolvent, it will be difficult but not impossible for you to get an unsecured loan.
In the situation of a bad credit score, you might still be approved for a loan, but the interest rates might be high. The right thing to do here would be to apply for a smaller amount of loan, pay it off in time to build your credit score and then apply for a bigger loan to get a low rate of interest.

TYPES OF UNSECURED LOANS

Unsecured loans in Chennai can be of several kinds like, student loans, personal loans, credit cards, personal line of credit, etc. while all of these fall under two basic categories; revolving loan and term loan.

Revolving Loan: Credit cards, fall under the revolving loan category. You use the card, pay it off and use it again, without having to reapply for it. It is called revolving because as long as you do not pay it off in full, you are charge a monthly interest on the total amount used. Personal lines of credit as well fall under this same category.

Term Loan: This is the most popular kind of loan applied by business owners and start-ups. The borrower has to repay the loan amount in equal installments with interest, and cannot reuse the amount paid. Term loans can be affiliated with mortgages and car loans, which are secured loans. Unsecured term loans are also applied for, to pay off revolving or secured loans.