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Personal Loan in Madurai

Personal Loan in Madurai

Madurai is a beautiful city in Tamil Nadu known for its rich cultural heritage and tourism. Residents, visitors or travellers seeking personal loan in Madurai can apply for instant cash loans online in a matter of minutes. Since, the instant loan apps and websites can be easily accessed on smart phones, the number of loan application requests online has increased in Madurai

The Covid19 has adversely affected the tourism industry in Madurai, causing financial shortage for many. Not all businesses flourish even in the off season. Hence, for sustainability one can rely on personal loans. Being multi-purpose in nature, personal loans are high in demand as borrowers can fulfil urgent cash needs or diverse personal needs through personal loans sanctioned in 24 hours.

Madurai is also famous for its rubber plantation and adjoining rubber manufacturing industries. Majority of the population belongs to a medium income group in Madurai and so having the right information about personal loans is good to face financial emergencies.

Personal Loan Interest Rates in Madurai

The lender usually charges a high interest rate on personal loans to ensure their money is safe against potential risks. Salaried and self-employed individuals holding a high credit score can avail an affordable interest rate. The interest rate on personal loan in Madurai starts from 10.50%. The percentage of interest varies from lender to lender and the current market norms. Use the EMI calculator to get clarity on the percentage of interest and tenure applied to the personal loan amount. Accordingly, decide a suitable EMI that is easy to repay monthly.

Feature and Benefits of Personal Loan in Madurai

Time is money nowadays. If personal loans can be requested online, why visit the branch for a long procedure. Know the benefits and features of applying for personal loan online in Madurai and make the most of sanctioned funds:

Instant Availability

Loans are approved in the shortest span of time, within 24 hours to 48 hours of a working day.

Affordable Interest Rate

Interest rate on a loan may vary depending upon the type of loan, credit score, tenure and other financial factors.

Tax Benefits

Most of the tax deductions are on interest and not on the principal amount.

Financial Stability

Personal loans are approved quickly on time. This provides financial stability and saves borrowers from sinking in financial risks and delays.

Collateral Free

Personal loans do not require any security or a guarantor for approval. This keeps your assets safe.

How to Apply For Personal Loan in Madurai

The apprehension of going to the bank and waiting for the loan amount to be sanctioned within days has been replaced by online instant personal loan apps. Go with the flow shown in the chosen instant loan app and avail quick personal loan in Madurai:
  • 1. Download an authentic personal loan app from Google Play Store
  • 2. Register/Login with your email id or mobile number
  • 3. Locate the loan application form and fill the mandatory fields
  • 4. Select the required loan amount, tenure and EMI via the EMI calculator
  • 5. Upload soft copies of KYC documents and income proofs
  • 6. Wait for verification of loan application and documents
  • 7. Once approved, disbursal is done in 24 hours

Documents Required and Eligibility Criteria

It becomes essential to match up with the eligibility criteria while taking up a personal loan in Madurai. The financial institutions make eligibility criteria mandatory for the simple reason that they do not want to bear any risk of delayed payment or any kind of frauds. Consider the below before applying for a personal loan online

  • 1Age criteria: Applicant should be between 21-58 years
  • 2Minimum monthly income for salaried: Applicant should at least earn a minimum amount of Rs.15,000 monthly
  • 3Minimum monthly income for self-employed: Minimum earning should be Rs.15,000 monthly and six months bank statement is compulsory
  • 4Income proof: 6 months bank statement of salaried or personal account
  • 5 Aadhar card is the first document when applying for instant personal loan
  • 6 In the absence of Aadhar card, you can provide your driving license
  • 7Other important documents include your professional and financial details inclusive of salary slips and income statements
  • 8Your account should be in any of the accepted banks as suggested by the financial institution
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Accepted Banks:

ICICI BANK LTD HDFC BANK LTD IDBI BANK STATE BANK OF INDIA PUNJAB NATIONAL BANK YES BANK INDUSIND BANK KOTAK MAHINDRA BANK LTD

IDFC FIRST BANK LTD AXIS BANK BANK OF BARODA TAMILNAD MERCANTILE BANK LTD INDIAN OVERSEAS BANK INDIAN BANK RBL BANK LTD DEUTSCHE BANK AG CITY UNION BANK LTD FEDERAL BANK SOUTH INDIAN BANK STANDARD CHARTERED BANK CANARA BANK KARNATAKA BANK LTD CITI BANK BANDHAN BANK UNION BANK OF INDIA DCB BANK LTD DBS BANK INDIA LTD THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD DEUTSCHE BANK UCO BANK

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