Personal Loans are given by most major banks and financial institutions to individuals without asking for the requirement or need in Madurai. They are unsecured loans given from Rs. 50,000 to Rs. 40,00,000 which means that you need not mortgage anything or show an asset. Some reasons for availing a Personal Loan in Madurai include medical needs, travel, home renovation, wedding, good purchases and so on. Other reasons for which a loan can be availed is to get a top-up loan, balance transfer or debt consolidation.
If you need a Personal Loan in Madurai, you must have a good credit history and adequate salary to get your personal loan sanctioned with a Bank or an NBFC in Madurai. Other factors like years of employment, company you work for etc will determine the most important factors like amount, tenure and rate of interest. Some of the banks in Madurai give you the flexibility to pre-close the loan without any additional charges. Most banks have a pre-closure charge in the 4%-5% range.
You can access a whole host of tools on this site to calculate every factor that is considered for approval of your personal or business loan in Madurai. The EMI calculator presents your outflow for a set interest rate over a set tenure. The eligibility calculator gives you options on banks as per your financial and personal details. The CIBIL estimator is a tool which can approximate your score based on information from your credit history.
Personal loans are extended to salaried individuals and professionals based on their credit history and ability to pay back with amounts ranging from Rs. 50,000 to Rs. 45 lakh. You can avail special offers on the amount and interest rate if you are a professional such as a doctor, CA, CS or Architect with an established practice or consultancy in Madurai. Women entrepreneurs in Madurai can also look forward to such offers from various banks in the city. When evaluating, you need to look at basic factors like amount, tenure and interest rate while also checking other factors like pre-payment facility to get the best personal loan in Madurai.
Madurai is a city rich in culture and heritage situated in the southern Indian state of Tamil Nadu. It lies on the banks of the river Vaigai and is the third largest city in the state as per population. The city is known as the headquarters of Tamil language and the core for the rise of its arts and literature. The history of the city goes back into antiquity with proof of its vintage from the 3rd century BCE excavated in archaeological surveys. The famous Meenakshi Amman temple is inextricably linked with the city making it a must visit destination for devotees and tourists alike. The modern city is divided into 100 wards each administered by an elected member. There is large farming community around Madurai involved in the cultivation of paddy, jasmine, rubber and other crops. The economy and trade in the city is driven by these apart from modern industries like tyre manufacture, auto components, textile, granite and chemicals. Madurai is the base for a large two-wheeler manufacturer in India. In recent times the software company has also become prominent in the city with multinationals opening development centres and the establishment of 2 software parks. The city is also an academic centre for the state of Tamil Nadu with famous universities and colleges like the Madurai Kamaraj University, Thiagarajar College, Madura College, American College, Madurai Law College etc. Madurai is famous as the ‘city that never sleeps’ and is also a major destination for tourists coming from India and abroad. Places to visit include the Thirumalai Nayak Palace, Gandhi Memorial Museum, Rajaji Children’s Park among others.
You can get the best deal for personal loan or business loan from different banks/NBFCs when you apply online as compared to personal loan agents in Madurai who work with limited institutions. You can get personal loan approval online without paying any fee or charge for this service. If your eligibility criteria are ideal, it would be possible to get the lowest interest rate for personal loan in Madurai. The other mechanism open to loan seekers in Madurai is the peer to peer or P2P mechanism. Through P2P we help you connect with individual lenders and private financers from across the country who will lend the full or part amount required based on your eligibility. It is possible to enhance your eligibility through factors like social score and get a loan even with a bad CIBIL Score through P2P. Apply online right now by filling in the forms or calling us on our numbers to get the best personal loan in Madurai.
Eligibility Criteria for Personal Loan in Madurai
Age of the applicant should be between 21-60 Years
Salaried individual with minimum income of Rs 15,000. Salary bracket would depend on the city you live in and the company you work for. Eg. If you are in a Metro, the salary requirement will be higher than non-metro and if you are working in a top MNC, the salary requirement would be lesser than one working with a new company.
Should be staying in the city for at least 1 Year
Total work experience should be at least 2 Years
Basic documentation such as KYC, latest bank statements etc are required
Be informed of the different ways your Personal Loan Rate of Interest in Madurai is calculated so that you take the right decision when it comes to choosing your loan at the lowest interest rates. Apply below to get started and to know the offers that are available on your Personal Loan in Dec 2018
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Got my loan from ICICI Bank in Madurai Tallakulam branch quickly and easily. Thanks Cashkumar!
Hello, my friend highly recommended me to your website to me for a personal loan and I was happy I listened to him. Very good service and nice friendly people. I got loan from kotak bank easily
Processing time can be bit improved, took me 9 days for loan. But definitely best advice for interest rate and how to get the best deal
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