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Introduction to Personal Loans in Madurai

Madurai is a vibrant city also popular as ‘Athens of the East’. The city has a rich history and tradition which is renowned for its magnificent temples, delicious cuisine and warm hospitality. There are a lot of industries in Madurai like granite, chemicals, automobiles and rubber manufacturing.

Additionally, there are farming operations that support the economy, such as dairy, poultry, mat weaving, and jasmine plantations. The majority of the population living here belongs to the medium-income group. They may need financial assistance in times of emergencies.

At this time instant personal loan in Madurai from lendingplate can help you. You can easily apply for this loan online. We offer instant personal loans at affordable interest rates.

Personal Loan EMI Calculator

Want to plan your payments with our personal loan EMI calculator monthly? Get clear numbers in seconds to make smarter borrowing decisions.

Amount
25000
Duration
12 M
Interest Rate
36 %
Monthly EMI

₹2512

Total Interest ₹5144
Total Amount ₹30144

Features and Benefits of Personal Loans in Madurai

In today’s era time has become money. Online loan application has reduced a lot of time and increased comfort. In addition to these there are a lot of other benefits and features of personal loan in Madurai: -

Collateral Free

Personal loans are unsecured loans. Hence there is no need to present security.

Instant Approval

Personal loans need to be approved fast as it is required a lot during emergencies. lendingplate gives instant loan approval if the applicant meets eligibility criteria and the document verification is completed.

Low-Interest loans

The interest rate offered on loans by lendingplate is low as compared to other lenders. Our personal loans start from a 12% rate of interest per annum.

Flexible Repayment Tenure

We offer flexible repayment tenure so that you don’t face the burden of loans. You can select the repayment tenure between 3 months to 15 months at your convenience.

Multi-Purpose Usage

The personal loan we offer doesn’t carry any restrictions. It can be used for multiple purposes ranging from wedding expenses, and foreign trip to buying laptop and medical emergencies.

No Hidden Charges

Our customers trust us for our transparency. We don’t hide any charges from our customers. There are no hidden charges in the loans we offer.

Eligibility

As personal loans are unsecured loans hence it doesn’t require any kind of collateral. Due to this, the eligibility criteria matter here most. Here are the main eligibility requirements for instant personal loan in Madurai-

  • Citizenship: Only people with Indian citizenship are eligible.
  • Work Experience: At least one year of work experience is required.
  • Monthly Salary: The monthly salary shall not be less than ₹20,000 for a salaried employee.
  • Credit Rating: A credit score of 750 is necessary for a personal loan online apply in Madurai.
  • Age Range: The age range of applicants shall be between 21-58 years.
  • Occupation: Government employees, self-employed experts, and non-professionals from the public and private sectors can apply for loans.
  • Salary Credit: Regular salary credit to your bank account shall be there.

Documents

We have minimum documentation to process the loan. The main documents required for a personal loan in Madurai are as under: -

  • Proof of Photo Identity: Driving License, Passport, PAN card, Aadhar Card.
  • Proof of Address: Utility bill, Rental agreement, home loan statement.
  • Proof of Income: Six-month salary slips or bank statements, Form 16.
  • Job Continuity Proof: Appointment letter from current employer
  • Mandatory Documents: Filled loan application form, Passport size coloured photograph.

 

How to Apply for a Personal Loan in Madurai?

The entire application for instant personal loan in Madurai is online. Here are the steps that one needs to follow to get a personal loan in Madurai: -

Check Loan Eligibility

You can apply for a personal loan only if you meet certain standards set by credit policy. Hence before applying for a personal loan verify if you have met those standards or not. A personal loan eligibility calculator can be used for the same.

Begin Your Application

You can begin the online application after proving your loan eligibility. You must include your personal and professional information in the online application form. You must submit the form after completing the information.

Submit Documents

Basic documentation must be submitted in order for the loan application to be processed. Keep the scanned copy of documents ready and upload it on the portal.

Verification

Loan specialists will have a review of your loan application. After verifying your application, they will give the final approval for a loan if everything sounds okay.

Quick Disbursal

We provide prompt services. We disburse the funds and credit your bank account as soon as the loan is approved.

Interest Rates and Charges on Personal Loans in Madurai

We at lendingplate maintain complete transparency with our interest rates as well as other charges mentioned below –

Charges Details about the Charges
Processing Fee 1% - 5% of loan amount
Conversion Fee 1 - 5% of the amount
Interest Rate 12% - 36% per annum
Foreclosure 5% of the amount [Nil when prepaid on or after your]
Mandate Return Fee 500/- [inclusive of GST]

lendingplate’s Personal Loan Available Across India

Frequently Asked Questions

You shall be earning ₹20,000 per month to be eligible for a personal loan in Madurai.

A minimum credit score of 750 is needed for a personal loan application.

The entire loan application process will be completed within 24 hours.

Non-payment of loans will lead to penalty charges. It will also impact your credit score negatively.

In scenarios where a personal loan is taken for specific purposes like home renovation, education expenses, starting a business etc.

Only Indian residents are eligible for personal loans in Madurai.

At max, you can get a loan for ₹2.50 lakhs.

You can check your loan eligibility through the personal loan eligibility calculator.

Personal Loan as per Budget

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Personal Loan as per Salary

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