Are you looking for a personal loan in Madurai?

Madurai is more than just another tourist destination. It has become a hotspot for professionals and residents who are looking to enjoy some peace and calm in the beautiful city. Whether you have recently moved to Madurai or have been residing here for a long time and are in need of funds, then the first thing to come to mind is a personal loan. The loan is a preferred choice of many borrowers across the country and can help serve multiple needs. Whether you need to renovate the home you live in or need funds for marriage, applying for a personal loan in Madurai is an ideal way to achieve your goals.

The biggest advantage of applying for a personal loan is that it will serve multiple needs. You do not need to specify the lender why and how you want to use the funds. It can meet your personal goals and ensures that you do not have to borrow from friends and family at a high interest rate. Let us dig deeper into the eligibility criteria of a personal loan.

Salaried

If you are a salaried employee, you need to fulfil the below-mentioned criteria:

  • Aged between 21-58 years.
  • Minimum monthly income Rs. 15,000/-
  • Employed for a minimum period of 6 months.

Self-employed

Self-employed professionals need to meet the below-mentioned criteria:

  • Aged between 21-58 years,
  • The business is in existence for a minimum period of 2 years.
  • Minimum monthly income of Rs.15,000.

Documents required:

  • PAN,
  • Identity proof,
  • Address proof,
  • Proof of income,
  • Passport sized photograph.

Application procedure

Now that you are aware of the eligibility criteria and documents required for the loan, you can proceed with the loan application. There is no need to head to the physical office of the lender to apply for the loan. You can get complete information from the comfort of your home and also make an online loan application. In order to apply for the loan, simply fill the online application form and upload scanned copies of the documents. The loan will be processed and approved without any delay and you will get the funds in your account. One of the most important things to remember is the timely payment of dues. If you do not pay the EMI on time, it could hurt your credit score and make it difficult to get a loan in the future.

Use the EMI calculator

You have to repay the loan in EMIs over the tenure. But you may not know the exact amount you have to pay each month. This is why it is recommended to use the personal loan EMI calculator. It is easily available on the website of the lender and will give an estimate within no time. You need to provide the loan amount and tenure to get a quick Estimate. Based on this information, the calculator will have an answer for you. If you are not satisfied with the answer, you can change the inputs to get an optimal answer. Plan your monthly expenses accordingly and ensure that the EMI is paid on time. If you think that you might not be able to pay the EMI amount, you can contact the lender and ask for a longer tenure. Getting a personal loan in Madurai is a quick and hassle free procedure. If you meet the eligibility criteria, there is nothing you need to worry about. Simply make an online loan application and get the funds in your account in no time. You can use the funds for any personal needs and the lender will not ask you about the same.

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