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Personal Loan in Madurai

Being the cultural capital of Tamil Nadu, Madurai is known for its temples, architecture, educational universities, and of course its food. It is a prime tourist spot for pilgrims and explorers alike. Madurai is also one of the fastest developing cities in Tamil Nadu. You can witness this in the growing influx of businesses in this city. 

So, when its residents face a financial crunch, NBFCs like Finnable are ready to serve them. Availing a personal loan in Madurai is now a hassle-free process. Borrowers can avail an instant loan through loan app.

One of the benefits of a personal loan is that being an unsecured loan, borrowers do not need to pledge any collateral against the loan. Thus Finnable offer various type of loans like an instant education loan, marriage loan, travel loan, home renovation loan, etc. 

As a resident of Madurai, are you wondering how much personal loan you can avail yourself? Unsecured personal loans of up to Rs. 10 lakhs can be availed through Finnable at affordable interest rates.

Documents Required for a Personal Loan

Eligibility Criteria for Personal Loan in Madurai

If you are looking to avail a personal loan, you will need to meet these eligibility criteria:

  • The applicant has to be an Indian citizen. 
  • At the time of applying for the online personal loan, the applicant has to be between the age of 21-45 years.
  • The borrower, who is planning to apply for instant loan,  must be employed in the government sector or be working in a private company.
  • The applicant’s total work experience in their current organisation should be more than 3 months while the total work experience should be more than 6 months.
  • The income received by a Tier-I city applicant should be more than Rs. 20,000/- per month and a Tier-II applicant must receive a monthly income of more than Rs. 15,000/- per month.
  • This income should be credited into the applicant’s bank account.

How To Apply For Personal Loan?

Borrowers can apply for a personal loan online. It’s a simple and easy 3-step process that Finnable has created so that applicants do not need to wait endlessly to get the funds from the online loan. 

  • Step 1: Get the instant personal loan app from PlayStore. Once downloaded, create a profile containing your personal as well as professional details.
  • Step 2: Choose the type of loan you are looking for. Once you find the loan type, enter the principal amount. The maximum loan amount that can be availed is Rs. 10 lakhs. Next, choose the loan tenure. The maximum tenure can be 5 years.
  • Step 3: Upload the required documents as the final step. The instant personal loan approval is processed within 6 hours of document verification. Once verified, the loan amount will be credited into the applicant’s bank account directly.
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Unsecured personal loans are repaid through EMIs. At Finnable, we provide one of the easiest ways to pay the loan EMI which is through E-mandate. 

An e-mandate is an electronic version of a mandate, which is the standing instruction issued to the bank that lets them debit an exact amount against a recurring payment or loan. E-mandates were set up by the RBI and National Payments Corporation of India, which helps vendors collect recurring payments from their clients.

The following documents are required to apply for and avail a personal loan in Madurai: 

  • As proof of identity, the applicant’s PAN card is mandatory.
  • For proof of citizenship, the applicant must provide their Aadhar card.
  • The salary slip for 3 months from the current organisation needs to be attached as it is the proof of income.
  • If by any chance, the applicant’s salary slips are unavailable at the time of application, the borrower can affix their 3-month bank statement in which the credited salary is shown.

A simple mathematical calculation can help you find the personal loan EMI that has to be paid every month. The formula is a combination of the principal loan amount, the tenure of the loan as well as the interest rate applicable. 

Hence, EMI = PxRx[(1+R)^N]/ [(1+R)^N-1]

Here, Principal loan amount=P, Rate of interest=R, and Tenure of the loan=N

Using a personal loan EMI calculator online can help in calculating the EMI much faster. It can also help in finding the interest amount that will be paid every month until the end of the loan tenure. 

You can also use various permutations and combinations to make sure that the EMI does not affect your financial budget, enabling you to repay the loan quickly and without much worry.

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