Instant Online Personal Loan in Madhurai

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How it Works!

Quikkloan made the effortless process for the customers. Apply Personal Loan Online, Compare the best personal loan offer from the various Banks & NBF, upload the documents online, get disbursal in 24Hrs.

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Group 12261  Eligibility Criteria
Salaried Individuals between 21 to 58 years, Minimum Net Monthly Salary of Rs. 20,000 and Employed for at least 1-2 years

Group 12265  Get ready with Documents
PAN & Aadhaar Card, Latest 3 month Bank statement, Two latest salary slip / latest Form 16, Cancelled Cheque

Group 12264  Get Disbursal in 1 Day*
Personal Loan up to 25 Lakh, Instant approval and Fast Disbursal through Partnered Banks / NBFC, No Collateral and Minimum Documentation

Top Banks

Offering Lowest Personal Loan Interest Rates in Madhurai

Lenders Interest Rates Loan Amount Tenure Processing Fee Apply Online
SBI 9.60% to 13.60% per annum Up to 15 Lakh Up to 5 Years Nil – 1% of the Loan Amount + GST Apply Now
ICICI  11.25% to 22.00% per annum Up to 20 Lakh Up to 5 Years Up to 2.25% of loan amount+GST Apply Now
HDFC 10.75% to 21.30% per annum Up to 15 Lakh Up to 5 Years Up to 2.50% of the loan amount Apply Now
Axis Bank 12%-24% per annum Up to 15 Lakh Up to 5 Years As applicable by the bank Apply Now
Kotak Bank 10.99%-24% per annum Up to Rs.15 Lakh Up to 5 Years Upto 2.50% of loan amount + GST Apply Now
YES Bank 10.99% per annum Up to Rs.40 Lakh Up to 5 Years Up to 2.50% of the loan amount +GST Apply Now
Tata Capital 10.99% per annum Up to Rs.25 Lakh Up to 6 Years Up to 2.50% of the loan amount+GST Apply Now
IDFC Bank As applicable by the bank Up to Rs.25 Lakh Up to 5 Years 3.50% of the loan amount Apply Now
IndusInd Bank 11.25% per annum Up to Rs.15 Lakh Up to 5 Years Up to 2.50% of the loan amount+GST Apply Now
DCB Bank 10.22% per annum (one year MCLR) Up to Rs.5 Lakh Up to 5 Years 2% of the loan amount+GST Apply Now
Bajaj Finserv 12.99% per annum Up to Rs.25 Lakh Up to 5 Years Up to 4.13% of the loan amount+GST Apply Now
Aditya Birla Finance 14%-26% per annum Up to Rs.50 Lakh Up to 5 Years Up to 2% of the loan amount+GST Apply Now
IIFL  16% per annum Up to Rs.25 Lakh Up to 5 Years Up to 2% of the loan amount+GST Apply Now
HDB Financials Up to 36% per annum Up to Rs.20 Lakh Up to 5 Years Up to 2 % of the loan amount Apply Now
Fullerton India 12.99%-36% per annum Up to Rs.25 Lakh Up to 5 Years Up to 3% of the loan amount Apply Now

Personal Loan Eligibility in Madhurai

Eligibility Criteria Salaried Self-employed
Minimum Age 21 24
Maximum Age 58 65
Minimum Income Rs.35,000 monthly Rs.2 lakh(annual)
Credit/Cibil Score Above 750(out of 900) Above 750(out of 900)
Minimum Job/Business Stability 1-2 Years 2-3 Years
Minimum Work/Business Experience 1-2 Years 3 Years
Minimum Profit After Tax NA Rs.1-2 lakh(annual)

Personal Loan in Madhurai at a Glance

Particulars Details
Interest Rates Starting at 10.99% per annum
Loan Amount From Rs 1,00,000-Rs.25,00,000
Tenure Up to 5 Years
Processing Fee 1.50%-2.50% of the loan amount+GST
Minimum Monthly Income Rs.35,000
Cibil Score Above 750 (out of 900)
Prepayment/Foreclosure Charges 2%-6% of the principal outstanding +GST

Personal Loan in Madhurai?

A personal loan is a short-term loan which could be used for any legitimate purpose. You won’t be required to pledge any form of collateral or security. It can be used to meet immediate personal expenses with instant approval and disbursal of the loan amount.  A personal loan has several advantages including relatively simple documentation, flexible loan tenures and no restrictions on how you use the money.

This loan comes in handy to meet multiple needs such as:  

  • Medical Emergencies
  • Wedding Expenses 
  • Debt Consolidation
  • Home Renovation/Extension
  • Higher Education
  • Travelling Expenses
  • Purchasing High End Consumer Durables Value

How to Apply for Personal Loan in Madhurai?

Apply online for a hassle-free personal loan journey. The online process is really simple and fast hence allows you to apply easily for an instant personal loan online. In just a few simple and quick steps, you would be able to apply online for a loan and can also get the required loan amount instantly. Yes, the loan amount will be disbursed quickly into your account so that all your varied needs can easily be fulfilled. 

Steps to Apply for Personal Loan in madhurai

Step 1: Fill Loan Query Form

Step 2: Get the Quotes

Step 3: Submit the Required Documents

Step 4: Get Instant Approval & Disbursal

CIBIL Score Required for Personal Loan in Madhurai

When it comes to a personal loan, cibil score plays an important role in the process. Thus, a score of 750 or above out of 900 is considered to be fair enough in grabbing an instant cash loan in Madurai. Personal loan being an unsecured credit is considered to be risky as minimal documentation is required along with fewer formalities. Thus, the only thing on which lenders rely is the three-digit numeric summary of a borrower. And, a good score is an indication that a borrower has a fair repayment history hence can be trusted as far as loan repayment is concerned. Thus, it is always advisable to keep your score up by timely repayments. 

Minimum Salary Required to Avail Personal Loan in Madhurai

To avail the unsecured loans in Madurai, a borrower needs to have a minimum monthly income of Rs.35,000. There are a lot of eligibility factors on which the lenders evaluate the credit profile of an applicant. And, monthly salary is one such crucial factor which is always taken into consideration by the lenders. After all, a good income is an indication of an easy loan repayment without any default. 

Personal Loan EMI Calculator

Now calculating your EMIs can easily be done via personal loan EMI Calculator online. Yes, this smartly designed tool with its algorithms allows you to know the accurate calculations of not only the monthly installments but Interest Outgo and Total Amount Payable also. The device starts functioning after you enter:

  • Loan Amount
  • Tenure
  • Interest Rate

Soon you enter these credentials into the device, it will fetch the exact values for you and that too in the least time frame. Yes, you would be able to know the accurate calculations in a hassle-free manner hence can take a calculative decision as far as availing personal loans in Madurai is concerned.

Take the help of an example to understand the proper functioning of the calculator. Suppose, an individual has availed a loan for an amount of Rs.14 lakh at an interest rate of 12.20% per annum for a tenure of up to 5 years. It would be interesting to see the exact EMI calculations below.

 

Table Showing EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

Loan Amount (in Rs.) Interest Rate(per annum) Tenure (in Years) EMI (in Rs.) Total Interest Amount(in Rs.) Total Amount=Principal +Interest (in Rs.)
14,00,000 12.20% 1 1,24,519 94,232 14,94,232
14,00,000 12.20% 2 66,034 1,84,809 15,84,809
14,00,000 12.20% 3 46,634 2,78,820 16,78,820
14,00,000 12.20% 4 37,005 3,76,240 17,76,240
14,00,000 12.20% 5 31,284 4,77,034 18,77,034

Table Showing Principal, Interest and Balance Amount

Year Principal (in Rs.) Interest(in Rs.) Balance Amount(in Rs.)
1 2,16,444 1,58,962 11,83,555
2 2,44,378 1,31,028 9,39,176
3 2,75,917 99,489 6,63,259
4 3,11,527 63,880 3,51,732
5 3,52,047 23,675 0

Personal Loan Fee & Charges

While availing a personal loan, you need to bear some charges. Yes, charges like processing fee, prepayment and part payment will be applicable on a personal loan. Make sure you check the same with your lender while availing a loan in order to avoid any confusion in the future.

Feature & Benefit Of Personal Loan

The Best feature and benefit Of a Personal loan 

Instant Approval: Personal loan in Madhurai comes with instant approval. Yes, if a borrower is good on eligibility, it is obvious for him/her to expect the instant cash loan in Madhurai with instant approval. Always try to improve your eligibility in order to get instant approval. 

Fastest Disbursals:  With instant approval comes quick disbursal. Soon after approving your credit profile, the next step that lenders do is to give the fastest disbursal. With quick disbursal, one can expect to have a speedy loan amount in the bank account. 

No Collateral/Security: A personal loan in the capital city can easily be availed without any collateral or security. Yes, a borrower doesn’t need to give any sort of security to the lender and can easily avail the required funds. 

Minimal Documentation: A borrower can easily avail this unsecured loan with just minimal documentation. Yes, with basic KYC documents like Identity Proof, Address Proof and Income Proof, availing this unsecured credit is really simple and quick.   

Multi Purpose Loan: A borrower can avail an urgent loan in Madhurai for various reasons. Yes, it is a multi-purpose loan thus comes handy to meet numerous personal needs. 

Hassle-free Process: The process of availing a personal loan is really simple and quick. Within a few minutes, you can expect to have an instant approval followed by a quick disbursal.

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Documents Required For Personal Loan

Mentioned are the personal loan documents for salaried and self-employed.

Group 13142 Complete Online Application

Fillup the Online loan Application in just 2 minutes

Group 13143Provide Identity Proof

Voter id/ Passport/ Driving License / Aadhaar Card

Group 13144 Address Proof

Aadhaar /Passport/ Telephone or Electricity Bill/ Ration Card

Group 13145Bank Statement

Latest 3 Months Bank Statement or Passbook

Group 13147Income Proof

For Salaried – Latest 3-month Salary Slip

                    For Self Employed –  ITR and Current Bank Statement of 3 months

Frequently Questions

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How long does a bank take to approve an application for a personal loan?

It depends from bank to bank as each lender has its own process. Usually a loan application is approved within 5-7 working days.

How is a personal loan repaid?

The personal loan can be repaid by paying the loan amount back to the bank in the form of Equated Monthly Instalments (EMIs). A borrower can opt for an auto-debit payment, wherein the EMI amount will automatically be debited from your bank account.

Can I get the balance transfer facility with my personal loan?

Availing a balance transfer facility depends on the bank. There are some banks that offer the balance transfer facility if the customer has made at least 12 EMI payments. It is advisable that you check with your bank before you apply for the loan.

Are there any additional charges that an applicant has to pay when he/she gets a personal loan from a bank?

Yes, there are a couple of different additional charges. Most banks charge an applicant an interest fee that ranges from 2% to 2.5% of the total amount that they wish to borrow. The fee is deducted from the amount that has to be disbursed to you.

Can I receive Tax Benefits on my personal loan?

Unless the personal loan is used for a home renovation project, tax benefits are not associated with personal loans. You can, however, avail tax benefits under Section 24 of the Income Tax Act on the interest that is paid on the loan but not on the principal amount that is paid.

What are the Factors That Can Influence Personal Loan Interest Rates?

These factors include your income, repayment potential, credit score, etc.

Is the GST Levied Over the Interest Rate on a Personal Loan?

No, the Goods and Services Tax (GST) is not levied over the interest rate on a personal loan.

What are the Types of Personal Loan Interest Rates That Lenders Offer to Borrowers?

Personal loans can be offered on a flat and reducing balance basis. In a flat rate, the interest will be charged on the principal outstanding all the time irrespective of which stage the loan is in. Whereas, in a reducing balance, the interest is charged on the principal outstanding left after the EMI payment.

What is an EMI?

An Equated Monthly Installment (EMI) is a sum of principal and interest payable every month to the lender. Greater the rate of interest, the higher will be the EMI amount and vice-versa.

How Soon Can You Apply for a Personal Loan?

Anyone working in a public or private entity can apply for a personal loan as soon as he/she attains the minimum age of 21 years. Self-employed, on the other hand, will need to be a minimum of 24 years at the time of loan application.

How Much Work Experience is Required to Get a Personal Loan in India?

You must have worked for a minimum of 2-3 years to get a personal loan in India. However, lenders also want you to have a minimum of 1-year work experience with the current organization.

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