Applying for a personal loan in Madurai? You should check all the available options closely before taking a decision. Several banks and NBFCs offer personal loans in Madurai but you should make your choice based on the following parameters:
- Interest Rates Being Offered- Always try and go for the lowest possible interest rate on personal loans. Personal loans attract interest rates between 12-20% on an average. Choosing the most competitive rate of interest will help keep your EMIs lower and will make it even more convenient for you to repay the loan. Compare providers to see who is offering the lowest interest rate.
- Charges & Fees- There are several fees and charges linked to personal loans including pre-payment charges, processing fees and so on. Make sure that you check all these charges levied by lenders in order to find the best deal for yourself.
- Terms and Conditions- Try and get an idea of the terms and conditions of the personal loan at multiple lenders.
- Tenor- Always go for lenders with flexible and convenient tenors. Personal loan tenors usually range between 12 and 60 months.
- Loan Amounts- Choose lenders that offer higher amounts in case that is your requirement.
- Application & Processing- Try and opt for lenders with faster online application procedures and swifter processing.
- Added Benefits- Check for any added benefits in terms of special offers, online account access and fast disbursal among others.
You should also consider personal loan eligibility above all else. You can use online personal loan eligibility calculators to work out the amount you are eligible for. You can also use online EMI calculator to find out the monthly installment amount that you will have to repay. This will safeguard you from future payment hassles and help you plan your monthly budget accordingly.
The eligibility criteria vary from one lender to another but these are some basic requirements that you will have to fulfill:
- Age between 25 and 58 years (in most cases)
- Salaried employee at any multinational/public/private company
- Citizen of India
- Minimum net monthly salary as specified by the lender
You will also have to provide KYC documents (ID & Address Proof) along with your Employee ID Card, Salary Slips for the last 2 months and Salary account bank statements for the last 3 months. Once you meet all these requirements, you will get your personal loan in Madurai sanctioned without any hassles.