Personal Loan in Madurai

Known as the cultural capital of Tamil Nadu, Madurai is a budding industrial zone and acts as the administrative headquarters for the Madurai district and Pandya Nadu. Being one of the few regions in the country that grows rubber, the city is the 44th most populated in India and is home to a significant proportion of a burgeoning upper-middle-class population.

To meet the needs of personal loan in Madurai, SMFG India Credit offers loans up to Rs. 30 lakhs at competitive interest rates that can be availed in a simple and hassle-free manner. So, be it funding medical expenses, a grand wedding, home renovations, higher education or even to consolidate debt, SMFG India Credit offers instant personal loans to the residents of Madurai. 

Eligibility Criteria for Personal Loan in Madurai

Before progressing towards the actual application, it is best to check your personal loan eligibility. This includes:

• You must be a citizen of India
• You must be between 21 to 65 years of age
• You must be an employee of either a public sector enterprise or registered private limited company or be self-employed
• Personal loan for salaried individuals residing in Madurai will be granted on the basis of a monthly income of Rs. 20,000
• Minimum CIBIL score of 750 or more
• The eligibility for self-employed individuals will depend on the minimum annual profit post-tax and also basis their profession/ industry

Find out if you are eligible to apply for a personal loan from SMFG India Credit by using our Personal Loan Eligibility Calculator. Depending on the loan amount you can also assess your monthly installments with the help of the personal loan EMI calculator.

Documents Required

Here is a list of documents that you may have to submit with your personal loan application.

• Proof of identity with the help of government-approved IDs such as a Voter ID, Passport, Aadhaar Card, PAN Card, etc.
• Proof of address via any one of the documents like your Passport, Aadhar Card, Voter ID, Bank Passbook or Statement, Rent Agreement, Utility Bill, etc.
• Salaried individuals will have to submit their salary slips for the last three months
• Salaried and self-employed individuals and businesses will have to submit their bank statements for the last six months
• Salaried individuals will need to provide a copy of their Form 16 or Income Tax Returns
• Proof of income for self-employed individuals or businesses can be established through financial statements

Interest Rates

Personal loan in Madurai by SMFG India Credit offers interest rates starting at 13% that is applicable for both salaried and self-employed professionals. The parameters that influence the interest rate include the applicant’s profile and credit history, and their current financial status.

Processing Fee & Loan Tenure

Personal loans in Madurai come with a processing fee component which can be Up to 5% of the total loan amount + GST. SMFG India Credit offers the option to foreclose* which may attract a fee ranging between 0% to 7%. 

SMFG India Credit offers flexible repayment tenures for personal loans. This can be anywhere between a period of 12 and 60 months.

How to Apply for Personal Loan in Madurai

You can apply for a personal loan in Madurai by following these simple steps:

1. Enter Preliminary Information

Input your mobile number, PAN, pincode, and employment type (salaried or self-employed) to proceed.

2. Authenticate Mobile Number with OTP

Confirm your phone number using the 6-digit OTP sent to your device.

3. Provide Additional Personal Details

Complete fields for your email address, date of birth, gender, and annual household income. Email ID verification is also required.

4. Enter Employment Details

For salaried applicants, it is essential to provide the requested job-related information.

5. Upload Bank Statement

Please upload your bank statement or provide it via Net Banking or an Account Aggregator. Your submitted banking details will help us generate a loan offer (applies to salaried individuals only).

6. Go Through Identity Verification

Verify your identity and share address details using CKYC, Offline Aadhaar XML-based KYC, or DigiLocker. Don’t forget to take a selfie to complete the identity verification process.

7. Submit Bank Details for Verification

Provide bank account information to be verified by us.

8. Enter Extra Information

Add the loan’s purpose and personal information such as marital status, father’s name, and mother’s maiden name in the ‘Additional Details’ section.

9. Complete E-NACH Setup

Choose your preferred mode of re-payment (debit card or internet banking) before setting up E-NACH.

10. Digitally Sign the Agreement

Read through the loan agreement carefully, sign it digitally, and validate using an OTP.

Achieve your ambitious goals by following these easy steps to apply for a personal loan in Madurai.

Apply for Personal Loan   Check your Eligibility