A personal loan can be a great solution for meeting unexpected financial needs. It is a type of loan that can be used to cover various expenses, such as weddings, travel, holidays, or even home renovations.
A personal loan gives you a lump sum amount which can be repaid in equated monthly instalments (EMIs) with interest to the lender - banks or non-banking finance company (NBFC). It is often preferred over other short-term credit options like a credit card as a personal loan is cheaper and easier to manage.
Getting a personal loan in India is a simple process, provided you have a stable and regular income. With the emergence of new-gen fintech platforms, availing a personal loan has become simpler than ever. All you need is just a tap on your phone to get the loan amount credited to your account.
Moneycontrol offers access to a 100% digital, instant personal loan of up to Rs 15 lakhs in partnership with seven lenders. Enter the required details, complete KYC and set up the EMI repayment to get a secure loan instantly. Personal loan interest in India typically starts at 12% per annum depending upon your credit history and employment status.
Who can get a personal loan in India?
Personal loans in India can be availed by any individual in the age group of 21 to 60 years depending on their credit score and employment status. Individuals with regular stable incomes and higher credit scores are preferred by the lenders as it indicates a better repayment capacity of the person availing the loan.
Further, the borrower should also meet the minimum salary bracket to secure a personal loan in India.
Can I get a Personal Loan with a salary of Rs 25,000 salary?
The amount that you can avail of as a personal loan depends on your income. Banks consider the monthly income while assessing your loan application along with your credit score. Some lenders also have minimum criteria for lending money.
In India, some banks require your monthly minimum salary for personal loan disbursement to be in the range of Rs 25,000 to Rs 30,000. However, it totally depends on the bank and they may offer loans even at a lower income slab.
Banks typically prefer to offer personal loan amount that is 10-24 times the borrower's monthly salary. Considering this factor, you can get a personal loan ranging between Rs 2.5 lakhs to Rs 3 lakhs with a monthly income of Rs 25,000, but the amount may change depending on the lender.
Eligibility criteria
Here are the typical requirements that lenders ask for eligibility to avail a personal loan with a Rs 25,000 salary:
- Should be an Indian citizen
- Age should be between 21 and 60 years
- Should be employed in the private or public service industry
- Salary slips and income proof
- A high credit score, typically above 700
Documents required for a personal loan with Rs 25,000 salary
- Proof of identity like Aadhaar Card Passport Driving License or Voter Card for KYC
- Address proof, such as your Aadhaar card, utility bills etc.
- Salary slips and bank statements for proof of income.
The first step in getting personal with a Rs 25,000 salary is understanding if you fulfil the eligibility criteria. If you tick the boxes of eligibility, check the interest rates, repayment tenure and other related charges. Interest rates and repayment tenure play a key role in the overall cost of borrowing.
ALSO READ: What is the maximum and minimum tenure for personal loans?
A higher interest rate would result in a higher borrowing cost. Similarly, longer repayment tenure may offer respite on monthly payment obligations but will result in higher interest costs. Similarly, shorter repayment tenure would lead to lower interest costs and higher monthly obligations. Hence, the borrower needs to decide the right EMI amount without disturbing their monthly budget.
After finalising the loan offer, you may submit your loan application online along with the required documents. Complete the Know Your Customer (KYC) verification and set up the repayment plan to get personal loan almost instantly.
Borrowers with a monthly salary of Rs 25,000 can apply for personal loans up to Rs 15 lakhs through the Moneycontrol app and website. You can get the money almost instantly in your account through a seamless digital application process. You can get a personal loan with interest starting at 12% per annum from seven lenders.
Disclaimer
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