A personal loan provides funds that can be used for any financial requirement, and since it is an unsecured loan, no collateral is required.
You can easily get a personal loan if you have a salary of ₹25,000. If you are searching for ‘how much personal loan can I get on 25000 salary’, there are two methods banks use to calculate the amount -
Many banks, NBFCs, and lenders use the multiplier method to calculate the approved loan amount.
It is calculated using a predetermined multiple of the applicant's net monthly income. Depending on the lender and the applicant's monthly income, this multiple can range from 10 to 24 times.
The higher the salary and the better the company's status, the greater the likelihood of receiving a larger loan with lower interest rates. Furthermore, if you have no existing monthly obligations, you can get a higher loan amount.
The formula for the multiplier method looks like this:
Loan Amount = Monthly Salary x Lender Multiplier
Single Applicants: If you earn ₹60,000 and the lender uses a 10x multiplier, your maximum loan would be ₹6,00,000.
Joint Applicants: Lenders usually combine both incomes. If Partner A earns ₹50,000 and Partner B earns ₹40,000, a 10x multiplier would result in a limit of ₹9,00,000.
The above method can give you the answer to your question - ‘how much loan can I get on 25000 salary?’.
In EMI/NMI ratio, EMI stands for Equated Monthly Installments, and NMI stands for Net Monthly Income. This ratio measureshow much of your net monthly income is spent on paying your loan EMIs.
Lenders use this ratio to assess risk. In general, an EMI/NMI ratio below 50% is preferred. This is because if too much of your income goes toward debt, you might struggle to cover basic living expenses (food, rent, utilities), increasing the chance that you will default on the loan.
Attractive Loan Amount
Get loans from ₹5,000 to ₹10 Lakh based on your eligibility
Collateral Free Loans
You can get a personal loan through Moneyview without having to pledge any assets or arrange for a guarantor
Fast Disbursal
The loan amount is disbursed to your bank account within 24 hours of approval
Affordable Interest Rates
Interest rates starting from just 14% per annum
To qualify for a personal loan, a borrower needs to meet specific criteria, including having a good credit score, a steady income, and being within the eligible age range. To be eligible for an instant personal loan through Moneyview, you must meet the following criteria -
The documentation required for applying for a consumer loan or a personal loan from Moneyview is minimal. All you have to provide is -
Your PAN number
Your mobile number, which is linked to your Aadhaar card for KYC verification
You must also enable the auto-debit facility on your bank account to permit automatic withdrawals from your account. Use a debit card, net banking, or a NACH form to finish this quick procedure.
The auto-debit facility will enable you to pay your EMIs automatically each month, eliminating the need for manual intervention.
|
Fees and Charges |
Amount Chargeable |
|---|---|
|
Interest Rate |
Starting from 14% per annum |
|
Loan Processing Charges |
Starting from 2% of the approved loan amount |
|
Penal Charges on Overdue EMI |
24% per annum plus applicable taxes, if any |
|
NACH Bounce |
₹500/- each time |
Loan Amount
Min ₹10
Max ₹6,000,000
Rate of Interest
Min 6%
Max 36%
Loan Tenure
5
months
Min 3 months
Max 72 months
Need Quick Cash?
The amount of loan you can get on a ₹25,000 salary varies from bank to bank and depends on the eligibility criteria you fulfil. Before taking out a loan, it is critical to consider your requirements. Calculate your expenses and become familiar with all of the rules and regulations that come with taking out a loan. This will serve you better and help you maintain a stable financial situation.
Moneyview makes it easy for salaried employees to avail of a personal loan. With just a few simple steps, you can find out the loan amount you are eligible for, fulfil our minimal documentation requirements, and receive your loan in 24 hours at competitive rates.
Lenders set interest rates based on their cost of funds and an assessment of their loan applicants' credit risk. Some of the most important factors that can influence your personal loan interest rates are as follows.
Credit Score
Salary
Repayment history
Relationship with the money lender
Several banks and financial institutions in India offer personal loans. However, they prefer applicants with high incomes and good CIBIL scores.
This is why it is best to choose reputed digital lending apps such as Moneyview for taking a personal loan. Moneyview offers personal loans at competitive interest rates to individuals with CIBIL scores as low as 650.
Low-interest personal loans are the most effective way to address your immediate financial needs. To get the best interest rate on a personal loan, follow the tips below:
Try to maintain or improve your credit score
Research for the best deal from different lenders
Always look out for special deals
Try negotiating with your moneylender
Yes, you can. Moneyview offers personal loans to people with low credit scores because our lending partners use their own unique algorithms to process loan applications. However, a minimum CIBIL score of 650 is required to get a loan from Moneyview.
Personal Loan by Income and Purpose
Personal Loan Insights and Guides
Loan EMI Calculators
Loan Schemes and MSME Loans
Best Personal Loan Resources
Personal Loan in Top Cities
Personal Loan Types and Comparisons
Loan Process, Terms and Rules Explained
We're present across the nook & corner of the country, making loans accessible, and simple!
Happy
Users
Loan
Disbursed
Locations
Served
Disclaimer
The starting interest rate depends on factors such as credit history, financial obligations, specific lender's criteria and Terms and conditions. Moneyview is a digital lending platform; all loans are evaluated and disbursed by our lending partners, who are registered as Non-Banking Financial Companies or Banks with the Reserve Bank of India.
This article is for informational purposes only and does not constitute financial or legal advice. Always consult with your financial advisor for specific guidance.
Was this information useful?
