A personal loan is an unsecured loan which means that you don’t have to pledge any collateral. You can use the funds from a personal loan to fulfill any financial need.
You can easily get a personal loan if you have a salary of Rs.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 -
The multiplier method is used by many banks, NBFCs, and lenders to determine how much loan amount will be approved.
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 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 measures how much of your net monthly income is spent on paying your loan EMIs.
In general, lenders prefer applicants with EMI/NMI ratios below 50%.
Attractive Loan Amount
Get loans from Rs.5,000 to Rs.10 Lakh based on your eligibility
Collateral Free Loans
You can get a personal loan through Moneyview without having to vow any asset 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
A borrower must have a good credit score, an income, and be of a certain age to qualify for a personal loan. To be eligible for an instant personal loan through Moneyview, you must meet the following criteria -
The borrower should be between 21 and 57 years of age
They must earn a minimum of ₹25,000 or more monthly
Income must be credited directly to their bank account
They must have a minimum CIBIL score of 650
The documentation required for applying for a consumer loan or a personal loan from Moneyview is minimal. All you will have to do is -
Your PAN number
Your mobile number will have to be linked to your Aadhaar card for KYC verification
You must also enable the auto-debit facility on your bank account in order 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 ₹25,000
Rate of Interest
Min 5%
Max 25%
Loan Tenure
Min 3 months
Max 72 months
Need Quick Cash?
The amount of loan you can get on Rs. 25,000 salary varies from bank to bank and depends on the eligibility criteria you fulfill. 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 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’re eligible for, fulfill 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.
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:
Loan Related Articles
Personal Loan by Income and Purpose
Personal Loan Types and Comparisons
CIBIL Score Check and Boost Guide
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