How Much Personal Loan Can I Get on 25000 Salary
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%.
How to Check Eligibility for Personal Loan on Rs. 25,000 Salary
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 from moneyview, you must meet the following criteria -
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You must be either salaried or self-employed
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If you are salaried, your monthly in-hand income must be Rs.13,500
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If you are self employed, your monthly minimum in-hand income must be Rs.15,000
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Your income must be deposited directly into your bank account.
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You should have a minimum CIBIL or Experian score of 650
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Your age must be between 21 and 57
If you meet all of the above criteria, you can quickly obtain a personal loan from one of India's many lending institutions.
Documents Required To Get Instant Personal Loan on Rs. 25,000 Salary
The documentation required for applying for a consumer loan or a personal loan from moneyview is minimal. All you will have to do is -
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Confirm or enter your PAN number
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Ensure that your mobile number is linked to your Aadhaar card for KYC verification
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Provide a clear selfie taken in a well-lit area
Please note that the documentation requirements will vary based on your profile. You may be required to upload proof of address, bank statement, and other supporting documents.
In case you are required to upload proof of address, any one of the following documents will suffice -
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Aadhaar Card
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Valid Indian Passport
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Valid Voter ID
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Valid Driver’s License
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Utility Bills (Electricity, Water, Gas) dated within the last 60 days
In case you are required to upload proof of income, you must furnish your bank statement for the last three months. This statement must also show your salary credits.
Conclusion
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.
Money View 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.
