Personal loan can prove to be an easy and beneficial option if a sudden need of money is needed. It can be used to meet many expenses like wedding, travel, holidays or even renovation of home. The amount received through personal loan has to be repaid through EMI every month.
Personal loans are often considered cheaper and easy options than credit cards such as other short-term loans. During this time, people with good salary and better credit scores are given more attention. Nowadays, taking personal loan has become easier than before with the arrival of Fintech platforms. Now you can get money in your account as soon as possible by completing the lender process on mobile itself.
Through the Moneycontrol website and app, you can get an instant personal loan of up to Rs 50 lakh with 100% digital process. For this, some basic details have to be filled, KYC has to complete and EMI has to be set. This service has an option of 8 different lenders and the interest rate starts at 10.5% annually. The interest rate and loan approval depends on your credit history and job profile.
Who can take a personal loan?
Any person in India who is between 21 and 60 years of age and who has reguler income can be eligible for personal loans. Usually those people get loans quickly, whose credit score is good and income is also stable.
Salary is also an important factor. Every bank or NBFC has a small salary of its own, according to which they approve the loan.
Can a personal loan be found in 25 thousand salary?
If your salary is 25 thousand rupees a month, then you can apply for personal loan. However, it depends on the bank whether he wants to give a loan on such income or not. Some banks consider a monthly salary of 25 to 30 thousand as a minimum limit, but some banks also give loans to lesser salary.
Generally, banks can give loans from 10 to 24 times your monthly income. According to this, if your salary is 25 thousand, then you can get a loan of about 2.5 lakh to 3 lakh rupees. However, the final amount will depend on the bank’s policy and your credit profile.
Conditions required for personal loan at 25 thousand salary
- Applicant must be an Indian citizen
- Age is between 21 and 60 years old
- Should be in a private or government job
- Salary slip and income proof will have to be given
- Credit score should be 700 or above
Documents required for personal loan at 25 thousand salary
Identity proof: Aadhar card, passport, driving license or voter ID
Address proof: Aadhar card or electricity-water bill
Income proof: Salary slip and bank statement
The first step to take a loan is to see if you are eligible or not. If your profile fits according to the conditions, then it is important to pay attention to the interest rate, repayment period and the rest of the charge. EMI will be expensive at higher interest rate. Similarly, a longer tenure can reduce EMI but the loan makes it expensive. So choose an EMI plan, which fit your monthly income.
You can apply online for personal loans by preparing documents and completing the process. After setting KYC verification and EMI plans, the loan can be approved in a few minutes.
Summary
Do you want to take a personal loan at a salary of Rs 25,000? Here we are going to tell you some tips, with the help of which you can fulfill the conditions of the lenders, can calculate your loan amount and also apply for early approval through 100% digital process.
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Disclaimer
This fraction/article is written by an external partner and does not reflect the work of the editorial team of Moneycontrol. This may include references to products and services offered by Moneycontrol.