Published on Jun 25, 2020Updated on Nov 8, 2023
Why would one need a personal loan? Is the process of obtaining a personal loan any different from a business loan or even a housing loan? Is it simpler? Can it be obtained online through a personal loan app? Is there any personal loan eligibility calculator that lets us know immediately as to the maximum personal loan amount that we qualify for? If these questions have ever crossed your mind and always wanted to know how to get a personal loan, read on to find out more.
In recent times there has been a trend to avail a personal loan, especially by the younger generation who have just started out professionally or are a few years in. So what exactly is a personal loan? Simply put, it’s a loan that’s used to fulfill one’s short term obligations, such as:
The above examples are not an exhaustive list but a few examples of short term obligations. These loans, as specified above, are a go-to for most people, as it helps fulfill their wishes, be it purchasing the latest mobile phone, or paying fees for a part-time course. All the above can be easily achieved by availing a personal loan. Availability of a personal loan today is usually fast, provided that you satisfy eligibility criteria and all your documentation is readily available.
Must Read: Types of Personal Loans in India
Now that we know what is a personal loan and the reasons for availing such a loan, let’s understand how to get a personal loan of Rs 25 Lakhs*. Please note that this is the loan amount you can be provided depends on several factors including
Please note that to get a loan amount of INR 25 lakhs, you will need to score high on most of the points mentioned above. For instance, if your CIBIL score is less than 750 but you have a high monthly income and good employment history, you may still qualify for an INR 25 lakhs loan*.
The personal loan interest rate at SMFG India Credit starts at 11.99%* per annum, and thus eases one’s financial burden. Processing fees also will be charged ranging between 0% to 6% of the loan amount.
Fees And Charges
11.99%* per annum
Up to 60 months
0% - 7%
Late Payment Charges
As stated under additional interest charge.
Cheque Bounce Charges
As per state
All that is required by any institution providing loans would be to keep a digital copy/soft copy of certain documents to avail a personal loan online. The list includes:
Using a personal loan eligibility calculator, one can easily ascertain the maximum loan amount that can be availed (up to some extent). Also, SMFG India Credit InstaLoan app is one of the most user-friendly mobile apps that provide access to a wide range of personal loans anytime and anywhere to salaried borrowers.
The app helps one to check their eligibility, submit an application, and perform various other functions pertaining to the application and management of personal loans. The app is compatible with iOS and Android phones. If you are self-employed and would like to apply for a personal loan from SMFG India Credit, you may do so by applying on our website online.
SMFG India Credit’s eligibility criteria are based on many factors such as monthly income, credit score, current monthly obligations/expenses (which include EMI’s on pre-existing loans, credit cards), location, employment history, residential status, etc.
Your remaining income, after meeting all financial obligations should be at least 30% - 40% of your net monthly income. When you apply using the SMFG India Credit InstaLoan app or online on our website and submit your application, based on the information provided by you, you will be given an instant* approval on your eligibility for the loan you have applied for, based on which your application will be taken up for further processing.
A ₹25 lakh personal loan comes with a range of features and benefits that make it an attractive financial solution for various needs.
SMFG India Credit offers competitive rates to borrowers with a good credit score, making it an affordable borrowing option.
SMFG India Credit offers a seamless and hassle-free online application process.
Funds get transferred to your bank account within a few working days after loan approval.
You can use a ₹25 lakh personal loan for a wide range of purposes, including home renovations, medical expenses, debt consolidation, education expenses, or even a dream vacation.
While the loan amount is substantial, the documentation required is generally minimal, reducing the hassles typically associated with borrowing large sums of money.
Here's a step-by-step guide on how to apply for a ₹25 lakh personal loan:
To initiate the application process, you'll typically need to provide your mobile number. After entering your phone number, you'll receive an OTP to verify your phone number.
Once verified, you'll be prompted to fill in your personal, bank, income, and PAN details.
After entering your personal and financial information, you can choose the loan amount you require, which in this case is ₹25 lakhs.
To complete your application, you'll need to upload relevant documents, such as your Aadhaar card, PAN card, address proof, income documents (salary slips or income tax returns), and passport-sized photographs.
Before submitting your application, carefully review all the information you've provided to avoid any errors. Once you're satisfied, submit your application.
After submitting your application, we will review your details, perform credit checks, and assess your eligibility.
If your application is approved, the loan amount will be disbursed directly to your bank account.
Here are some prudent ways to make the most of this loan:
Paying off credit card debts, personal loans, or other high-cost loans with the personal loan can save you money on interest and simplify your finances.
You can remodel your kitchen, renovate the bathroom, or undertake structural enhancements that enhance your living space.
Whether it's pursuing higher studies or funding your children's education, this loan can be instrumental in securing a brighter future.
In case of unexpected medical emergencies, the loan can cover medical bills, surgeries, or treatments that insurance may not fully cover.
Plan your dream wedding without compromising on your vision. The loan can cover expenses such as venue, catering, and other wedding-related costs.
Treat yourself and your family to a well-deserved vacation. A memorable trip can provide relaxation and create lasting memories.
Calculating your Rs. 25 lakh personal loan EMI is essential to plan your finances effectively. You can easily determine your monthly EMI by following these steps:
The personal loan repayment tenure at SMFG India Credit is between a minimum of 12 months to a maximum of 60 months.
Nowadays, some expenses are impossible to foresee. During such trying times, time becomes the most important factor. With SMFG India Credit, a Personal Loan is just a click away. It takes a few minutes to fill and get approval for your loan, as opposed to the traditional method that requires multiple meetings with the lender and mountains of paperwork. More importantly, you can get funds in your account shortly after loan approval, i.e., after your application has passed all the required steps of verification, and the loan agreement is signed and approved.
The EMI for a ₹25 lakh loan is INR 55,598 for a 60-month tenure.
Yes, you can get a ₹25 lakh loan without collateral, often referred to as unsecured personal loans. These loans offer affordability, minimal documentation, and tenure options.
The processing time for a ₹25 lakh personal loan is typically around 72 hours*, though it may vary depending on the applicant's profile and documentation.
You can use a ₹25 lakh personal loan for various purposes, including debt consolidation, home renovation, education expenses, medical bills, business expansion, or any other financial need.
Yes, a good credit score of 750 and above is often mandatory to qualify for a ₹25 lakh personal loan. A higher score can also help you secure better interest rates.
The interest rate on a ₹25 lakh personal loan is influenced by factors like your credit score, income, employment type (salaried or self-employed), and overall financial profile.
Yes, there may be additional charges associated with a ₹25 lakh personal loan, such as processing fees, which typically range from 0% to 6% of the loan amount.
Yes, you can apply for a ₹25 lakh personal loan jointly with a co-applicant, who could be a sibling, spouse, or parent.
The EMI for a ₹25 lakh loan is INR 55,598 per month for a 60-month tenure.
The EMI for a ₹25 lakh personal loan over a 5-year (60 months) tenure is INR 55,598 per month.
*Terms and conditions apply
**Subject to foreclosure charges. Terms and conditions applicable.
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*Terms and Conditions apply. Loans are disbursed at the discretion of SMFG India Credit.