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Get a Loan Up To Rs. 25 Lakhs Using Instant Personal Loan App

Published on Jun 25, 2020Updated on Feb 20, 2024

Get a Loan Up To Rs. 25 Lakhs Using Instant Personal Loan App

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.

What is a Personal Loan?

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:

  • For Wedding ceremonies.
  • For enjoying a holiday, maybe abroad or within the country.
  • For one’s child’s education.
  • For any medical emergency.
  • To pay off existing debts/debt consolidation.
  • Towards home improvement activities such as buying new furniture or renovation.

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

How to Get a Personal Loan of Rs 25 Lakhs*?

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

  1. Your monthly income.
  2. Your existing monthly obligations.
  3. Your CIBIL score - A score of 750 
  4. Bank account statements
  5. Employment history, etc.

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*.

₹25 Lakh Personal Loan Interest Rates & Charges

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

Amount Chargeable

Interest Rates

11.99%* per annum

Loan Tenure

Up to 60 months

Prepayment/Foreclosure Charges

0% - 7%

Late Payment Charges

As stated under additional interest charge.

Cheque Bounce Charges

300

Stamp Duty

As per state

Eligibility Criteria and Application Process

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:

  • Photo
  • ID proof, which includes PAN Card and Aadhaar Card
  • Address Proof, which includes Passport Copy/Ration Card/Electricity Bill
  • Latest salary slip, as proof of income
  • Latest copy of Bank Statement

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.

Features & Benefits of ₹25 Lakh Personal Loan

A ₹25 lakh personal loan comes with a range of features and benefits that make it an attractive financial solution for various needs.

1. Attractive Interest Rates: 

SMFG India Credit offers competitive rates to borrowers with a good credit score, making it an affordable borrowing option.

2. 100% Paperless Application Process:

SMFG India Credit offers a seamless and hassle-free online application process. 

3. Quick Disbursal: 

Funds get transferred to your bank account within a few working days after loan approval.

4. Multi-Purpose Utility:

 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. 

5. Minimal Documentation: 

While the loan amount is substantial, the documentation required is generally minimal, reducing the hassles typically associated with borrowing large sums of money.

How to Apply for ₹25 Lakh Personal Loan

Here's a step-by-step guide on how to apply for a ₹25 lakh personal loan:

Step 1 - Verification: 

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.

Step 2 - Enter Details: 

Once verified, you'll be prompted to fill in your personal, bank, income, and PAN details.

Step 3 - Enter Loan Amount and Tenure: 

After entering your personal and financial information, you can choose the loan amount you require, which in this case is ₹25 lakhs. 

Step 4 - Document Upload: 

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. 

Step 5 - Review and Submit: 

Before submitting your application, carefully review all the information you've provided to avoid any errors. Once you're satisfied, submit your application.

Step 6 - Application Processing:

After submitting your application, we will review your details, perform credit checks, and assess your eligibility. 

Step 7 - Loan Disbursal: 

If your application is approved, the loan amount will be disbursed directly to your bank account.

What to Do with a Rs. 25 Lakh Personal Loan?

Here are some prudent ways to make the most of this loan:

1. Debt Consolidation: 

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.

2. Home Renovation: 

You can remodel your kitchen, renovate the bathroom, or undertake structural enhancements that enhance your living space.

3. Education Expenses: 

Whether it's pursuing higher studies or funding your children's education, this loan can be instrumental in securing a brighter future.

4. Medical Expenses: 

In case of unexpected medical emergencies, the loan can cover medical bills, surgeries, or treatments that insurance may not fully cover.

5. Wedding Expenses: 

Plan your dream wedding without compromising on your vision. The loan can cover expenses such as venue, catering, and other wedding-related costs.

6. Dream Vacation: 

Treat yourself and your family to a well-deserved vacation. A memorable trip can provide relaxation and create lasting memories.

How Do I Calculate My Rs. 25 Lakh Personal Loan EMI?

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:

  1. Enter Loan Amount: Input the loan amount you wish to borrow, which, in this case, is Rs. 25 lakhs.
  2. Interest Rate: Enter the applicable interest rate, which varies depending on your creditworthiness. 
  3. Loan Tenure: Specify the tenure or duration for which you intend to repay the loan. It's crucial to choose a tenure that aligns with your financial capabilities. Longer tenures result in lower EMIs but may accrue higher interest charges over time.
  4. Calculate EMI: Once you've entered all the necessary details, click on the "Calculate" button or similar function. The EMI calculator will provide you with the monthly EMI amount instantly.

Loan Repayment Tenure

The personal loan repayment tenure at SMFG India Credit is between a minimum of 12 months to a maximum of 60 months.

Must Read: Complete Guide About SMFG India Credit Personal Loan

Conclusion

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.

* Please note that this article is for your knowledge only. Loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms, disbursal process, foreclosure charges and foreclosure process will be subject to SMFG India Credit's policy at the time of loan application. If you wish to know more about our products and services, please contact us

FAQs

What is the EMI for a loan of ₹25 Lakh?

The EMI for a ₹25 lakh loan is INR 55,598 for a 60-month tenure.

Can I get a ₹25 Lakh loan without collateral?

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.

What is the processing time for a ₹25 Lakh Personal loan?

The processing time for a ₹25 lakh personal loan is typically around 24 hours* or 1 working day*, though it may vary depending on the applicant's profile and documentation.

What can I use a ₹25 Lakhs Personal Loan for?

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.

Is a good credit score necessary to get a ₹25 Lakhs Personal Loan?

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.

What factors affect the interest rate I receive on a ₹25 Lakhs Personal Loan?

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.

Are there any additional charges associated with a ₹25 Lakhs Personal Loan?

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.

Can I apply for a ₹25 Lakhs Personal Loan jointly with a co-applicant?

Yes, you can apply for a ₹25 lakh personal loan jointly with a co-applicant, who could be a sibling, spouse, or parent.

What is the EMI of 25 lakhs per month?

The EMI for a ₹25 lakh loan is INR 55,598 per month for a 60-month tenure.

What will be EMI for 5 Years on a 25 lakh personal loan?

The EMI for a ₹25 lakh personal loan over a 5-year (60 months) tenure is INR 55,598 per month.

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