Rs. 25 Lakhs Personal loan

A personal loan of Rs. 25 Lakhs can help you take care of larger expenses such as a medical emergency, a wedding, international travel, etc. While lenders may ask for collateral for other types of loans, personal loans differ as they do not require collateral. Thus, you can quickly receive funds without having to risk your assets. We will go over the different aspects of a personal loan of Rs. 25 Lakhs, including the eligibility criteria, interest rates, documents required, and how to apply for the same.

Features and benefits of a personal loan of Rs. 25 Lakhs

Easy Application

You can apply for a personal loan of Rs. 25 Lakhs* online, which makes the process easy, hassle-free, and quick. Experience hassle-free documentation process with the facility to upload documents online.

Quick Loan Disbursal

Lenders often disburse loan amounts in very little time, once your application is approved. At SMFG India Credit, the funds reach your account within 30 minutes* after approval.

Minimal Documentation

Usually, no heavy paperwork is involved in a personal loan approval process. You can avail a personal loan of Rs. 25 Lakhs* with a few essential documents required to verify your request.

Lower Interest Rates

As long as you have a strong credit score and meet other eligibility criteria, you stand to get lower interest rates that will reduce the overall cost of the personal loan.

Personal loan of Rs. 25 Lakhs - Interest rates and charges

Personal loan of Rs. 25 Lakhs - EMI for up to 5 years

Eligibility criteria to get a personal loan of Rs. 25 Lakhs

To be eligible for a personal loan of Rs. 25 Lakhs, you must fulfill certain requirements related to age, income, credit score, and employment:

1. Age: You must be between 22 and 65 to be eligible for a personal loan of Rs. 25 Lakhs*. If you are self-employed, you must be 25 years old. Please note that your age should not exceed 65 at the time of loan maturity.
2. Income: If you live in Delhi or Mumbai, your monthly income should be at least Rs. 25,000, but if you live in any other parts of the country, it must be at least Rs. 20,000. For the self-employed, the eligibility income is based on the minimum annual turnover, depending upon the nature of the industry or the profession.
3. Work experience: You must have an overall work experience of at least 1 year, with a tenure of at least 6 months with the current employer. If you are self-employed, your business must have been around for at least 3 years.
4. Credit score: You must have a CIBIL score of 750 or above to be eligible for a personal loan of Rs. 25 Lakhs*.

Given above are basic eligibility criteria. The actual eligibility will be determined by several parameters including the policy of the lender at the time of loan application.

How Do I Calculate the EMI for a Personal Loan of Rs. 25 Lakhs?

Now, you don't have to calculate your EMI on Excel sheets. You can easily do it with SMFG India Credit’s personal loan EMI calculator.

1. First, set the personal loan amount to Rs. 25 Lakhs by dragging the bar to the right.
2. Next, set your preferred rate of interest.
3. Lastly, set your preferred personal loan tenure. You should determine the loan tenure based on your ability to repay it without difficulty.

Documents required for Rs. 25 Lakhs personal loan

To apply for a personal loan of Rs. 25 Lakhs, you need to have the following documents:

1. Identity proof: Aadhaar card, passport, driver's license, or PAN card.
2. Address proof: Utility bills, rental agreement, or Aadhaar card.
3. Proof of age: Birth certificate, passport, or PAN card.
4. Proof of income:
   1. Salary slips for the last 3 months (for salaried individuals).
   2. Account statement for the last 6 months.
   3. Income Tax Returns or Form 16 (for salaried individuals).
   4. Proof of income/financial statements (for self-employed individuals such as income tax returns for the last 2 years, balance sheet, profit & loss statement).

Ensure that you have all your documentation ready beforehand so that you have a seamless and hassle-free personal loan process. Please note that this list is indicative; additional documents may be requested based on your individual profile and the lender’s policy at the time of loan application.

How to apply for a personal loan of Rs. 25 Lakhs?

To apply for a personal loan from SMFG India Credit, follow these steps:

1. Enter Basic Details

Provide your mobile number, PAN, pincode, and employment status (salaried or self-employed).

2. Mobile Number Authentication

Receive and enter a 6-digit OTP for mobile number verification.

3. Fill Additional Information

Input additional information like your email address, date of birth, gender, and annual household income; email ID verification is also crucial.

4. Add Employment Details

For salaried individuals, submission of employment details is essential.

5. Bank Statement Submission

Share your bank statement using any of the following methods: Net Banking, Account Aggregator, or by direct upload. The information provided will be used to create a loan offer (only applicable for salaried individuals).

6. Identity Verification

Complete the identity verification process by taking a selfie and provide address details via CKYC, Offline Aadhaar XML-based KYC, or DigiLocker.

7. Provide Bank Details

Enter bank account details for our verification.

8. Complete the ‘Additional Details’ Section

After bank verification, proceed to add extra details such as your marital status, parental information, and loan purpose.

9. Re-payment Options and E-NACH

Choose a re-payment option from debit card and internet banking, and set up E-NACH.

10. Review and Digitally Sign the Loan Agreement

Sign the loan agreement digitally after reviewing it and confirm with an OTP.

Then, your application will be processed further. An associate may contact you to guide you further. The loan amount will be disbursed within 30 minutes* after approval.

Why opt for a personal loan of Rs. 25 Lakhs?

A personal loan of Rs. 25 Lakhs can be used for various purposes, such as travel, medical emergencies, , planning and executing a dream wedding, etc. You never know when you will need immediate cash, and a personal loan can finance all of the above and many more possibilities.

Here’s why you should use a personal loan of Rs. 25 Lakhs:

1. Flexible Usage: A personal loan of Rs. 25 Lakhs can be used for a variety of purposes such as home renovation, debt consolidation, education expenses, medical emergencies, etc.
2. Quick Access to Funds: Personal loans are known for their quick approval process, allowing you to access the funds you need in a timely manner.
3. No Collateral Required: Personal loans are usually unsecured, meaning you don't have to provide any collateral to secure the loan.
4. Fixed Repayment Schedule: With a personal loan, you'll have a fixed repayment schedule, making it easier to budget and plan for your monthly payments.
5. Lower Interest Rates: Personal loans often come with lower interest rates compared to credit cards or other forms of high-interest debt, potentially saving you money in the long run.
6. Improves Credit Score: Timely repayment of a personal loan can help improve your credit score, making it easier to access credit in the future.

Conclusion

Taking a personal loan of Rs. 25 Lakhs can provide you with the flexibility, convenience, and capability to meet various financial requirements. With easy documentation and quick processing, you can fulfill your aspirations and tackle unforeseen emergencies effectively. This makes Rs. 25 Lakhs personal loan a practical choice for financing any big project.

SMFG India Credit offers attractive personal loans up to Rs. 25 Lakhs* at interest rates starting at 13% per annum* only. Before you apply for a personal loan, we recommend checking our personal loan EMI calculator. It will help you foresee your monthly installments and make the required adjustments for maximum affordability.

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