25 Lakh Loan

You can easily avail of a Rs. 25 Lakh loan online through various modes like from the official website of the lender, mobile app, or MyMoneyMantra. Almost every bank and non-banking financial company (NBFC) in India offers personal loans to salaried as well as self-employed individuals. Applying for a personal loan of 25 Lakhs online is easy, instant, and hassle-free. You just need to open the official website or mobile app of the loan provider, fill in the online application form, provide the required documents, and click on submit. Once your loan application is approved and you agree with the terms and conditions of the lender, the funds will be transferred to your bank account within a few hours.

If you wish to apply for a personal loan upto 25 Lakhs, you will have to meet the following eligibility criteria first:

• Age: You must be at least 21 years old or above when applying for the loan and below 65 years when the loan matures.
• Employment: Usually most lenders offer personal loans to only salaried individuals as their income and job are more stable than non-salaried applicants. However, some lenders have specific personal loan products to cater to the needs of self-employed professionals and non-professionals. Usually, the interest rate for self-employed employees is on a higher side than salaried applicants. 
• Income: The minimum income requirement for salaried employees for a Rs. 25 Lac loan is usually Rs. 25,000 or above. For self-employed individuals, an annual income of Rs. 5 Lakhs is mandatory to be eligible for a personal loan.
• CIBIL score: The CIBIL score determines your creditworthiness and loan repayment eligibility and that is why lenders require yuo to have a credit score of 750 or above to be eligible for a personal loan. Some NBFCs may also allow personal loans to persons with a credit score of below 750. However, the interest rates for these loans are generally higher as the risk associated with such borrowers is higher for the lender.

*The eligibility criteria for an Rs. 25 Lakhs personal loan, such as the age, income, and credit score requirements varies from lender to lender.

If you need a 25 Lakhs loan, you must meet the eligibility criteria mentioned above and furnish the following set of documents along with the duly filled-in and signed application form and recent passport-size photographs:

• Identity proof: The identity proof documents typically include any photo identity document issued by the Indian government like a passport, PAN card, driving license, voter ID card, aadhar card, etc.
• Address proof: The address proof includes documents like aadhar card, driving license, voter ID card, passport, etc.
• Income proof for salaried employees: Salaried applicants must submit their last 2 months’ salary slips/ salary certificate issued by the current employer, Form 16, income tax returns, and bank statements of their salary bank account for the past 6 months as income proof.
• Income proof for self-employed: Self-employed persons must submit their trade license, GSR registration certificate, and last 2 years’ income tax returns and financial statements as income proof.

The personal loan interest rates given above may vary depending upon the borrower’s requirement for the loan, their age, income, occupation, credit score, and other factors.

You can apply for a 25 Lakh loan for business or personal financial requirements by following the steps mentioned below:

• Visit MyMoneyMantra or the official website of the personal loan provider of your choice.
• Go to the personal loan page and select the desired product.
• Fill in the online application form by entering all the required details like your name, contact number, email
• address, income, required loan amount, repayment tenure, etc.
• Submit the required documents including your KYC documents, income proof, residence proof, etc.
• On approval by the lender, you will get the Rs. 25,00,000 loan credited to your bank account in a few hours.

You can utilise a personal loan upto 25 Lakhs for a variety of purposes including the ones mentioned below:

Vacation: You can get a personal loan for travel and go to any destination of your choice across the world. The loan covers all your travel expenses including visa & passport, airfare, local transportation, hotel accommodation, meals, activities, and so on. 

Wedding: You can utilise a personal loan for planning a wedding for yourself or your children. In India, you can turn your wedding into a grand celebration with a personal loan for the wedding. These marriage loans help you cover expenses like venue booking, accommodation of guests, gifts for relatives, shopping, jewelry, catering, and so on. 

Home improvement: If you want to give your home a new look a personal loan can be a great option for home improvement. You can ustilise the loan amount for paint, repair work, remodeling, buying new household equipment, furniture shopping, and so on.

Balance transfer: You can transfer your high-interest personal loan to a new lender at an attractive interest rate. This facility is called a personal loan balance transfer. Most banks and NBFCs offer this facility. This facility helps in reducing the interest rate on the loan or changing the tenure of the loan. 

Medical emergency: Medical emergencies can occur any time and insurance money may not be enough to cover expensive treatments and checkups. Personal loans are a great tool to cover any unexpected medical emergencies. These loans are instant and easy to get, making it a perfect choice during medical emergencies.

Debt consolidation: If you have multiple ongoing EMIs and credit card bills, you can opt for a debt consolidation loan (which is a type of personal loan) and conclude all your obligations under a single loan. It is a great way to pay a single EMI for all your loans each month.

You can calculate your EMI for a 25 Lakhs personal loan for different interest rates and tenures with an online Personal Loan EMI Calculator. Follow the steps given below for EMI calculation:

• Open the Personal Loan EMI Calculator available online for 25 Lakh personal loan EMI calculation. 
• Enter the required loan amount (i.e. Rs. 25 Lakhs in this case).
• Enter the interest rate as charged by the lender. 
• Enter the required tenure of repayment to get the instant personal loan EMI and the amortization schedule.

Following is the table for 25 Lakh personal loan EMI for 5 years and 25 Lakh loan EMI for 10 years for different banks: