Modern lenders provide borrowers with special advantages including fast payout, an online application process, little to no paperwork, etc. This has encouraged consumers to choose loans worth up to Rs. 25 lakh, which is a greater loan amount. Prospective borrowers frequently Google phrases like “I need Rs. 25 Lakh” or “Rs. 25 Lakh Personal Loan” attracted by these distinctive perks.
As you are already looking to make a large purchase or pay off debt without tapping into your savings, an instant Personal Loan from your lender can be a good option.
Customers can use a Personal Loan from an NBFC for various reasons, including medical emergencies, family weddings, debt repayment, international trips, home renovations, or funding a family member’s higher education. Personal Loans allow you to follow your ambition without postponing it for another year or even another month due to a lack of cash.
A Personal Loan is an unsecured loan. You don’t have to put up any assets as collateral or security. As a result, banks will issue you an instant Personal Loan if you have a solid credit score and a steady income.
How to Apply for A Personal Loan?
When applying for an Rs. 25 lakhs Personal Loan, you can use the banks’ Personal Loan EMI Calculator to calculate the EMIs you’ll have to pay. You may get started on your application right away. Follow the simple, step-by-step guidelines to quickly obtain a Rs. 25 lakhs Personal Loan from a bank/NBFC and manage your cash demands.
Start the application procedure (through the bank’s website, NetBanking, ATM, or the nearby branch) to acquire a Personal Loan.
Fill out the online form to apply for a loan of Rs. 25 lakh.
The bank next evaluates your loan request and grants it if you are eligible.
You will know the sanctioned amount, tenure, and interest rate
When you accept the offer, the funds are nearly quickly deposited into your account.
It takes a few mouse clicks to receive the money you require. Instant Loans of up to Rs. 30 lakh are available from NBFCs, with terms ranging from one to five years and EMIs beginning as low as Rs. 2,149 per lakh.
Also Read: How to Avail Personal Loan With Low CIBIL Score
25 Lakh Personal Loan EMI for Tenure of Up to 5 Years
| Loan Amount (Rs.) | Tenure (years) | Interest Rate (p.a.) | EMI (Rs.) |
| 25 Lakh | 1 | 9.99% | 2,19,778 |
| 25 Lakh | 2 | 9.99% | 1,15,351 |
| 25 Lakh | 3 | 9.99% | 80,656 |
| 25 Lakh | 4 | 9.99% | 63,394 |
| 25 Lakh | 5 | 9.99% | 53,104 |
Non-Banking Financial Companies (NBFC) in India
Nonbank financial firms (NBFCs), sometimes known as nonbank financial institutions (NBFIs), are businesses that provide financial services matching those offered by banks but do not have a banking license. NBFCs include investment banks, mortgage lenders, Housing Finance Corporations, Asset Finance Corporations, money market funds, insurance firms, hedge funds, private equity funds, and peer-to-peer lenders.
Traditional banks are subject to banking rules and oversight by federal and state authorities, whereas NBFCs are not. Ever since the Great Recession, NBFCs have grown in quantity and type, playing an essential role in meeting lending demands that traditional banks have been unable to meet.
How Can I Get A Personal Loan From An NBFC?
Personal loans are available from various non-banking financial companies (NBFCs) in India for those who require quick cash loan to cover personal expenses. You can quickly get Rs. 25 lakhs Personal Loan and even more, with processing fees ranging from 1% to 3% of the total loan amount. NBFCs charge attractive interest rates on personal loans, ranging from 10.99 per cent to 36.00 per cent per annum. The lending standards of NBFCs are pretty low. In some situations, the MSMEs do not need to put up any collateral as security for the loan.
Also Read: Useful Guide On Personal Loan Disbursement Process
Factors Affecting Personal Loan Eligibility
NBFCs offer immediate personal loans to their customers. It’s a straightforward way for salaried professionals to get a personal loan. The Eligibility Criteria are
Credit Score
Applicants having credit scores of 750 or higher are more financially responsible and thus less likely to default. Many lenders offer lower interest rates to people with better credit ratings who apply for personal loans. As a result, candidates should monitor their credit scores regularly and take steps to keep them as near to 900 as possible.
Employment Type and Employee Reputation
To be considered for a personal loan, salaried applicants must have at least one year of total work experience. Self-employed individuals should run their businesses for at least two years.
Age
Most banks and nonbank financial institutions (NBFCs) offer personal loans to people between the age of 22 to 65.
Minimum income
A high income suggests a significant ability to repay your loan on time, implying a lesser risk for lenders. Most lenders establish a minimum net monthly income requirement of Rs. 15,000 for salaried professionals. Self-employed individuals applying for the loan must have a gross annual income of at least Rs. 2 lakh.
Repayment Capacity
Banks and NBFCs often approve personal loans to applicants with an EMI/NMI ratio of 50 to 55 per cent. However, this varies by lender. It means that their total credit card and existing loan EMIs, including the proposed loan, should not exceed 50% of their income.
Benefits of Obtaining Personal Loans from NBFCs
NBFC Personal Loans have a variety of features and perks to meet a variety of purposes. Competitive interest rates on the Rs. 25 lakhs Personal Loan are offered by NBFCs, depending on the applicant’s credit score, previous repayment history, and payback tenure preference. The following are the features of a Personal Loan with NBFCs.
No collateral
Customers can borrow up to Rs. 25 lakhs or more from NBFCs without putting up any security, depending on their eligibility.
Digital Process
Customers do not have to wait in lines or meet with representatives because of the digital process. The entire procedure is digital. Applicants can scan all required documents and upload them with their other information online, making the application process paperless.
Customer Friendly
NBFCs make sure that their consumers make well-informed decisions. It provides customers with tools such as Personal Loan eligibility calculators and Personal Loan EMI calculators on all of its platforms.
Flexible Tenure
To make it easier for borrowers to repay their EMIs without straining their finances, Credit success provides complete flexibility in terms of tenure, ranging from 12 to 60 months.
A Personal Loan of 25 lakh is an excellent option to pay for a family member’s university tuition. When you use the NBFC Personal Loan option, you can choose easy EMIs and repay your Rs. 25 lakh Personal Loan over a set time.
Conclusion
Getting a Personal Loan can be a viable option, especially from renowned NBFCs such as Credit success. There are various advantages, such as minimal documentation, competitive interest rates, flexible tenure, and no collateral requirement. However, borrowers should carefully evaluate interest rates, fees, repayment terms and conditions before availing a Personal Loan. As a borrower, you should plan your borrowings and plan your finances to avoid any potential stress or debt trap in the future.
