₹25,000 Personal Loan Features, Benefits and Interest Rates
Need ₹25,000 personal loan urgently to meet immediate financial requirements? Thanks to technology-driven advancements in the lending sector, getting a personal loan has become a lot easier than how it was a few years ago.
What is a Personal Loan?
A personal loan is an unsecured loan, meaning you don’t have to pledge collateral to get a loan. These loans require minimal documentation and lenders approve depending upon the borrower’s eligibility, which includes your credit score, monthly income and repayment capacity, among others.
You can take a personal loan to finance any financial requirement – from paying your medical bills to funding your vacation – personal loans don’t come with any end-use restrictions.
Features and Benefits of a ₹25000 Loan
1. 100% Paperless Process
Most personal loans come with minimal paperwork. If you’re considering taking a personal loan from Navi, you can get instant loans in a 100% paperless manner. This is possible because of the app-based process that lenders in India have resorted to create a seamless loan journey ecosystem.
2. Instant Disbursal
Personal loans have a less-stringent approval process compared to other types of loans like home loans. If you’re eligible and have provided correct information to the concerned lender, your loan would be approved and disbursed to your account in no time.
3. Flexible EMI Options
Personal loans come with flexible repayment options of 72-84 months. While applying for a loan, you can select your preferred Personal loan tenure and repay your loan as per your convenience.
4. Attractive Interest Rates
If you have a good credit score, above 750, lenders can offer you preferential rates. Also, if you have a long-term business relation with your bank, and have taken and repaid a loan without missing any EMIs, you can get a pre-approved loan offer. A pre-approved loan usually comes with a lower interest rate.
5. No Collateral Required
Personal loans are unsecured loans, as in, you don’t have to pledge collateral or guarantor. This makes personal loans a convenient option for borrowers.
6. Minimal Documentation
Thanks to the developments in the lending sector, most lenders don’t ask for too many documents to verify your profile. For instance, you can get an instant loan with Navi just with your PAN or aadhaar details.
How to Apply for a ₹25000 Personal Loan?
Follow the steps given below to apply for ₹25,000 personal instant loan:
- Go to the lender’s website or download their app from Play Store or App Store.
- Check your loan eligibility by filling in a few details like your name, address, income and PAN details.
- Check the eligible loan amount, the interest rate offered. Select your preferred loan amount and repayment tenure.
- Submit or upload the necessary documents and complete your KYC process.
- Link your bank account. After successful verification, the loan amount will be directly disbursed to your account. Set up an auto debit to make your loan repayments on time.
Documents Required
These are the documents you will need to apply for a ₹25000 personal loan:
- PAN Card
- Aadhaar Card
- 3-6 months bank statements or salary slips
Also Read
Eligibility Criteria
The following tables present the eligibility criteria for employed and self-employed individuals for a ₹25000 personal loan:
The following tables lay out the eligibility criteria for applying for a Navi personal loan.
Salaried Individual
| Parameters | Requirements |
| Age | Between 18 and 65 years |
| Credit Score | 750 or above |
| Employment Stability | Must be employed in a reputed company for a minimum of 6 months |
| Employment Duration | A minimum of 1 year |
Self-employed Individual
| Parameters | Requirements |
| Age | Between 18 and 65 years |
| Credit Score | 750 and above |
| Prior Relationship with the Lender | A minimum of 6 months (to be verified from the lender) |
| Business Turnover | A minimum of ₹15 lakh |
| Profit after Tax Deduction | A minimum of ₹2 lakh |
Interest Rate on a ₹25000 Personal Loan
With Navi, you can avail instant cash loan in 1 hour without documents & attractive interest rate. Here are the fees and charges for a ₹25000 personal loan:
| Interest Rate | 8% p.a. – 36% p.a. |
| Processing Fee | 0% – 4% of the loan amount |
| Loan Amount | Up to ₹40 lakh |
| Loan Tenure | Up to 84 months |
| Prepayment Charges | 0% to 4% |
Please note that the table is for educational purposes only. Navi doesn’t take any responsibility for the accuracy of the data presented in the table
How to Calculate your Personal Loan EMI on ₹25000 Loan?
You can use the following mathematical expression for manual calculations of EMI:
EMI = P × r × (1 + r)n/((1 + r)n – 1) where P is the loan amount, r is rate of interest, and n is tenure or the number of months.
However, manual calculations are time-consuming and can have silly mistakes. You can use a personal loan EMI calculator as an alternative. Enter the loan tenure, amount and interest rate and the EMI estimate will be visible on the screen within minutes.
For instance, if you have taken a Rs.25,000 loan for 1 year at 11% p.a. Interest rate, upon calculation your EMI would be Rs.2.210.
Calculate Your Personal Loan EMI
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Years)
Years
Monthly EMI
0
Total Interest
Total Amount
Types of Personal Loans
1. Marriage Loan
Is your wedding date nearing but you are short of funds? Apply for a marriage loan and get your plans going.
2. Travel Loan
Canceling a trip which you have been planning for so long just because you don’t have enough funds can be upsetting. You can instead apply for a travel loan and travel to your favourite destination stress free.
3. Car Loan
Planning to buy a new car but don’t have enough cash for down payments? Get an instant car loan and buy the car of your choice without hassle.
4. Bike Loan
Taking a personal loan to purchase a bike could be an option in case you need fast loans. Repay the loan amount in easy EMIs.
5. Second Hand Bike Loan
Have your eyes on a second-hand bike? Take a personal loan for second hand bike and get your hands on your favourite two-wheeler.
6. Used Car Loan
Don’t want to invest in a new car? You can always go for a used car as an alternative. Avail of a personal loan for used car for down payments or 100% financing of the car.
Final Word
A ₹25,000 personal loan could help you meet urgent financial requirements. The good part is you have the option to select the loan tenure as per your convenience. However, make sure to calculate your loan EMI in advance so that you don’t face any financial stress while repaying your loan. You can calculate your loan EMI with the help of our EMI calculator.
Looking for urgent loans? Navi offers instant personal loans up to Rs. 20 lakh in a 100% paperless manner. Download the Navi app, apply and get the mount disbursed to your account within minutes.
FAQs
Ans: Yes, you can opt to apply for a personal loan with a co-applicant. However, this co-applicant can only be your parent or spouse. A joint loan is beneficial when you have a poor credit score or want a loan of a very high amount.
The decision to allow prepayment or foreclosure of a loan varies across lenders. Although foreclosure saves you a lot of interest, some lenders might not allow it, or some might levy prepayment fees. However, Navi tries to offer this option at zero charges.
Lenders will determine the interest rate applicable on your loan based on a few aspects. Your credit score, loan amount, loan tenure, income, occupation, and age are some of the factors that lenders will consider before offering you the best interest rate.
A credit report containing your credit score is a document that reveals your financial history. It indicates your current financial condition and whether you have a history of defaults. Every lender checks this report to analyse your repayment capacity. It also determines if they will lend you money, at what rate, and how much.
A low EMI might sometimes mean that you have to incur a long repayment tenure. In this case, you will end up repaying a lot more to your lender (in terms of interest) than the other EMI options available. Thus, to analyse which monthly instalment option you should choose, you can use an EMI calculator.
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