₹25,000 Personal Loan

Eligibility For ₹25,000 Personal Loan

Before you apply for a loan, ensure that you meet the necessary criteria mentioned by the lender. The eligibility criteria for a personal loan of ₹25,000 may vary from lender to lender. However, here is an overview of the criteria that you need to know:

• Citizenship: Indian citizens are eligible to apply for a personal loan of up to Rs ₹25,000
• Age: The minimum age requirements are 21 to 55 years.
• Employment: The applicant must have full-time employment in either the government or private sector for at least 1 year.
• Income: The net monthly income must be above ₹5,000.
• Credit Score: The applicant must have a credit score above 685 or higher.

Documents Required For ₹25,000 Personal Loan

Once you meet the eligibility criteria, you will have to submit the necessary documents for loan approval. Here is a list of documents required for a ₹25,000 personal loan:

• Identity Proof: This includes a PAN Card, passport, driving license, Aadhaar card, voter's ID card, etc.
• Address Proof: Aadhaar card, driving license, voter's ID card, passport, or any other valid proof.
• Income Proof: Last 2 months' salary slips, Form 16, income tax returns, and 6 months' bank statement of the salary account.
• Photographs: Two recent passport-size photographs are to be submitted with the loan application.

Get ₹25,000 Personal Loan on Aadhaar Card

Now you can use your Aadhaar card to avail a personal loan of Rs. 25000 with simplified process making it easier to apply:

Step 1: Check your eligibility criteria based on factors such as age, income, credit score & place of residence.

Step 2: Submit your Aadhaar card as proof of identity for the lender’s e-KYC use to make the process easiest than ever.

Step 3: Now, apply for a loan online either through the lender’s platform or through the mobile app such as loan amount repayment tenure & loan purpose.

Step 4: Submit your documents and await approval for your loan application of Rs. 25,000 personal loan. (Documents needed: banks statements, salary slips & PAN Card to support your loan application.)

You can also check more on Aadhaar Card Loans from below!

Reasons to Avail ₹25,000 Personal Loan

A personal loan of Rs.25,000 allows you to meet a broad range of financial needs and transform your aspirations into reality. You can take an instant personal loan for the following reasons:

Steps to Apply for ₹25,000 Personal Loan

To obtain an instant personal loan of ₹25,000 in minutes, you can consider the following steps:

• Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
• Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
• Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
• Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
• Step 5: Enter your work details (Including company name, years of service and Designation)
• Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
• Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.

Features & Benefits of Personal loan

The features of a personal loan typically include:

• Unsecured Nature: Personal loans are often unsecured loans, meaning they don't require collateral. This can make them more accessible to a wider range of borrowers.
• Fixed or Variable Interest Rates: Personal loans may have fixed or variable interest rates. Fixed rates remain constant throughout the loan term, while variable rates can fluctuate based on market conditions.
• Flexible Usage: Borrowers can typically use personal loan funds for various purposes, such as debt consolidation, home improvement, medical expenses, or major purchases.
• Structured Repayment: Personal loans usually have a fixed repayment schedule, with monthly installments over a specified period.
• Quick Approval and Disbursement: Many lenders offer fast approval and disbursal of personal loan funds, making them suitable for addressing immediate financial needs.

The benefits of a personal loan include:

• Financial Flexibility: Personal loans provide a source of funds that can be used for a wide range of purposes, offering borrowers financial flexibility.
• Consolidation of Debt: Personal loans can be used to consolidate high-interest debt into a single, more manageable loan with potentially lower interest rates.
• Predictable Payments: With fixed monthly payments, borrowers can plan their budget more effectively, knowing exactly how much they need to pay each month.
• Building Credit: Responsible repayment of a personal loan can help improve a borrower's credit score over time.

These features and benefits can vary depending on the specific terms offered by different lenders, so it's important to carefully compare options before choosing a personal loan.

Modes of ₹25,000 Personal Loan Repayment

The repayment of a ₹25,000 personal loan can typically be done through the following modes:

• EMI (Equated Monthly Installments): Most personal loans are repaid through EMIs, which are fixed monthly payments comprising both principal and interest. The EMI amount is calculated based on the loan amount, interest rate, and tenure.
• Post-Dated Checks: Some lenders may require borrowers to provide post-dated checks for the entire loan amount or for the EMI amounts. The lender deposits these checks on the specified dates for repayment.
• Auto-Debit Facility: Many lenders offer the option to set up an auto-debit facility, where the EMI amount is automatically deducted from the borrower's bank account on a specified date each month.
• Online Payments: Borrowers can make loan repayments through online banking portals, mobile banking apps, or the lender's website using electronic fund transfer (EFT), NEFT, RTGS, or other online payment methods.
• Cash Payments: Some lenders may allow borrowers to make cash payments at their branch offices or through authorized payment centers.

It's important to choose a repayment mode that aligns with your convenience and ensures timely repayment to avoid any penalties or negative impact on your credit score.