Individuals who work on a fixed periodic (monthly, quarterly) income often budget and account for each bit of the money they earn regardless of whether or not they are salaried or self-employed. While the financial planning certainly allows for healthier financial health, a sudden unexpected expense could potentially derail the financial train, putting them in economic peril.
In the unfortunate event that one does have an unexpected expense come up, the most efficient and optimum solution often employed is a personal loan. A personal loan allows an individual to borrow a small sum of money to suffice any immediate one-time expenses. While there is an official or specific amount that is agreed upon as an upper limit to a small personal loan, most personal loans usually fall under 25 to 30 lakh rupees. This article will help understand how one can apply for a personal loan of 25 lakhs.
Personal loan eligibility
There are a few basic requirements that an individual has to meet for their personal loan eligibility to be valid. The individual is required to be a citizen of India (and meet any specificities for the same). They must also be above the age of 21 at the time of application, with the loan term expiring before the individual exceeds the age of 65.
Given that they take on significant risk while giving out a personal loan of 25 lakhs, most lenders will demand proof of employment along with salary slips for a certain period (for example, the last 6 months) as proof that the borrower is in a financial condition that would ensure they do not default on the loan. Even if an individual is self-employed, they require proof of a steady income to prove their personal loan eligibility.
How to apply
Much like most other processes of the market, the process of borrowing and lending has also been highly digitized, allowing customers to avail of a personal loan from the comfort of their home. Most big name lenders have highly customized and fine-tuned websites integrated with personal loan eligibility calculators that allow potential borrowers to assess their eligibility of a personal loan of 25 lakhs. Post the eligibility check, customers can simply fill out a simple form alongside a few details such as date of birth, name and PAN number, beginning their personal loan application within minutes.
Personal loans are the perfect solution for urgent one time fund requirements. Combined with the ease and speed of application and approval, personal loan of 25 lakhs can easily be availed of by individuals to fulfill a variety of payment requirements such as a child’s school fees, holiday expenses or the purchase of a new family vehicle.