Know Documents And Eligibility Criteria For A Personal Loan For Salaried

When you live paycheck to paycheck, many things fall by the wayside: travel plans, overseas education, large-ticket purchases, you name it. A Personal Loan for Salaried Employees, on the other hand, could be your way out! A personal loan is the ideal credit instrument for clearing debts, bringing home your dream vehicle, funding your child's wedding, or obtaining higher education loans. It enables you to meet your financial obligations for a variety of needs on short notice. Consider small personal loans if you have some immediate needs and don't want to deplete your savings. Not only are they simple to obtain, but if you have the necessary documents on hand, you can get one approved quickly and at a low-interest rate.

As salaried individuals have a steady source of income, most of the country's top lenders offer personal loans for salaried to them. Personal loans up to Rs.25 lakh are available to salaried individuals at interest rates starting at 8.90 percent per annum. The repayment period for these loans ranges from 12 to 72 months.

Personal loans are the easiest to obtain for salaried people. If you have a regular income, especially one as secure as a monthly salary, no bank or non-banking financial company (NBFC) will ever refuse you a loan. The higher your salary, the more likely you are to be approved for a personal loan. Personal loans are risky for financial institutions because they are unsecured loans, meaning they don't require any guarantee or collateral security. If you don't have a steady source of income, repaying a personal loan becomes difficult. As a result, institutions must verify that you have a consistent income and a strong repayment capacity.

Features and benefits of Personal Loan for Salaried Employees

1. Instant eligibility

It will only take a few minutes of your time.

2. Completely paperless

You are not required to submit any physical documents.

3. Insanely low-interest rates

You will benefit from generous fixed interest rates.

4. equally acceptable Loan terms

The loan term ranges from 12 to 60 months.

5. Flexible loan repayment options

Everything can be managed digitally through the app.

6. Pre-approved personal loans are disbursed immediately.

Documents Required by Salaried Employees 

Though the personal loan documents list needed by salaried applicants for a personal loan may differ from lender to lender, we've put together a list of the most common ones:

Documents for Know-Your-Customer (KYC)

Passport, Aadhar, Driving License, Voter's ID, PAN Card, and other documents that have been properly filled out and signed.

2. A properly executed loan agreement

3. The most recent pay stubs

4. Form 16

5. Individual Income Tax Returns

6. Request for Standing Instructions/ECS Forms

7. Employee Identification Card

Personal loan eligibility criteria

A salaried personal loan is an online personal loan that is specifically designed for salaried customers. You are eligible for a salaried personal loan if you are currently employed with a public or private organization, have a minimum salary of INR 20,000 (or INR 25,000), and have worked for at least 6 months at your current organization (overall work experience should be at least 1 year). There are three basic requirements for obtaining a personal loan:

1. You must be between 22 and 58 years old.
2. To be eligible, you must earn at least Rs. 15,000 per month.
3. Work experience of at least one year is required.

If you want to improve your loan eligibility, add a co-applicant with a good income and credit score, make sure your credit score is 750 or higher, pay off your previous debts on time, and choose a longer repayment term.

Summary

Before availing of a personal loan for a salaried employee, you should compare different personal loan schemes and check the loan amount as well as the interest rate. Your credit score, annual income, loan amount desired, tenure selected, and other factors will determine which personal loan scheme is best for you. You can apply for a personal loan based on these factors if you believe it is the best option for you.

Read Also: Key Factors to Consider to Get an Instant Personal Loan for Salaried Employees