Personal Loan For Salaried Employees – Know Eligibility Criteria

Introduction

Unplanned emergencies can occur anytime, and the need for money can break your expenses badly. Instead of breaking your fixed deposit accounts or withdrawing the amount before maturity, applying for an instant personal loan can resolve all your financial burdens. Having a little extra money can be a boon for all and one can live life happily. No matter how much your earning is, every time it’s not possible to save. Besides an emergency, if you are planning for a much-needed vacation with your friends/family, planning to gift a gold ornament to your loved one, or arranging your dream wedding – a Personal Loan can be the savior.

Whether you are a salaried individual, businessman, or professionals, a personal loan provides instant access to funds, with zero collateral and minimum documentation. In recent times, quick loans have become the most preferred financial tool to deal with financial crises. Read on to know more about personal loans for salaried people, eligibility, required documentation, and make your loan journey easy and simple.

A provides you the option to use the loan amount as per your requirement, helping you meet all the financial issues. Since a personal loan is unsecured, there is no need to deposit any collateral for security but you need to check the eligibility and other key factors to avoid hassles. While the criteria vary from lender to lender,

here are the general requirements:

1. You have to be an Indian citizen or a resident of India
2. Age should be 21-60 years
3. Employed or business stability at least for 1 year
4. Your monthly income has to be Rs. 18,000+
5. Should have a healthy credit score (If the score is less or below 750, improve it first and then apply)

Always check out the eligibility criteria for the respective lender then proceed further. Always consult with the lenders before going ahead. Because loan rejections can impact your credit score and you may not avail of a loan again for some time.

After checking the eligibility criteria, fill-up the form with the required information, provide the documents, submit, and wait for a few minutes to get the loan approval from the lenders.

The basic documents include –

1. Address proof (Voter/Aadhar/PAN)
2. Identity proof (Voter/Aadhar/PAN/Passport/Driving License)
3. Photographs
4. Bank statements of last 3 months
5. Salary slips of last 3 months

Personal Loan Tips for Salaried Employees

Personal loans can be taken for multiple financial requirements. It might be for home renovation, traveling to a dream destination, medical expenses, or any other emergency, and you can fulfill all these expenditures with an instant personal loan online. If you are a salaried employee, then there is a high possibility that you are frequently approached by various banks, offering pre-approved personal loans.

And when you apply for it, the lengthy procedure, massive documents requirement, standing in queue to submit the loan application and then waiting for long to get approval. But thanks to the latest technology and advancement. In recent times, the lending process has been transformed completely, and become easier to avail a personal loan for salaried employees. If you are a salaried person and looking for a personal loan online, then this article will help you out. Read on to get a loan faster and hassle-free manner.

• Choose Your Loan Amount Wisely

Before you apply for a loan online, know your requirements and check with the lender for interest rate, processing fee, and other charges. Otherwise, when it will come to repayment, the EMI amount may create a hassle for you. At Buddy Loan, you have the option to choose a loan ranging From Rs. 10,000 to Rs. 15 Lakhs, interest starting at 11% onwards, and a repayment tenure from 6 months to 5 years.

• Check The Eligibility Criteria

It’s always suggested that check the minimum eligibility criteria before you submit your loan application. Because if you don’t meet the criteria, then it will lead your application to rejection which may affect your credit score badly. Do a primary check on eligibility set up by the lender and then go ahead.

Buddy Loan offers simple eligibility for the salaried individuals – You have to be a resident of India, the age should be over 21 years, need to provide bank statements and salary slips of last 3 months. It’s easy and convenient to apply for a loan online and get the amount within hours.

• Look For Hidden Costs

There are few banks and NBFCs charge extra for providing a personal loan. So, before you apply, look for the hidden charges and other pre-payment costs with the lender as these charges can increase your EMI amount and create a burden on the monthly expenses.

• Maintain a Good Credit Score

This is a major factor to consider. Every lender checks out the CIBIL score before processing a loan application. Try to improve your score and keep it above 750 for faster loan approval. Pay off your bills and other credits on time to maintain a good score, having a poor score will lead your application towards rejection.

These above-mentioned tips will help you to get your loan application faster. If you are looking for a personal loan, apply now and use it for any financial requirement!

How Can I Get a Lower interest rates on personal loans?

Personal loans can be a fantastic choice of financing to cover unexpected expenses , from emergency medical situations to unexpected demands for debt consolidation wedding expenses and higher education costs, a dreams of vacations, and much other. The popularity of instant loans is growing due to their easy online application procedure, the minimal documents required and the ease of access. It is recommended to review your budget for the month and other expenses prior to availing of personal loans. So you will be able to maintain your cash flow in a steady manner without affecting your budget. However, in the present time the majority of borrowers are looking for the lowest interest rate for their personal loan. A low interest rate is a great way to manage all expenditures without bias.

Wrapping Up!!

A fixed monthly income may not be sufficient to handle all your expenses or an emergency. With Buddy Loan, a salaried individual can apply for an instant personal loan up to Rs. 15 Lakhs. But monthly income should be more than Rs. 18000. Fast approvals and minimal documentation make the entire process easier and a quick disbursement to your bank account gives you the liberty of using your loan amount as you want. Download the Buddy Loan app now to get your loan instantly!

Also Visit : Enrollblog