India’s credit landscape has shifted towards availing smaller ticket loans, increasing 11 times in volume in terms of disbursement from FY17 to FY21.
The credit option has gained immense popularity and has taken different forms to cater to its customer’s needs. Instant personal loan for salaried individuals ensures rapid disbursement of funds. These are meant to address the financial urgency of an individual and help sail through various expenses like debt consolidation, funding medical emergencies, home renovations, etc., with ease.
Know The Steps To Get An Instant Personal Loan For Salaried Employees
An instant personal loan helps individuals borrow money, meet miscellaneous expenses, and manage financial liabilities efficiently. Here is the step-by-step process of applying for an instant personal loan for salaried –
Step 1: Firstly, visit the official website of the preferred lender.
Step 2: Navigate to the personal loan tab, select the online application form and fill it with personal details, financial information, etc., and attach necessary documents.
Step 3: Proceed with authenticating the details with the OTP sent to the registered mobile number.
Step 4: Enter the required loan principal and finally submit it.
Once the application form is submitted and the loan amount is approved, the lender will disburse the loan amount to the mandated account.
Apart from making an online application, borrowers can apply for an instant personal loan offline by visiting the nearest branch of the preferred lending institution.
Eligibility criteria of availing a personal loan for salaried employees
Prospective borrowers need to fulfill the following eligibility criteria to avail of instant personal loans:
- Nationality: Applicant must be an Indian.
- Age: Salaried applicants must fall in the age group of 21 to 67 years.
- Employment status: Individuals should be employed in a reputed MNC or private/ public company with two years of experience.
- Monthly income: Monthly earning of a salaried individual should be Rs. 22,000, based on the city of residence.
- CIBIL score: Borrowers must have a CIBIL score of 750 or above.
The CIBIL score determines borrowers’ financial behaviour and repayment capability. Hence, borrowers with substandard CIBIL scores must know how to improve their personal credit scores.
Documents required while applying for an instant loan for salaried employees
To receive instant approval for the desired principal, borrowers need to upload the following documents mentioned below:
- KYC papers
- Identity proof (Aadhaar card, driving license, etc.)
- Address proof (Ration card, any utility bill, etc.)
- Income documents (latest salary slip, ITR documents, etc.)
- Bank account statements for the last six months
However, it is essential to note that these documents may vary depending on the lender’s requirements.
Things to factor in while availing an instant loan for salaried individuals
With the increasing demand for short term credit options, several financial institutions have started offering personal loans. Hence, borrowers must be well versed with certain factors before applying for this credit option, which includes-
- Interest rates: Before applying for the credit option, borrowers must compare varying interest rates offered by different lenders and settle for an affordable one. A lower interest rate minimises the loan expenditure.
- Assess additional charges: Another crucial factor that borrowers must factor in is the additional cost lenders levy on borrowers, such as processing fees, penalty fees, foreclosure charges, etc. It is essential to keep the personal loan charges in mind as they contribute majorly to the borrowing cost.
- Evaluate repayment capability: Individuals should calculate their monthly installments before availing of a personal loan. Evaluating EMIs beforehand helps them plan repayment effectively and avoid missing payments. Borrowers can opt for various loan payment methods to repay the loan principal on time.
In this regard, one can use a loan EMI calculator to calculate personal loan EMIs.
- Choose the right loan amount: Borrowers must compute their financial limit and consider other financial obligations before opting for a loan amount. Availing a loan amount that a borrower beyond eligibility will result in the rejection of the loan application, lowering the credit score. Hence, borrowers must opt for a right personal loan tenor that works for them.
- Pre-approved offers: Borrowers should also check the pre-approved offers extended by prominent financiers like Bajaj Finserv. These offers are available on a wide range of products like personal loans, business loans, credit cards, etc., to streamline the application process and save time. Willing borrowers can check their pre-approved offers by entering their names and contact details.
These factors will help borrowers make informed decisions while availing of an instant personal loan, also known as emergency loan.
To sum up, an instant loan for salaried employees helps fund an array of financial obligations. With this tailor-made loan option, salaried individuals can heave a sigh of relief as they can borrow substantial loan amounts at an affordable interest rate without exhausting lifelong savings.