A fixed monthly salary might not be enough when there’s any financial emergency, like health complications or urgent home repair. That is when an instant Personal Loan provides additional funds to salaried individuals. These loans offer quick access to funds without any office visits and physical paperwork. You just need to download a reliable Personal Loan app on your smartphone and apply online. Let’s explore how salaried employees can get instant Personal Loans to cover their costs.
What is an Instant Personal Loan for Salaried?
An instant Personal Loan for salaried individuals is an unsecured loan provided by financial institutions without any collateral. You can use this loan for various purposes, such as wedding-related expenses, higher education, home repairs, travel, and medical emergencies.
Any employed individual can apply for an instant Personal Loan of Rs 3 lakh through the instant loan app. The applicant must have been in the same job for at least six months. It is a great way to fulfil your changing demands with flexible repayment options.
Why Salaried Employees Must Apply for an Instant Personal Loan?
Here are a few reasons why salaried employees must apply for an instant Personal Loan:
- Instant Funding Access: You can obtain an instant loan of up to Rs 3 Lakh to fulfil all your dreams and needs.
- Quick Approvals and Disbursals: Get instant approval through a reliable Personal Loan app and receive money in your account within 48 hours.
- Paperless Documentation: Upload scanned copies of your KYC documents through the loan app and sign the application digitally. So, you don’t need to take leave from your job to submit the loan application.
- Affordable EMI Plans: Easily manageable EMI plans with auto-debit features ensure timely payments.
- Zero Credit History: Although a decent credit score helps get the best loan plan, salaried employees with no or low credit ratings can apply for an instant Personal Loan through the loan apps.
Eligibility Criteria for Personal Loans for Salaried
Personal Loans for salaried require basic eligibility criteria. So, obtaining one is quick and hassle-free. Furthermore, these criteria give an insight into your repayment capacity, allowing the lender to determine the loan amount and interest rate. The eligibility for a personal loan that a salaried employee must fulfil includes the following:
- Age: 21 to 58 years
- Nationality: Indian
- Minimal Income: Rs 15,000 per month
- Work Experience: A minimum work experience of at least six months in the current workplace
Documents Required for a Personal Loan for Salaried
Lending institutions require only basic documentation related to the applicant’s identity, income, and residential status for instant Personal Loans. Providing these documents helps make the borrowing process smoother and hassle-free.
- Mandatory Documents: Duly filled loan application form and a passport-size coloured photograph
- Identity Proof: Driving Licence, Passport PAN Card, Aadhaar card
- Residence Proof: Driving Licence, Passport, Aadhaar Card, Ration Card, Utility Bill
- Residence Ownership Proof: Electricity Bills, Maintenance Bills, Property Documents
- Income Proof: Last three months’ salary slips, Last six months’ bank account statement, Form 16
- Job Continuity Proof: Current employer’s appointment letter, previous employer’s experience certificate
Steps to Apply for a Personal Loan for Salaried
Here is a quick guide for salaried employees to apply for an instant Personal Loan online through a loan app:
- Download and install a reliable loan app like the Hero FinCorp.
- Register using your mobile number.
- Go to the Personal Loan section and click Apply Now.
- Enter necessary details like your personal, professional, employment, and financial information.
- Scan and upload the required documents, including your identity, address, and income proofs.
- Let the verification process complete and get approval with a loan offer.
- Accept the loan offer to initiate the disbursal process.
You don’t need to visit the lender’s office to apply for a loan and submit documents. You can upload scanned copies of the required documents online using the Personal Loan app.
Tips to Qualify for a Personal Loan for Salaried
Salaried employees must follow these tips to get easy Personal Loan approval at better interest rates:
- Maintain a Decent Credit Score: Your loan eligibility largely depends on your credit rating. Loan apps check your credit score to determine your repayment capacity. As your credit score rises, your chances of approval increase. Also, you get a better interest rate. Therefore, maintaining a decent credit score is essential to qualify for a Personal Loan.
- Declare All Income Sources: The loan access decreases if your monthly salary is insufficient. Although you need a minimum salary requirement of only Rs 15,000, you must disclose all your income sources when applying for an instant Personal Loan. These include your rental income, side business, or part-time job.
- Reduce Your Debt-to-Income (DTI) Ratio: Your DTI ratio indicates your finances, as it compares your current financial obligations to your total income. Since the DTI ratio reflects your creditworthiness, keeping it low raises your chances of quick loan approval.
- Opt for a Suitable Repayment Tenure: Personal Loans have flexible repayment tenures of 6-36 months. You can select a tenure according to your repayment capacity. A Personal Loan EMI Calculator helps calculate instalments for various loan terms. The longer the tenure, the smaller the EMIs. You must evaluate your monthly budget and choose a tenure with budget-friendly EMIs.
- Borrow Wisely: You must borrow a Personal Loan only after thoroughly assessing your financial requirements and existing commitments. While an instant Personal Loan can help achieve short-term goals, an additional EMI for the next few years may strain your finances. Hence, borrow only when necessary and ensure you can conveniently manage the monthly EMIs before applying. Moreover, opt for a loan amount you require for the expense instead of over-borrowing.
Whatever your funding needs, if you fall short on cash, an instant Personal Loan can help salaried employees cover them without hassle. However, before applying, ensure you fulfil the eligibility criteria and provide the necessary documents to qualify. With the Hero FinCorp loan app, you can obtain a Personal Loan of up to Rs 3 Lakh loan at attractive interest rates. You may choose a repayment term of up to 36 months according to your EMI affordability. So download the Personal Loan app now and follow the stepwise procedure to apply.