A definitive guide of personal loan for salaried employees

 A definitive guide of personal loan for salaried employees

The ever-rising expenses and market fluctuations can take a toll on the savings of salaried employees. Most of us face a cash crunch at the end of the month, and meeting additional expenses becomes a challenge! So, during festivals or holidays, one can turn to a personal loan for salaried individuals! Yes, with the on-going changes in the money market, the flexibility of availing a loan has increased considerably. One can effortlessly get sanction for a personal loan without having to keep anything as a mortgage. Let us understand the terms of availing these loans and identify the right way to get it.

Apply For A Personal Loan Online

Most people cringe away from applying for a personal loan in banks, given the lengthy process and the number of visits it requires. But with the reliable online platforms, the process has become much homelier and convenient. The Navi personal loan for salaried employees is a reliable process of getting a monetary backup. This secure online platform is an application that allows salaried individuals to avail a loan in a few simple steps. All one has to do is meet the eligibility criteria, enter the required details and follow the instructions to get the loan. With the online application facility of personal loans, there is no need to wait for a salary increment to fulfil desires!

Eligibility Criteria For Salaried Employees

Personal loans are available in the market easily only for those who meet and justify the eligibility criteria laid down by the financial institute. Although the eligibility requirements are minimum and differ from one company to another, the fundamentals remain the same for all! So, one needs to justify the given criteria.

  • Individuals applying for a personal loan for salaried individuals must be above 18-21 years of age. Some financial entities may offer a loan at 18 if the person is salaried at that age.
  • The monthly income of the individual must exceed INR 20,000/per month.
  • The salaried individual must have a decent credit score. The ideal score is around 650 to be eligible for the loan.
  • One must have a salary slip and an active bank account. Without an active bank account statement of at least three months, one might not get the loan.

Documents Required For Availing A Personal Loan

The documentation process is easy and safe with the online personal loan application process. One needs to scan all the required documents and submit them on the portal. The loan application will get an instant approval after the KYC (Know Your Customer) verification process.

  • Identity Proof: Documents with a visible photograph count as identity proof for getting a personal loan for salaried employees. One can also use their office identity if it bears his address, contact details and a photograph.
  • Address Proof: A proof of address is a must to verify the citizenship of the individual. One can submit a voter ID card, Aadhar card, electricity bill or any other legal document that bears his permanent address.
  • Income Proof: Salaried individuals need to provide proof of the annual package that they receive. The maximum loan amount that one can avail depends upon their package. So, a man who earns 7-8 Lakhs annually is likely to get a higher amount of loan than the one who earns only 4-5 Lakhs.

Availing a personal loan for salaried individuals is no more a hectic task with the best online platforms available in the market. All one has to do is adhere to the eligibility criteria and provide all the necessary documents. Salaried employees can also fulfil their simplest of desires without having to wait for years of increment. Get it all through with affordable personal loans available!

Clare Louise