Personal Loan for IT Employees
The personal loan has become the go-to loan in case of emergencies. Be it for home improvement, pressing bills or marriage expenses, to pay for your dream vacation or to buy your significant other that much-coveted gadget, a personal loan is a solution.
A personal loan is an unsecured loan, meaning you don't have to pledge any collateral as security to avail the loan. Lenders place no restrictions on how the borrowed money is spent.
However, the downside to taking a personal loan is its high-interest rate. It can be especially high if you have a poor credit history. Not only this, personal loans are generally among the most expensive loans on the market.
Personal Loan for IT Employees
Banks like HDFC Bank, Axis Bank, ICICI Bank and some Nonbanking Financial entities like Bajaj Finserv give exclusive offers for companies like TCS, Infosys, Cognizant, Wipro, and HCL.
Following are some key pointers that applicants should keep in mind before applying Credit Score
If you are an IT employee working in companies like TCS, Infosys, Cognizant, HCL or Wipro etc. a good credit score will be beneficial when you apply for a personal loan. Lenders look at your credit history, existing financial obligations, and your employer profile while making a sanctioning decision. If you do not know your credit score, try our exclusive services and unlock your full credit potential.
The loan amount is dependent on the profile of the employer, current salary and credit history of the applicant and tenure of the personal loan.
Lenders have their own way of classifying companies if you are working in a company that has the higher classification, the more chances of securing a personal loan.
Documents Checklist for Salaried Professionals
• Employment Proof
• Recent Salary Slips and Form 16
• Identity Proof (Passport/Voted ID/Aadhar/PAN/Driving License)
• Address Proof (Passport/Voted ID/Aadhar/PAN/Driving License)
It is to be noted that document requirements may vary with the lender
Other Charges on Personal Loans
• Processing Fee: Lenders charge a processing fee which would depend on the loan amount and the internal policies of the lender.
• Pre-Payment Charges: Lenders would allow pre-payment of the loan amount and there would be charges applicable when the repayment is made before the closure of tenure.
• Payment Delay Charges: These charges are applicable when there is a delay in repayment on the agreed date.
Apply for a personal loan
Do check your free credit score, get your detailed credit health report and apply for a personal loan by signing up with CreditMantri. It is quick, simple and above all, free.
CreditMantri matches your credit and demographic profile to the lender's lending criteria and presents you a shortlist of only those lenders willing to lend to you based on your unique credit profile. In effect, we pre-screen your application to make sure you are likely to qualify as per the lender's credit criteria. Hence, the chances of your personal loan application getting approved are higher.
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