Personal Loan for Salaried Employees

Instant loan approval : Your loan application is processed instantly. Once you meet the eligibility requirements, the lender approves your loan.

Limited documentation : Getting personal loan approval is no longer a tedious process. Once you submit the mandatory documents, the loan is approved within few hours or within a day by your lenders.

Apply Online : Banks or NBFCs do not expect you to physically visit their branch for loan approval. As most of the loan applications and disbursements are applied and processed via online means.

Versatile usage : You can use the personal loan funds for various needs such as education expenses, medical bills, weddings, relocation, international travel, etc. This flexible usage allows you to use funds without being restricted to a particular use.
As personal loans are disbursed in a lump sum, you could use the funds as per your needs.

Increases credit score : Repaying your EMIs on a regular basis, shows consistency and lifts your credit score accordingly.

Fixed EMI schedule : Personal loans have a predictive repayment schedule; this allows you to plan and allocate your funds in future terms.

No foreclosure charges : There are some personal loans which provide you with full or partial foreclosure options. This lets you repay loans at a faster than the scheduled term and saves total interest payments. Once disbursed you have the flexibility to repay the loan amount with an extended tenure.

No hidden charges : Most lenders do not have any hidden charges attached while disbursing your personal loan. But it is good practice that you read the offer document carefully before committing.

Residential Status : You must be a resident of India.

Age : Your age must be within the range of 21- 60 years.

Credit Profile : A high credit profile is recommended at the time of application. A score of 700+ is a decent credit score, which would allow you to apply for a personal loan.

Income : You must be earning a minimum monthly salary of ₹20,000 if you live in a metro city and ₹15,000 if you live in a smaller city.

Employment status : You must have at least 1 year of experience with your current or previous organization to demonstrate your repayment capacity.

Education Qualification : You should preferably hold a graduation certificate in your name. However, it is not a mandatory requirement.

Debt-to-Income (DTI) ratio : Your debt-to-income ratio must be 35% or lower.

Check your credit score : Checking your credit score before applying allows you to get personal loans at better interest rates.

Compare Loan options : Once you’ve met the criteria, you can compare various loan options and decide which type of loan is suitable based on your budget and income.

Loan Application : After deciding on your desired type of loan, you can move ahead by filling in the application form. Make sure you fill them clearly with your required loan amount and tenure.

Loan Approval and Disbursement : Once your application gets approved, the amount gets deposited in your bank account within just few hours.

Loan Repayment : Once you claim your loan amount, ensure you make timely payments of your monthly installments. This helps you avoid penalties and keeps your credit score healthy.