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✓Minimal Documentation ✓Collateral Free Loans ✓Instant Loan Disbursal | Apply for Personal Loan Now!

EarlySalary is now Fibe!

EarlySalary is one of the leading RBI-registered fintech startups in India best known for lending products such as personal loans and instant loans. And now, you can easily avail a personal loan from EarlySalary at Bajaj MARKETS. The best part about taking a loan from EarlySalary is that the loan processing is very fast and the application process involves minimal paperwork.

EarlySalary Personal Loan Eligibility

The eligibility criteria to avail a personal loan from EarlySalary are not very strict; still, you must fulfil a certain set of criteria in order to be eligible for a personal loan from EarlySalary. The following table illustrates the eligibility conditions that you must fulfil to avail a personal loan from EarlySalary:

Eligibility Criteria

Details

Nationality

Indian

Minimum Age

21 Years

Maximum Age

55 Years

Minimum Monthly Income

₹18,000 for metro cities like Delhi, Mumbai, Hyderabad, Kolkata, Bangalore or Chennai

₹15,000 for non-metro cities

Maximum Loan Amount

₹5 Lakhs

Loan tenure

3 to 24 months

Occupation of the Applicant

Salaried employee of a private company or PSU or a government employee

Factors Affecting EarlySalary Personal Loan Eligibility

A number of factors determine your eligibility for a personal loan. We are listing down some of the factors that affect your eligibility for a personal loan from EarlySalary.

  • Type of Employment: Early salary grants personal loans only to salaried employees of private companies/PSUs and government employees. If you are a government employee or work with a reputed company, the chances of getting approval for a higher loan amount are higher.

  • Income: Your monthly income directly affects your eligibility for a personal loan from EarlySalary. The more the income, the higher the loan amount you are eligible for.

  • Credit Score: Apart from your income, your credit score is also crucial for determining your eligibility for a personal loan. Since EarlySalary is an NBFC, the credit score requirement is not very strict.

How to Improve Your Chances of Getting a Personal Loan from EarlySalary?

There are a number of things that you can do to improve your chances of getting a personal loan approved from EarlySalary:

  • Apply with a Co-Applicant: In case your loan application is rejected, you may try applying with a co-applicant. Applying with a co-applicant can significantly improve the chances of getting your loan approved provided the co-applicant has a good credit history. This is because, when you add a co-applicant, the liability is distributed among all the co-applicants.

  • Improve Your Credit Score: As credit score is one of the most important factors that lenders consider before sanctioning any kind of loan, improving your CIBIL score will certainly help you get your loan approved.

  • Improve your Debt to Income Ratio: Debt to income ratio refers to the ratio of the total amount of debt that you owe to all the lenders which you have taken a loan from to your annual income. A low debt to income ratio signals good financial health and improves the chances of approval of your personal loan application.

FAQs on EarlySalary Personal Loan Eligibility

✔️What are the eligibility criteria to avail of an EarlySalary personal loan?

In order to be eligible for an EarlySalary personal loan:

  • You must be an Indian citizen.

  • You must be between 21 and 55 years of age.

  • Your monthly income must be ₹18,000 or above if you live in a metro city and ₹ 15,000 or above if you live in a non-metro city.

✔️What documents are needed to apply for an EarlySalary personal loan?

You need to produce the standard KYC documents like identity proof (Aadhaar Card, Voter Card, PAN Card, etc.) and address proof (Voter Card, Aadhaar Card, Passport, rent agreement, utility bills, etc.) and last 3 to 6 months’ salary slips as proof of income while applying for a personal loan with EarlySalary.

✔️What should be my income to secure a Personal Loan from EarlySalary?

You must have a minimum monthly income of ₹18,000 (for metro cities) or ₹15,000 (for non-metro cities) in order to secure a personal loan from EarlySalary.

✔️How much work experience is required for a Personal Loan from EarlySalary?

A total work experience of 2 to 3 years and a work experience of at least 1 year with the current employer is required to avail a personal loan from EarlySalary.

✔️What is the maximum loan amount an applicant can get?

You can get a personal loan of amounts up to ₹5 Lakhs from EarlySalary.

✔️Will CIBIL Score affect my Loan from EarlySalary?

Although EarlySalary does not have a very strict CIBIL score based eligibility criteria, having a good CIBIL will definitely help you get an easy approval.

✔️Do I need a guarantor to apply for a Personal Loan from EarlySalary?

No, you do not need any guarantor to apply for a personal loan from EarlySalary.