Salaried Personal Loan

With a fixed amount of income, it sometimes becomes a little hectic to manage expenses, liabilities, and savings. But unfavorable scenarios create urgent monetary requirements which demand instant funding of lump-sum amounts. In such a scenario, banks offer personal loans to salaried employees to deal with urgent monetary requirements.

A salaried personal loan is a type of personal loan offered by banks to salaried individuals working in private or public organizations. The salaried personal loan offers additional funding during crises like medical emergencies, consolidated debt repayment etc.

Key Highlights of Salaried Personal Loan

• No Collateral: There is no collateral policy in salaried personal loans.

• No Guarantor: For salaried personal loans, the applicant does not have to get someone as his/her guarantor.

• No Restriction: The amount funded by the bank via salaried personal loans can be used by the applicant according to their convenience and monetary requirement. The applicant also has the option of not disclosing the primary reason for the loan.

• Small-time Period: Salaried personal loans generally have a minimum tenure of 3 months to a maximum tenure of 5 years.

Eligibility Criteria for Personal Loan for Salaried Employees

There are some parameters that an applicant must qualify for a personal loan for salaried employees:

 

• The applicant should be an Indian Citizen.

• The applicant applying for a salaried personal loan should age between 21-60 years of age.

• The applicant must be a salaried employee with a minimum income of Rs. 10,000/- per month.

• To ensure that stability, the applicant must be a salaried employee in an organization for over a year.

• The applicant should have a good CIBIL score. In case, the applicant is a defaulter in any of the banks, they will not be considered eligible for a salaried personal loan.

Documents Required for Personal Loan for Salaried Employees

The documents will require these basic documents for a salaried personal loan in every institution for loan application:

 

• Passport-size Photographs: The salaried personal loan application will require a minimum of 2 passport-size photographs for the application.

• Identity Proof: The salaried personal loan application will require Government-issued Identity proof like PAN Card, Aadhar Card, etc.

• Address Proof: Utility bills, Passport, Rent agreement, etc act as residential proof. The residential proof should mention the address of the applicant residing place for the past few years.

• Income Proof: The applicant applying for a salaried personal loan will have to submit a salary slip along with a salary certificate and Form 16 as proof of the mentioned income of the applicant.

• CIBIL Score Proof: The applicant will also have to submit their bank statements for a salaried personal loan application.

Benefits of Salaried Personal Loans

The salaried Personal Loan is packed with many features that make borrowing easy and convenient.

 

• Loan Value: You can get a loan of up to Rs. 25 Lakhs. This feature makes the salaried personal loan a helpful source for all urgent expenditures and investments.

• Documentation: The documentation process of the salaried personal loan is simple and easy. You will have to submit only important documents including address proof, identity proof, income proof, employment proof, and a passport-size photograph.

• Submission of Documents: The applicant can easily upload their documents online on the application portal of the financial institution.

• Charges: The total cost of borrowing is highly influenced by the hidden additional charges. In order to find the best salaried personal loan, read all the terms and conditions properly before applying for the loan.

• Processing Time: The approval of a loan is generally very quick especially in the case of short-term loans. The amount is reflected in your salary account within a few hours of approval. Always remember to enter correct and authentic details in the form to avoid any issues. If any information filled in the form is found to be wrong during the verification process it may delay the process or even lead to rejection of the application.

Interest Charged by Different Banks on Salaried Personal Loans

Here is a list of the top 5 banks that offer low-interest rates on salaried personal loans