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How to Take an Instant Personal Loan for Salaried Employeed
Instant personal loan for salaried employees are a quick and easy way to get cash when you need it. They are especially useful for unexpected expenses, such as medical emergencies, home repairs, or travel. Salaried individuals are good candidates for instant personal loans online because they have a steady income and are therefore less likely to default on their loans. Additionally, many online lenders offer competitive interest rates and flexible repayment terms.
In this article, we will explain why online instant personal loans are a good choice for people who have a regular job. We will also discuss different things about these loans.
Why Choose an Instant Personal Loan Online for a Salaried Individual?
If you need money quickly for an unexpected expense, instant personal loans can be a good option. They are easy to apply for and can be approved quickly. Here are some reasons why salaried people should consider getting an instant personal loan.
Instant personal loans are a good option for salaried individuals because they are:
- Fast: You can get the money quickly which is helpful if you need it for an emergency.
- Easy to apply for: You can apply online from the comfort of your own home.
- Flexible: You can use the money for any purpose, such as medical bills, home renovations, or travel.
- Unsecured: You don’t need to put up any collateral to get the loan.
- Easy to repay: You can choose a repayment plan that fits your budget.
Features & Benefits of Personal Loan for Salaried Person
Personal loans for salaried people have many good features and benefits:
- Loan amount: You can borrow different amounts of money depending on how much you need and how much you are eligible to borrow. Common loan amounts range from ₹50,000 to ₹20,00,000 or more.
- Tenure: Personal loans offer flexible repayment periods so you can choose a duration that works for you.
- Interest rates: While interest rates vary from lender to lender, competitive rates are available, especially for people with a good credit score. The common interest rate range is between 12% to 45%.
- Minimal documentation: The application process is easy and requires minimal paperwork.
- Credit score improvement: Timely repayment of a personal loan can have a positive impact on your credit score, which can improve your financial profile.
Top Apps: Instant Personal loan for Salaried Employees
Several mobile apps and online platforms offer instant personal loans for salaried individuals. Some popular ones include:
Instant Personal Loans Apps for Salaried Person
App Name | Rating | Amount | Tenure | Interest Rate (p.m) | Interest Rate (p.a) | Processing fees | Income | Age |
Navi | 3 | Up to 20,00,000 | Up to 72 months | 0.8% – 3.75% | 9.9% – 45% | 3.99% – 6% | 13,000 | 21-65 years |
Zest money | 4.2 | Up to 2,00,000 | 3 – 36 months | 0.90% | 11.99% | 3% | Not Fixed | 18-65 years |
Credit Bee | 4.4 | 1000 – 4,00,000 | 3 – 34 months | 1.02% – 2.49% | 12.24% – 29.88% | 6% | 10000 | 21-45 years |
Money view | 4.7 | 5000 – 10,00,000 | Up to 5 years | 1.30% | 16% | 2% | 14000 | 21-55 years |
CashHe | 2.7 | Up to 4,00,000 | 3 – 18 months | 2.50% | 30% | 2% | 10,000 | 18-65 years |
True Balance | 5 | 5000 – 1,00,000 | 3 – 6 months | 2.40% | 28.80% | 0-15% | 13,000 | 21-50 years |
Pocketly | 4.1 | Up to 50,000 | 1 – 4 months | 2% – 3% | 24% – 36% | 0% – 7.5% | 13,000 | 21-65 years |
Fibe | 4.4 | Up to 50,000 | 3 – 32 months | 1.02% – 2% | 24% | 2% | 18000 | 21-55 years |
Loan Tap | 3 | 25000 – 10,00,000 | 3 – 60 months | 1.5% – 2.5% | 18% – 30% | 2% | 30,000 | 23-58 years |
Branch | 4.6 | Up to 50,000 | 1 – 6 weeks | 2.8% – 3.1% | 35% – 36% | 2% | 13,000 | 18-58 years |
Interest Rates and Charges of Instant Personal Loans for Salaried
Personal loan interest rates and fees can vary, so it’s important to compare offers from different lenders.
Here are some common charges:
- Interest rate: The amount of money you pay to borrow the money. It can be fixed or change over time, and it’s usually between 12% and 45% per year. The interest rate depends on your credit score, how much money you’re borrowing, and how long you’re borrowing it for.
- Processing fees: The fees that the lender charges to process your loan application.
- Prepayment fees: The fees that the lender charges if you repay your loan before the end of the term.
- Late payment fees: The fees that the lender charges if you miss a payment.
- Foreclosure fees: The fees that the lender charges if you close your loan early.
Eligibility for Salaried Personal Loan
To qualify for an instant personal loan as a salaried individual, you typically need to meet the following eligibility criteria:
- Age: Most lenders require you to be at least 21 years old and not more than 60 years at the time of loan maturity.
- Income: You should have a regular source of income, usually through employment.
- Credit Score: A good credit score enhances your eligibility and can lead to better loan terms.
- Residency: You must be a resident of the country where you’re applying for the loan.
- Work Experience: Some lenders may require a minimum number of years of work experience.
Documents Required for Salaried Personal Loan
The documentation process for a personal loan for salaried individuals is relatively straightforward. You typically need:
- Identity Proof: Aadhar card, passport, or driver’s license.
- Address Proof: Utility bills, rental agreement, or voter ID.
- Income Proof: Salary slips, bank statements, and Form 16.
- Passport-sized photographs: Usually, two recent photographs.
- Loan Application Form: Provided by the lender.
Suggested Read: Business loan Emi Calculator
How to Apply for a Personal Loan for Salaried Person
Applying for an instant personal loan online is a straightforward process:
- Research Lenders: Compare loan offers from different lenders to find the best terms.
- Check Eligibility: Ensure you meet the lender’s eligibility criteria.
- Fill Application: Complete the loan application form, providing accurate information.
- Submit Documents: Upload the required documents online.
- Approval and Disbursal: Once approved, the loan amount will be disbursed to your bank account.
Factors that Affect Salary Personal Loan
Several factors can influence your personal loan application:
- Credit Score: A higher score can lead to better loan terms.
- Income: Your income level determines your borrowing capacity.
- Employment Stability: A stable job history can enhance your eligibility.
- Loan Amount: The amount you apply for can affect approval and interest rates.
- Existing Debt: High existing debt may impact your eligibility.
Conclusion
Instant personal loans are a type of loan that you can get online quickly and easily. They are a good option for salaried individuals who need money fast, such as to pay for an emergency expense or to cover unexpected costs.
To get an instant personal loan, you will need to provide some basic information about yourself, such as your income, employment history, and credit score. The lender will then review your application and decide whether to approve your loan. If your loan is approved, you will receive the money within a few days.
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FAQs - Instant Personal loan for Salaried Employees
An instant personal loan for salaried individuals is a type of unsecured loan that offers quick access to funds for various financial needs. It is designed to cater to the urgent requirements of individuals who receive a regular salary.
Eligibility is influenced by your age (usually between 21 to 60 years), regular source of income, credit score, residency status, and sometimes, your work experience.
Most instant personal loans are unsecured, meaning you don’t need to pledge any assets as collateral.
Yes, you can often repay the loan early. Some lenders may charge prepayment fees, so it’s essential to check the terms before doing so.
You can use online EMI calculators provided by lenders to determine your monthly repayments based on the loan amount, interest rate, and tenure.
Bank Personal Loan Eligibility Criteria
Bank Personal Loan Interest Rate
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