Personal Loan For Salaried Employees - Know Eligibility Criteria
Unplanned emergencies can occur anytime, and the need for money can break your expenses badly. Instead of breaking your fixed deposit accounts or withdrawing the amount before maturity, applying for an instant personal loan can resolve all your financial burdens. Having a little extra money can be a boon for all and one can live life happily. No matter how much your earning is, every time it’s not possible to save. Besides an emergency, if you are planning for a much-needed vacation with your friends/family, planning to gift a gold ornament to your loved one, or arranging your dream wedding - a Personal Loan can be the savior. Whether you are a salaried individual, businessman, or professionals, a personal loan provides instant access to funds, with zero collateral and minimum documentation. In recent times, quick loans have become the most preferred financial tool to deal with financial crises. Read on to know more about personal loans for salaried people, eligibility, required documentation, and make your loan journey easy and simple.
A personal loan for salaried employees provides you the option to use the loan amount as per your requirement, helping you meet all the financial issues. Since a personal loan is unsecured, there is no need to deposit any collateral for security but you need to check the eligibility and other key factors to avoid hassles. While the criteria vary from lender to lender, here are the general requirements:
- You have to be an Indian citizen or a resident of India
- Age should be 21-60 years
- Employed or business stability at least for 1 year
- Your monthly income has to be Rs. 18,000+
- Should have a healthy credit score (If the score is less or below 750, improve it first and then apply)
Always check out the eligibility criteria for the respective lender then proceed further. Always consult with the lenders before going ahead. Because loan rejections can impact your credit score and you may not avail of a loan again for some time.
After checking the eligibility criteria, fill-up the form with the required information, provide the documents, submit, and wait for a few minutes to get the loan approval from the lenders. The basic documents include -
- Address proof (Voter/Aadhar/PAN)
- Identity proof (Voter/Aadhar/PAN/Passport/Driving License)
- Photographs
- Bank statements of last 3 months
- Salary slips of last 3 months
Wrapping Up!!
A fixed monthly income may not be sufficient to handle all your expenses or an emergency. With Buddy Loan, a salaried individual can apply for an instant personal loan up to Rs. 15 Lakhs. But monthly income should be more than Rs. 18000. Fast approvals and minimal documentation make the entire process easier and a quick disbursement to your bank account gives you the liberty of using your loan amount as you want. Download the Buddy Loan app now to get your loan instantly!
Aditya Birla offers a personal loan to all salaried individuals to fulfill their financial needs on time.
The minimum age of an applicant should be 23 years to a maximum of 55 years.
Aditya Birla personal loan comes with a loan tenure from 6 months to 36 months with low-interest rates.
While at first glance, they might appear to be similar, in reality, they share a lot more differences than meets the eye, and in today’s article, we will discuss them in detail.Payday vs Personal LoanOne of the first and most important aspects we need to understand is the essential meaning of both these credit instruments.
Most payday loans in India arrive with minimal documentation and are thus one of the best financial instruments if you are in a financial crunch and you require money urgently while wanting to pay it back upon the arrival of your next income.
Payday loans and personal loans in India can be differentiated across four main verticals: loan amount, interest rate, repayment, and eligibility.
Loan Amount When you are on the lookout for a lending instrument, it is only natural that the first aspect you will focus your attention on is the loan amount.
In the case of a payday loan, most lenders across the country approve you for a loan amount equivalent to 40% of your monthly in-hand income.
As payday loans are primarily designed to ease small expenses, 40% of your monthly in-hand income will almost be enough to fulfil your needs, such as rent, urgent car repair, monthly groceries etc.
