Financial difficulties turn out to be a significant challenge that salaried employees often face. The financial discipline followed by these individuals goes haywire when an unplanned expense arises. In such scenarios, a majority of the working individuals opt for a personal loan to meet their financial requirements.
An Instant loan for salaried employees can be acquired hassle-free by keeping in mind some vital details related to the procedure.
Tips salaried individuals must follow to acquire a personal loan instantly
Salaried employees can receive a personal loan instantly by following the tips mentioned below:
Tip 1: Know the eligibility criteria before applying for a personal loan
Before applying for a personal loan, every applicant must know the eligibility criteria.
The following are eligibility criteria for an Instant loan for salaried employees:
- Should possess a CIBIL score of 750 and above
- The age of the individual should be between 21 and 67 years
- Must be an Indian resident
- Must be a salaried employee of an MNC, a public, or a private limited organization.
Tip 2: Keep all documents handy
Individuals who want to acquire a personal loan must know the various documents required for the procedure. Generally, applicants need to furnish the following documents to acquire an Instant loan for salaried employees:
- Employee ID card
- KYC documents like Voter ID card, Aadhaar, Passport, PAN Card, or driving license
- Bank account statement of last few months as specified by the concerned financial institution
- Salary slips of the last few months as specified by the concerned financial institution
The above list is indicative, and lenders can ask a borrower to furnish additional documents.
Individuals must always choose reputed financial institutions while applying for a personal loan. Renowned lenders extend doorstep services to collect documents for an Instant loan for salaried employees.
Besides this, borrowers can enjoy several other benefits by opting for a renowned lender. For instance, leading financial institutions to extend pre-approved offers on both secured and unsecured financial products. These offers help simplify and accelerate the lending process. Applicants can check their pre-approved offers by providing a few details, such as their name and contact information.
Tip 3: Apply online for a personal loan
Applicants must then visit the official web portal of the concerned financial institution to input their employment, personal and financial details in the online application form for a personal loan. After inputting all these details in the personal loan application form, applicants must enter their desired tenor and amount in the respective fields.
First-time borrowers must note that the loan tenor determines the payment of EMIs. Hence, it is imperative to choose the tenor wisely while they apply for a personal loan. One of the most common loan payment methods, the equated monthly installments or EMIs, increases with a decrease in loan tenor. This is because the interest and loan amount is repaid over a shorter period.
Illustrated below is an example that will help make this point clear:
Suppose an individual acquires a personal loan amounting to Rs. 20 lakh. If the applicable interest rate for this loan is 14% and the loan tenor is 45 months, the EMI to be paid will amount to Rs. 57380. Considering the same interest rate, if the loan tenor is reduced to 35 months, the payable EMI will rise to Rs. 69929.
Prospective applicants who need to borrow money but are unsure about choosing the loan tenor can use a Loan EMI Calculator available readily on any renowned financial institution’s website. This user-friendly tool lets applicants know their payable EMIs before acquiring the loan. This will, in turn, help them manage the repayment of their credits efficiently.
Once the document submission process is completed, the loan gets disbursed instantly. Apart from this application process, salaried employees must know the eligibility criteria to get a personal loan within minutes.
As a personal loan comes with no end-use restrictions, borrowers can use it to fund their desired financial expenses like education, travel, home renovation, debt consolidation, etc. Additionally, they must also note that they can enjoy tax benefits on a personal loan for education purposes. Hence, individuals who want to get an Instant loan for salaried employees must consider the details above.