Over the past few decades, the standard of living in urban India has grown significantly owing to various factors. This has resulted in more people migrating to different cities in search of better professional opportunities. However, it isn’t easy to maintain a modern lifestyle, which is why financial products like Personal Loan for salaried professionals exist.
Let’s learn more about Personal Loan for salaried professionals, its features, and benefits, and more.
What is a Personal Loan for Salaried Professionals?
Let’s first understand what a Personal Loan is and what makes it an excellent financial product for salaried professionals. A Personal Loan is a type of unsecured loan that can be used to fulfil almost any financial requirement. It is a collateral-free loan, which means it’s not mandatory to put any asset as security against the loan amount.
If you are a salaried professional, you can avail of a Personal Loan to fulfil your goals – be it personally or for career growth. Read on to learn more about the various feature and benefits that you can get with this loan.
What are the Features and Benefits of a Personal Loan for Salaried Professionals?
There are several features and benefits that you can get with a Personal Loan for Salaried Professionals. Here are some of them:
- Short Turnaround Time for Loan Approval – Loan approvals are quicker when you apply for a Personal Loan online. The short turnaround time ensures that your loan is approved very fast.
- Quick Loan Disbursal Facility – Once you receive all approvals, you can receive the required funds on time without any hassle. Furthermore, it lets you put those funds to use as soon as possible.
- Competitive Low-interest Rate – You can find the best Personal Loan offers for salaried employees at attractive interest rates. The chances of getting a low-interest rate loan get even better if your credit score is above 750.
- Multi-Purpose Loan – A Personal Loan can be used for almost any purpose. It doesn’t have any restrictions on the end-usage. You can use it for higher education, wedding planning, medical expenses & hospital bills, travel, or home renovation & revamps.
- Flexible Repayment Tenure – These days, you can find Personal Loans for salaried employees with an option to repay the loan amount more efficiently. Some NBFCs also offer such Personal Loans with a flexible repayment period of up to 60 months.
- Easy-to-Follow Online Loan Application Process – You can easily apply for a Personal Loan online in just a few simple steps. If you meet the eligibility criteria and provide the necessary documents, then the application process will be completed in no time.
- Minimal Paperwork Required – Gone are the days of endless paperwork and documentation. Online Personal Loans these days involve minimum documentation that can help verify your personal, professional, and financial details.
What is the Minimum Salary Required to Avail of a Personal Loan?
The minimum salary requirement for availing of a Personal Loan depends on lots of factors, such as:
- The Lender or Lending Institution – The eligibility criteria for a loan includes income details, which can vary between different lenders.
- Debt-to-Income Ratio – The debt-to-income ratio is determined by how much you owe to how much your income is, i.e., how much you earn.
- Employment History – Your employment history is another factor that can influence the minimum salary requirement for a Personal Loan. Lenders often check your total professional experience and present experience in your current organization.
- Location – Where you are based currently can also determine the minimum salary requirement for a Personal Loan. Since the cost of living in Tier 1, Tier 2, and Tier 3 cities can differ, it can influence your income too.
Most NBFCs have a minimum monthly income threshold before they offer a Personal Loan In most lenders, the minimum eligibility criteria lie close to ₹40,000. However, it could vary from lender to lender. If you have a high income and are confident about your loan repayment ability before its time, you can consider prepayment. You can use a Personal Loan prepayment calculator for this purpose.
How to Apply for a Personal Loan for Salaried Professionals?
Simply follow the below-mentioned steps to apply for a Personal Loan for salaried employees online:
- Step 1: Visit the website of your chosen lender
- Step 2: Select ‘Personal Loan for Salaried Employees’
- Step 3: Click on ‘Apply Now’ to fill up the loan application form
- Step 4: Enter the required KYC details and submit the necessary documents
- Step 5: Await loan application assessment & verification
- Step 6: Receive loan approval confirmation
- Step 7: Authorize online disbursal of the Personal Loan
If you meet the minimum salary requirement for a Personal Loan, simply follow the above-mentioned steps to apply online.