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Best personal loans for salaried employees: Here’s how to apply and other key details
10 December, 2024 | 14:46 IST
Salaried employees are often preferred by the lenders due to their financial stability. With the advent of the digital lending platforms it has become quite convenient for salaried employees to apply for a personal loan. A personal loan could be helpful to meet a range of needs like a medical emergency, home renovation or a wedding.
Personal loans tailored for salaried employees could be a lifesaver, providing a quick and stress-free solution to meet financial needs.
Stress-free financial solution: Personal loans offer a hassle-free way to fund your aspirations or manage unexpected expenses without stressing over finances.
Preserve your savings: A personal loan enables you to handle sudden or planned expenses without dipping into your hard-earned savings.
Quick and easy disbursal: Personal loans are designed for fast approval and disbursal. If you are a pre-approved customer, the process is nearly instant, providing access to funds in just a few hours.
Competitive interest rates with flexible tenure: Salaried account holders and existing bank customers often enjoy attractive interest rates, especially with a good credit score. Loan tenures are flexible, ranging from 12 to 60 months, making EMI repayments manageable for salaried employees.
Minimal documentation: The process is largely digital, requiring minimal paperwork. Basic identity, income, and address proofs are typically required, and for pre-approved loans you may not need additional documents.
Applying for the best personal loans in India is simple. You can use a bank’s online portal, mobile app, or net banking services. Alternatively, you may visit a bank branch to apply in person.
Moneycontrol provides access to instant loans online up to ₹15 lakhs in partnership with five lenders. With interest rates starting at 12% per annum, no hidden charges, and instant disbursal, it’s the go-to platform for personal loans.
Here’s how to apply for a personal loan via Moneycontrol:
Enter details: Provide your personal and financial information.
Complete KYC: Verify your identity with minimal documentation.
Set up EMI repayment: Finalise repayment terms and get your loan instantly.
Benefits of applying for a personal loan through Moneycontrol
100% digital process: Moneycontrol ensures a hassle-free loan application process that is entirely online. So, you can easily apply without paperwork or office visits.
Quick and simple process: Applying for a personal loan through Moneycontrol involves only three simple steps — entering your details, completing KYC verification and setting up your EMI repayment plan — ensuring a smooth and efficient application process.
Fast disbursement: Once your loan is approved, the funds are quickly disbursed directly to your bank account, providing you with immediate access to the money.
Flexible loan amounts: Moneycontrol offers access to instant loans up to ₹15 lakh, allowing you to choose the amount that suits your financial needs.
Competitive interest rates: These loans come with interest rates starting at just 12% per annum, making them an affordable option compared to credit cards.
No hidden charges: One of the biggest benefits of choosing Moneycontrol is the transparency of terms, with no hidden charges or surprise fees, ensuring you know exactly what to expect throughout the loan’s duration.
Partnership with multiple lenders: Collaborating with five lenders, Moneycontrol provides diverse options and competitive rates to match your financial situation.
Salaried individuals can access personal loans ranging from Rs 50,000 to Rs 40 lakh. Here are the key factors related to interest rates and tenure:
Interest rates: Most banks offer interest rates starting at around 10% per annum, which can go up to 24%, depending on factors like your credit score, income and employer’s reputation. A lower interest rate is generally offered by the lenders to the borrowers with a strong credit profile.
Processing fees: In addition to interest, banks charge a processing fee, which usually ranges between 2.5% and 3% of the loan amount. Ensure you check the exact fee with your lender before applying to avoid surprises.
Loan tenure: Personal loans for salaried employees offer flexible repayment tenures, typically ranging from 3 months to 72 months (6 years). This flexibility allows borrowers to choose an EMI plan that aligns with their financial situation.
Eligibility criteria
Before applying for a personal loan, it’s essential to ensure you meet the eligibility requirements specific to salaried individuals. Here’s what most banks and financial institutions usually look for:
Nationality: Applicants must be Indian residents.
Employment status: You must be a salaried employee working with recognised private companies or public sector undertakings, including central, state, or local bodies.
Age limit: The applicant should be aged between 21 and 60 years.
Minimum monthly income: Most banks mandate a minimum net monthly income of Rs 25,000 for salaried account holders. Verify with your salary account bank for specific income thresholds.
Credit score: A credit score of 750 or higher is generally required to qualify for a personal loan. A good credit score reflects your financial discipline and increases your chances of approval.
Documents required for personal loan approval
Salaried individuals must keep the following documents ready when applying for a personal loan:
Recent passport-size photograph: Ensure the photograph is not older than six months.
Proof of identity (any one): Aadhar Card, Voter ID, PAN Card or Passport.
Proof of address (any one): Aadhar Card, Voter ID, Passport, Bank Passbook/Statement, Rent Agreement, or Utility Bill.
Proof of age (any one): Aadhar Card, Voter ID, Passport, School/College Admit Card, etc.
Income proof:-Salary slips for the last three months.-Form 16 or Income Tax Returns (ITR) for the past two years.-Bank statements: A six-month bank statement reflecting salary credits and other transactions.
If you are applying for a personal loan online, you may not need all of the above documents.
In conclusion, personal loans for salaried employees are a lifeline for managing unplanned expenses or achieving financial goals. With minimal documentation, quick disbursals and attractive interest rates, these loans ensure a hassle-free experience. For hassle-free loans up to Rs 15Lakhs, explore Moneycontrol app and website.
Summary
Personal loans for salaried employees offer a seamless way to tackle financial needs—be it emergencies or planned goals. With quick approvals, flexible terms, and minimal documentation, you can get a reliable safety net during times of need.
Disclaimer
This piece/article was written by an external partner and does not reflect the work of Moneycontrol's editorial team. It may include references to products and services offered by Moneycontrol.
100% Digital
Quick Disbursal
Low Interest Rates
