Are you a salaried employee looking for fast cash to meet temporary financial crunch? Want to go on a luxury holiday that you have always dreamt of? There is good news for you.
Most banks and lending institutions in India offer personal loan for salaried employees to meet the unfulfilled aspirations like wedding, home improvement, holiday, and child education. People, who fall within the purview of salaried employees, as identified by banks or financial institutions, are employees of private and public limited companies, chartered accountants, salaried doctors, employees of select MNCs, and government sector employees including local and central bodies and public sector undertakings.
Key Benefits of Personal Loans for Salaried Employees:
Personal loans for salaried employees are exactly what you need to meet your diverse financial requirements. Be it your wedding, child’s education, or renovating your home, you can now get the financial support that you want, without any hassles and in the most convenient manner. The key benefits of personal loans for salaried employees are mentioned herewith:
- Get a personal loan up to INR 15 lakh
- Flexible repayment options via post dated checks, electronic clearing system or account debit
- Simple and easy documentation
- Personal loan tenure ranges from 12 to 60 months
- Quick processing, even within 72 hours
- Requires no guarantor, no collateral
- Lucrative rate of interests
- Special personal loans for chartered accountants, doctors, architects, engineers, and CS
Eligibility Criteria for Salaried Employees:
The eligibility criteria, work experience, and income requirement are different for the different lending institution. However, on a general perspective, the eligibility criteria for approving personal loans to salaried employees are:
- Should be a citizen of Indian
- Should be minimum 21 years of age and maximum 58-60 years of maturity
- Minimum net income ranges from INR 15,000 to 20,000 per month
- Total 3 years of work experience with a minimum of one month experience in the current organization
- The applicant should be a permanent salaried employee with the state or central government institution, a reputed organization, or a profit making firm
- Residence of the applicant should be either owned, company provided or rented
Quantum of Personal Loan
The quantum of personal loan for salaried employees is determined on the basis of the amount applied for, income of the applicant, credit score, repayment capacity, and steadiness of source of income for such applicant.
For personal loans to salaried employees, the repayment tenure typically ranges from 12 to 60 months, i.e. a maximum of 5 years. However, the repayment period varies from bank to bank, and is dependent on the income and credit worthiness of the borrower.
Security Against Loan:
Typically, personal loans are a form of unsecured loans, which don’t require any security. The default loan amount goes into the bad debt account of the bank. However, certain lending institutions offer secured personal loans in lieu of any asset, NSC certificate, and fixed deposit certificate, as collateral. The rate of interest is lower as compared to unsecured personal loans, with flexible repayment terms.
Compare personal loan offers and interest rates at PersonalLoanBaazar.com, and make a wise decision in shopping the best.