With a huge number of educated and skilled professionals entering the workforce, it is natural that their requirements and goals will increase. Personal loans are becoming increasingly popular to meet immediate and future financial obligations and desires, such as taking a much-desired trip or making a significant aspirational purchase like a holiday trip, overseas education, home upgrade or destination wedding.
Personal loans are very helpful for life’s unplanned emergencies and unforeseen expenses. Not only that, with personal loans, you don’t need to push aside your aspirational desires. Thanks to the advent of digital technology, personal loans can be availed online, too.
The advantage of obtaining an instant personal loan is that, in most cases, these loans are unsecured. It means that you do not have to provide any security or collateral to obtain one, and once you have it, you are free to use the money towards any purchase.
How to Go About Obtaining a Personal Loan?
You can apply for a personal loan through one of the three main channels. That would be:
- Approaching a Regular Bank
Since the vast majority of us keep some of our money in a bank, we tend to approach them first for a personal loan.
Banks typically grant these loans following a uniform procedure with a standard contract, paperwork, and repayment choice. However, banks follow a very stringent process for approval.
- Non-banking financial companies (NBFCs)
NBFCs like Fullerton India provide personalized offerings on personal loans at attractive interest rates. NBFCs are usually lenient and have a faster approval process as compared to banks. Typically, NBFCs approve a personal loan within minutes provided you meet all their eligibility requirements.
Advantages of Applying for a Personal Loan with an NBFC
- Cash disbursement in a short time
- Minimal approval time
- Competitive interest rate
- Flexible payment schedules and maximum loan tenure
- No collateral is required
Why Take a Personal Loan?
Personal loans can be used for various reasons, including but not limited to paying for a wedding, home improvements, debt consolidation, medical expenses, college tuition, a new car, a new phone, a vacation, or the payment of a car repair. The salient features are:
- Instantaneous funding means that you receive your money quickly.
- Pre-approved consumers don’t need to provide any paperwork.
- Zero requirements for collateral or security
- A range of repayment options and affordable monthly instalments.
- Competitive rates
- Avail high loan amount up to 25 Lakh
- Get flexible loan tenure up to 60 months
- Relaxed eligible criteria
Can a Salary-Based Individual Get a Personal Loan?
Personal Loans are available to almost everyone with a steady source of income. You will be required to submit proofs of your income and employment history for a lending institution or NBFC to approve a loan.
Eligibility Criteria for Salaried:
- You must be an Indian resident
- You must be 21-60 years of age
- You must be drawing salary from a private or public sector company
- Your salary should be INR 25,000 per month if you stay in Mumbai/Delhi, and if you are from another city in India, you should be drawing at least INR 20,000 per month
- Your minimum cibil score should be 750*
- Borrowers are required to have a work experience of at least 6 months in their current organization
What are the Documents Required?
You are required to submit documentation as below:
- Loan application dully filled and signed
- Passport-sized photograph
- Any one of the listed identity & age proofs: Aadhaar Card, Voter ID, Pan Card, Passport, etc.
- Address proofs like Aadhaar Card, Voter ID, Bank Passbook, Rent agreement, etc.
- Salary slips for the last 3 months, and bank statements for the last 6 months
- ITR and Form 16 of the last 2 years
Personal Loan for Salaried:
- Money worries are a thing of the past; now, you may do anything you want, whenever you want, without worrying about where the cash will come from.
- Suppose you need money for an unexpected event or emergency. In that case, a loan for salaried individuals is a smart alternative that helps you avoid dipping into your savings, or asking for money from a friend or family.
- The approval process for a Personal Loan for salaried individuals can be completed in a few hours making the loan disbursement a simple and quick process.
- As most of the procedure is online, there is minimal paperwork required which needs to be uploaded on the lender’s site.
Many people have trouble making ends meet every month, despite having a steady income. In cases like this, a personal loan might be a lifesaver. You can get a personal loan online and has no end usage to it, and can be used for unlimited purposes. With the help of a Personal Loan, salaried employees can cover unexpected medical expenses, travel and education expenses, wedding and home improvement costs, and more. Salaried professionals can now better prepare for unexpected expenses with the help of these loans.
NBFCs like Fullerton India offer tailor-made personal loan facility for salaried individuals and helps you to meet your short-term needs for funding easily. Get a personal loan for salaried, today.