Personal loan for salaried Employees
The major income source for an average Indian salaried employee is the monthly paycheck, on which they completely rely for their household expenditures. The need for more funds may arise due to unforeseen financial circumstances. When an unexpected bill, emergency, or sudden cash shortage forces you to contemplate using your savings, you know how awful it can be. That is when a personal loan for salaried people comes in handy.
In this article, we’ll understand personal loans in detail that will help salaried professionals sort out their monetary requirements smartly.
Personal loans are unsecured forms of credit, meaning you don’t need to pledge any collateral like a car, house, or any other asset to secure a personal loan. This makes personal loans a popular choice for salaried employees who may not have to pledge or want to keep their assets risk-free.
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Benefits of Personal Loans for Employees
Flexibility: Personal loans can be used for a variety of purposes, such as financing a home, financing a marriage, debt consolidation, or covering unexpected medical expenses. This flexibility allows salaried employees to meet their unique financial needs without having to go through the hassle of applying for multiple loans.
Lower interest rates: When compared to credit cards, personal loans generally have lower interest rates, making them an affordable way to borrow money. Additionally, the interest rate on a personal loan is fixed, making it easy to plan the repayment amount and tenure.
Easy application process: Since personal loans are an unsecured type of loan that requires no collateral, a borrower has to submit very minimal and primary documents like an Adhaar card for identity proof, a utility bill or rent agreement for address proof, salary slips or bank statements as income proof, a PAN card, and photos.
Eligibility Norms to Secure a Personal Loan for Salaried Professionals
To qualify for a personal loan as a salaried employee, you typically need to meet the following eligibility criteria:
- Age: The applicant must be at least 21 but not more than 60 at the time of application.
- Income: The applicant should have a steady income source, usually in the form of a salary. The minimum salary should be Rs.15,000 per month, which should be reflected in the bank statement.
- Credit Score: The credit score plays a vital role in determining the eligibility for a personal loan. A higher score will generally make it easier to qualify for a loan.
How to Apply for an Instant Personal Loan?
Choosing a suitable financial institution that provides a personal loan for salaried employees can be a little time consuming since there are so many banks and NBFCs. To reduce this hectic process, leading online platforms like Nowofloan have made it easier than ever to apply for a personal loan. The application process is well-organized and time-saving.
Why Choose Nowofloan to Apply for Personal Loans
Nowofloan is a partner with several NBFCs that offer a platform to apply for personal loans without going through the time-consuming process of visiting various financial institutions.
- Wide range of options: Nowofloan works with multiple NBFCs to offer a range of loan options.
- Easy application process: The application process of Nowofloan is very simplified. It takes only a few minutes to complete the process.
- Dedicated Loan Expert: Once the application process is completed, a dedicated loan expert will be provided to the applicant. The dedicated loan expert will help the applicant towards the right step.
- Zero impact on Credit score: The loan expert will thoroughly go through the profile and apply to only those NBFCs where the eligibility criteria are highly suitable to the customer profile.
In conclusion, personal loans are a popular choice for salaried employees who need to meet unexpected expenses, consolidate debt, or finance a major purchase. They offer flexibility, lower interest rates, and a straightforward application process. Nowofloan is a comprehensive digital platform that helps to apply for a personal loan for salaried employees in partnered NBFCs. By understanding the advantages and eligibility criteria of personal loans, salaried employees can make informed decisions about their financial needs
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