How to Get a Personal Loan for Salaried Employees?

You might need a personal loan for various reasons. It might be for any medical emergencies or maybe for your much-awaited international trip. No matter what your purpose is, opting for a personal loan can be a good choice for all salaried persons or working professionals. In today’s digital world, applying for personal loans for salaried Personal in the traditional way can give anyone so much headache. Due to this, applying for a personal loan online will be a much better option.

In this blog, we’re going to cover how a salaried person can get a personal loan, the eligibility criteria, and many more interesting topics regarding a personal loan, so stay tuned!

What is a Personal Loan?

A personal loan is a type of loan that individuals can borrow from a bank, financial organization, or any online lender. It’s typically an unsecured loan which means that you don’t need collateral (house, car, or any other property) to secure the loan. These days personal loans are used for different purposes, unexpected expenses, financing on major purchases, medical expenses, and the list goes on.

Key features of a Personal Loan:

Although there are multiple features of a personal loan, below highlighting the key ones to keep in mind before applying for a personal loan for salaried:

Fixed Loan Amount: In a personal loan, you borrow a specific amount of money, which is determined by the lender based on factors like your creditworthiness, income, and other financial considerations.

Fixed Interest Rate: Generally personal loans have fixed interest rates. This means your monthly installments remain the same during the complete loan tenure. This feature can make your monthly budget more predictable.

Fixed Repayment Term: Personal loans have a fixed repayment term. Generally, the loan terms start with a few months and can go up to several years.

Versatile Usage: After getting the personal loan for salaried, you can use the fund for different purposes. Unlike some other loans such as car Mortgages and Vehicle loans, in personal loans, the user can use the funds any way he wants to.

Application Process: In the current digital world, anyone can apply for an instant personal loan online. There are multiple ways to get a personal loan, though the approvals depend on the user’s creditworthiness, credit score, and on many other factors.

Eligibility Criteria of a Personal Loan:

Before applying for a personal loan for salaried, it’s crucial to check the eligibility criteria of a personal loan. Though the eligibility depends on various elements, it is mainly based on some key points:

Credit score: Credit score or CIBIL score is a major factor in determining the eligibility for an instant personal loan online for salaried. A higher credit score always improves the chances to get the application approved for a personal loan. Many of the lenders can have the minimum credit score requirements. Usually, a credit score of 700 or more is considered a good credit score to get a personal loan.

Salary & Other incomes: In the case of a Personal loan for salaried, lenders typically want to make sure that you have a stable source of income to repay the loan amount. In many cases, the lender can ask for proof of employment such as a salary slip, tax return details, etc. As there isn’t any mention of a minimum salary for personal loan Generally, it is suggested to have a monthly income of ₹15,000 or more to get a personal loan.

Residency & Age: You usually need to be a legal adult in your country of residence to qualify for a personal loan. Lenders may also require you to be a permanent resident or citizen of that country.

Credit History: When it comes to instant personal loan online for salaried, lenders can review your credit history such as – your previous loans, total borrowed amount, repayment history, and many more. Depending on every metric the lender can approve or disapprove your loan application. To check your eligibility you can refer to some of the Personal Loan Eligibility Calculators which are available online to get a better idea.

Talking about different eligibility criteria factors, let’s see how a salaried person can get a personal loan instantly!

When it comes to personal loans for salaried then in most of the cases, it is very easy to get a personal loan for working professionals. However, the bank or the loan lender may require loan applicants to meet certain income or employment requirements.

How much Personal Loan you can get on your salary?

The approved loan amount of a personal loan can be based on your salary, your other income, the type of organization that you work in, the duration of your employment, and many more. The loan amount also depends on your creditworthiness as well as the amount of debt that you have taken so far. Additionally, your work sector also plays an important role when applying for a personal loan. A personal loan for a Government Employee and a Personal loan for a salaried of a private organization can be different. As there isn’t any mention of a minimum salary for personal loan, based on our research the salary range starts from ₹15,000 per month for getting a personal loan.

You can use the Personal Loan Eligibility Calculator to check the estimated loan amount which can be approved based on your salary and other details.

What are the documents that are required for a Personal Loan?

To get a Personal loan for a salaried person the documents which are required are very basic. Your basic identity proof such as Adhaar card and PAN card and for your income proof the lender may ask you to submit the latest bank statement, your latest salary slips, or your tax return details.

How can I apply for a Personal Loan?

To apply for an instant personal loan online for salaried, you can download the VIVA Money App from the Google Play Store or iOS App Store, and with a few steps, you can apply for an instant personal loan online for salaried.

How long does it take for an Instant Personal Loan online for salaried to be approved?

Based on your details, you can get the approval for an Instant Personal Loan in less than 15 minutes. With VIVA Money App, the process is very easy, simple, and quick at the same time. After submitting the application, it usually takes 15-30 minutes to get approval for a quick loan through a Line of Credit feature of the VIVA Money App.

What is the Average Interest Rate for a Personal Loan for a Working Professional?

The average rate of interest on a Personal loan can be as low as 3% and can be as high as 20%. It usually depends on the EMI tenure, your creditworthiness, and other details.

In conclusion, a salaried employee can easily apply for personal loans online, you can check with a Personal Loan Eligibility Calculator to check the eligibility before applying. These loans offer flexibility and can be used for various purposes. Eligibility depends on factors like credit score and income. Approval is quick, and interest rates vary based on individual profiles. It’s essential to borrow responsibly and repay on time to maintain a good credit score.