A wedding in the family, an unexpected medical emergency, or even a loan that needs to be paid off all require an outlay of a lump sum amount. If you are a salaried professional and do not want to tap into your savings to pay these costs, there’s some good news for you. Many leading banks and financial institutions now offer instant loans for salaried employees.
You can check your eligibility and apply for a personal loan for salaried persons. Once your application has been approved and the lender has disbursed the funds, you can take care of your personal expenses smoothly, without worrying about using your hard-earned savings or investments in one go.
Personal loans for salaried professionals are essentially just personal loans. So, they are unsecured, meaning you do not have to offer any collateral to the lender. If you are eligible, you can apply for the loan facility. On approval, you will receive the funds. Thereafter, based on the terms and conditions of the loan agreement, you will have to repay the loan principal along with interest thereon across a predetermined repayment tenure.
This sums up how personal loans for salaried employees work. Some lenders may offer instant pre-approved loans or instant loans for salaried employees. If you receive such a pre-approved offer, it means that you are already eligible for a personal loan based on your income and credit history. All you need to do is apply and receive the funds.
Before you avail of a personal loan for salaried employees, remember some important things. Here is a quick overview of these key aspects.
Personal loans for salaried persons typically come with qualifying criteria related to your nationality, age, income levels and credit score. Before you apply for a loan, check if you meet the eligibility criteria to reduce the chances of rejection.
In case you have a pre-approved offer for an instant loan for salaried employees, you can minimize the wait time significantly. When you apply for an instant personal loan, the funds will be disbursed to your account almost right away, making it easy to meet emergency expenses.
Look at the paperwork required as a part of your personal loan application, and ensure that you have the necessary documents ready before applying. Although the paperwork required for personal loans for salaried employees is generally minimal, it is important to be prepared.
Check the interest rates on the loan, the repayment tenures you can choose from and other important terms and conditions. It’s also advisable to compare loan offers before you choose oneterms of them to apply for, so you can borrow funds on the most favourable .
As a salaried employee, you can avail of several financial services that are tailored specifically to meet the needs of individuals with a salary income. Instant loans for salaried employees are just one among these facilities. With Fi Money, you can also open a salary account to receive monthly income credits. Having partnered with RBI-licensed Federal Bank, Fi offers this salary account with various benefits, including no minimum balance requirements, a free VISA Platinum debit card, zero forex charges on the card and priority customer service.
Personal loans for salaried employees are unsecured loans that are offered exclusively to individuals who earn salaried income. They work quite like regular unsecured loans, where the borrower has to repay the principal along with interest at a predetermined rate, over a specified repayment tenure.
The eligibility criteria pertaining to personal loans for salaried persons vary slightly from one lender to another. Broadly, however, the criteria may pertain to the borrower’s nationality, age, minimum monthly income, job stability or work experience and credit score.
The interest rates on personal loans and instant loans for salaried employees are generally highly competitive. The loan amounts may vary from one lender to another but often go up to ₹40 lakhs or so. As for the repayment tenure, most banks offer loans repayable within 12 to 60 months.
