Instant Personal Loan for Salaried Employees

Instant Personal Loan for Salaried Employees

Get unsecured personal loans for salaried employees up to Rs. 40 lakh. Many Banks and NBFCs provide loans for medical expenses, home repairs, or marriage costs. Access loan with instant eligibility check and salaried customer of Rs. 12,000 net income take a digital loan.

About Instant Personal Loan

Financial institutes provide unsecured loans for salaried individuals. These loans are short-term and collateral-free and it takes 48 hours to credit the loan amount. Government and private sector banks provide personal loans as per employee loan eligibility. Instant personal loans offer an organized application process and attractive ROI (Rate of Interest).

Lender Offer Personal Loan for Salaried Employees

LenderInterest RateSalary 
WeRize 1.35% per monthRs. 12,000Apply Now
MoneyView 1.33% per monthRs. 13,500Apply Now
InCred   11.49% to 18% p.a.Rs. 15,000Apply Now
Fibe 24% to 30% p.a.Rs. 15,000Apply Now
Finnable 16% to 22% p.a.Rs. 15,000Apply Now
IDFC   12.50% to 18% p.a.Rs. 15,000Apply Now
PaySense   1.4% to 2.3% per monthRs. 18,000Apply Now
Upward  9% to 32% p.a.Rs. 18,000Apply Now
Faircent12% to 28% p.a.Rs. 25,000Apply Now
Axis Bank10.49% to 22% p.a.Rs. 15,000Apply Now
Credit Saison14% to 24% p.a.Rs. 55,000Apply Now

Features of Instant Personal Loan for Salaried Employees

Multipurpose Usage: Use Instant personal loans for various purposes like marriage expenses, medical emergencies, tour costs, home renovation, debt consolidation, and more. This is a reliable and popular financial product for multipurpose usage.

 Flexible Loan: Get a flexible loan of up to Rs. 40 lakh for salaried employees. Choose your loan amount that requires needs.

Compare Lenders: The interest rate is one of the painful parts for borrowers. It would be best to compare interest with various financial institutes to achieve lower interest.

Quick Approval: Salaried employees get instant personal loans online. Cut the traditional process and make it online to achieve quick loan disbursement. Some lenders like WeRize, InCred, and Faircent skip the physical verification and credit loan faster.

No Collateral Required: Borrow a Personal loan without pledging your assets. This is a collateral-free loan. So, individuals apply for loans that don’t have assets.

Eligibility for Instant Personal Loans

It is necessary to understand loan eligibility criteria before driving on a personal loan. Some common requirements you should know before applying:

  • The lender requirement age is between 21 to 55 years
  • The borrower must be a salaried employee with Rs. 12,000/month.
  • Your monthly salary should be received in a bank account.
  • CIBIL score of -1 or 700+ is acceptable for lenders.

Also Read: How to Secure MSME Loan without Collateral

Documents Required

Ensure all lists of documents for personal loans for salaried employees. Following the documents checklist the borrower needs to upload for the loan procedure.

  •  KYC documents: Pan Card / Aadhaar Card
  • Bank Statement where salary is deposited.
  • Salary slip of recent 3 months
  • Residence documents: Electricity bill / Gas bill / Property related paper
  • Selfie photo

What to Avoid

Borrowers should understand the debt trap before going through the loan process. You have to watch out following points:

Hidden Charges: Know the hidden fees that are mentioned in the loan agreement. Carefully read processing fees, prepayment penalties, late payment charges, etc. You should avoid lenders who are taking higher charges.

Rate of Interest: Higher interest is one of the debt traps of borrowers. Compare interest rates with different financial institutes and choose an affordable rate. A lower interest rate reduces your EMI.

Taking Loans from Different Platforms: Sometimes applicant takes loans from different applications which should be avoided. Different platforms take different interest rates. Also, monthly EMI increasing slowly is one of the debt traps. You should understand income and expenses before taking a loan from a different platform.

Late Payment: Sometimes borrowers skip the loan payment date and pay the loan amount after missing the actual EMI date. These mistakes impact your CIBIL score. Borrowers should avoid this habit.

Application Process

1. Borrowers should research and choose appropriate lenders that offer a smooth loan process.

2. Check your eligibility like income, required age, credit score, etc.

3. Upload a mandatory list of documents for an instant personal loan fund.

4. Apply loan from 24hr Loan that goes through the digital process.

5. The lender will check creditworthiness and provide loans as per criteria.

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  1. What is the credit score required for a personal loan?

    Personal loans for salaried employees are available at -1 or 700+ CIBIL score. A lower than 700 credit score is not eligible for a loan.

  2. Can I apply for a personal loan at Rs. 12,000 salary?

    A salaried employee with Rs. 12,000 in-hand salary that is directly deposited to a bank account matches the personal loan requirement.

  3. Which location is applicable for a personal loan?

    You can take personal loans from every location in India.

  4. Can borrowers take personal loans online?

    Yes, borrow instant personal loans for salaried employees online. It will make the process faster and not require hardcopy.

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