Personal Loan For Salaried Employees
16 August, 2024
Synopsis
Salaried Employees can easily get a Personal Loan.
To be eligible you should draw a minimum monthly salary of ₹25,000 and above
You also need to be stably employed with a company for more than 1 consecutive year
Loan application and procurement was once a tedious task, but today it is incredibly easy to obtain. If you are a salaried employee, your chances of obtaining loans increases manifolds. What’s more, you can apply for the loan online, and enjoy disbursal in the shortest time possible. However, you need to comply with the lender’s eligibility criteria and other requirements. This article explains everything pertaining to instant Personal Loan for salaried employees. Read on to know more.
What is a Personal Loan for Salaried Employees? The Basic Features
When it comes to Personal Loans, lenders typically offer two types of loans – those for self-employed individuals and those for salaried professionals.
The loan for salaried employees is like any other Personal Loan, in that it is unsecured or collateral-free, with no specific end-use restrictions on the loan amount. Additionally, you can obtain significant funding, the lender levies interest on the sum borrowed, and you can repay the loan in affordable EMIs, over flexible tenures ranging from 12 to 60 months. Moreover, your lender allows you to pre-close the loan before the stipulated tenure if you wish to do so.
Instant Loan For Salaried Employee – The Prerequisites
While applying for a Personal Loan, you will see the various eligibility criteria. As a salaried employee, you must assess the specific criteria stipulated for you. Most lender’s typically have the same requirements, which are as follows:
Age:
You should be in the age group of 21 to 60 years (the latter at the time of final EMI repayment).Monthly Income:
You need to be drawing a net or in-hand monthly income (after all necessary deductions) of ₹25,000 or ₹50,000 based on whether you are applying for the loan from a bank with which you have an existing relationship or from another bank, respectively.Employment:
You should be gainfully employed for at least 2 consecutive years, with at least one consecutive year of employment with the current organisation.Credit Score:
You should show a decent credit score of at least 700+ points for the lender to consider you eligible for an instant Personal Loan.
How to Apply for Instant Xpress Personal Loans For Salaried Employees
Today, you can apply for online Personal Loans for salaried employees simply by visiting your chosen lender’s website, filling out the loan application form and submitting scanned copies of the requested documents. Once you complete the paperless loan application process, the lender reviews your application. If everything is in order, you can expect the loan to be sanctioned and the funds to be disbursed into your account within 4 to 48 hours.
Documents Required To Obtain an Online Xpress Personal Loan for Salaried Employees
While you don’t need to submit any physical documents, you must provide soft copies of your basic documents, so that the lender can complete the necessary Know Your Customer (KYC) compliance processes. The required documents include:
A copy of your age and ID Proof such as PAN, Aadhaar, Driver’s License, Company ID Card, etc.
A copy of your temporary/permanent address proof like Aadhaar, Passport, Driver’s License, Rental Agreement, etc.
Copies of your last 2 salary slips along with the latest Form 16 obtained from your employer.
A copy of your employment proof certificate and the offer letter extended by your employer.
Bank statements of the last three to six months, as requested by the lender.
Apply For Easy and Instant Xpress Personal Loan For Salaried Employees From HDFC Bank
When you need money urgently, when you need access to funds quickly, whether for urgent or leisurely reasons, you can turn to HDFC Bank for your Personal Loan requirements. At HDFC Bank, we offer instant, paperless, Personal Loans of up to ₹40 lakhs with 4-48 hours disbursals. You can easily apply for the Personal Loan via our website and mobile application.
*Disclaimer: Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Personal Loan at the sole discretion of HDFC Bank Limited. Loan disbursal is subject to documentation and verification as per Bank’s requirement. Interest rates are subject to change. Please check with your RM or closest bank branch for current interest rates.
