As a working individual, you plan your finances every month. Whenever your salary is credited to your Bank Account, you have a general idea of how you are going to spend the money. However, sometimes, unexpected or emergency expenses can ruin your efficient budgeting. In such cases, you might have to use up your savings.
To avoid such occurrences, you can always apply for a Personal Loan for salaried employees. This type of Loan is meant explicitly for salaried individuals like yourself. It helps you finance your immediate or aspirational expenses with ease. That way, you do not have to max out your savings.
Features
The following are the salient features of a Personal Loan for salaried employees:
- Competitive interest rates
Reliable banks offer existing Savings Account holders or bank customers competitive and affordable interest rates on such Loans. If the applicant has a good CIBIL score, they also get access to flexible tenures and repayment options.
- Quick disbursal
Some banks disburse the Loan amount within 24 hours of application. To enjoy this, you simply need to meet the eligibility requirements and submit the necessary documents. For assistance, you can reach out to customer support. The best part is that you get to complete the process digitally. You can do so either on the website or through the Banking app.
- Minimal documentation
The availability of online applications discards the need for extensive paperwork. Besides, banking websites and apps mention which documents you need to upload. This leaves no room for confusion and lets you fulfil the necessary obligations efficiently.
Benefits
Availing yourself of a Personal Loan for salaried employees garners a host of benefits. Apart from helping you finance your needs, here are a few other ways in which it comes to your aid:
- Reliable source
Before making any purchase, you should think through your salary structure. But sometimes, a little monetary help can enable you to fulfil your financial dreams without any stress. The easy EMI system lets you repay the borrowed amount easily.
- Saves funds
Sudden expenses create a dent in your savings. By applying for this Personal Loan, you avoid this and maintain the value of your preserved funds.
- Flexibility in purpose
A Personal Loan for salaried employees can be used for a multitude of reasons. Whether for a family wedding, to pay off an existing debt, or funding your child’s education, there is no implication on the borrowed amount’s usage. There is also no need of specifying the usage to the lender.
Eligibility criteria
- The applicant should be older than 22 years and younger than 60 years during Loan maturity
- The applicant should be a salaried individual and should have proof of the same
- The minimum salary of the applicant should be about Rs. 20,000