Thinking of possibilities to achieve your dreams without waiting for your ‘salary credited’ message? Travelling the world, planning your dream wedding, and all the other things that you always wanted to do is now possible with a Personal Loan. In this blog, let us discuss the benefits of a Personal Loan for a corporate employee. Take a look!
What is a Personal Loan for Corporate Employees?
A Personal Loan for corporate employees is an unsecured loan designed for salaried individuals working in corporations. It may be an ideal monetary solution to meet any financial obligations. You can fulfil all your fund requirementswithout waiting for your salary and savings with a Personal Loan.
Benefits of a Personal Loan for Salaried Employees
Here are the benefits of opting for a Personal Loan for salaried employees:
Stress-free Source of Funds: With personal loans, you can get a high loan amount for any of your financial needs without any stress. With a stable source of income, lenders often consider salaried individuals as trustworthy borrowers.
No End-use Restrictions: You can use the funds in any way you like. You can expand your business, meet medical obligations, renovate your house, or even travel to different places.
Collateral-free: As the loans are unsecured, you need not pledge any asset as collateral.
Online Application— You can apply online with just a few clicks anytime and anywhere at your comfort.
Minimal Documentation: Some lenders require minimal documents. There’s no requirement to provide extensive paperwork.
Flexible Repayment Tenure: A Personal Loan usually comes with a flexible repayment tenure. You can tailor your monthly EMIs based on your repayment capacity.
Competitive Interest Rates– As a salaried individual with a steady income, you can get lower interest rates and affordable loan terms based on your credit score.
Quick Approval: Once you fulfil all the lender's requirements, your loan can be approved quickly.
Personal Loan Eligibility Criteria
The loan eligibility differs from lender to lender. Listed below are some common eligibility criteria:
Age: Your age must be between 22 and 57 years.
Citizenship: You must be an Indian citizen.
Employment: You must have a full-time job at central Government, PSU, MNC, Listed, Unlisted Public Ltd, Pvt Ltd, LLP, or companies listed internally with the lender.
Work Experience: You must have at least one year of job experience and at least one month of stable employment in your current job.
Monthly Income: You must have a monthly take-homesalary of at least ₹30,000.
Credit Score: You must have a good credit score. i.e. 750 and above.
Documents Required
The documents you may require for a Personal Loan for employees are listed below:
KYC Documents: PAN Card/Aadhaar Card/Driving license/Voter ID/Passport
Current Address Proof: Passport/ Utility bills/ Rent Agreement
Income Documents: Latest salary slips for the last 3 months
Financial Documents: Bank Statement for the last 3 months
Employment Proof: Official mail ID confirmation /Employee ID Card (in case official mail ID confirmation is not possible).
How to Apply for a Personal Loan for Salaried Employees?
Here is a step-by-step guide to applying for a Personal Loan:
Step 1: Go to the lender’s websiteand click on the ‘Apply Now’.
Step 2: Fill out the application form.
Step 3: Upload all the necessary documents.
Upon verification, the loan amount will be credited to your bank account.
To Conclude
With a Personal Loan for corporate employees, you can use funds to meet various financial obligations - be it to host a wedding, fund your child's higher studies, or travel to another country. A Personal Loan is collateral-free and comes with a high loan amount, flexible repayment tenure, competitive interest rates, no restrictions on the end-use,and much more. Make sure that you meet the eligibility criteria and upload all the documents while applying to get quick approval and disbursal.
Disclaimer: No Business Standard Journalist was involved in creation of this content