Here’s How You Can Get a Personal Loan as a Salaried Employee

Life as a salaried employee, especially in a developing country like India, is peaceful and stable most of the time, mainly due to the fact that you have some form of financial security to protect you in bad times. But no matter how secure we are in our financial lives, there comes a time in all of our lives when we need financial assistance to either meet an unplanned expense or medical emergency.

In situations such as these, where our options are limited, a personal loan can prove to be a blessing in disguise, and thus in today’s article, we will share with you exactly how you can get a personal loan in India as a salaried employee

How to Get a Personal Loan?

Being a salaried employee comes with a lot of advantages, and one of the most significant of them is being able to instantaneously apply for a personal loan and get approved for it in record time due to your job security. If you have been planning to get a personal loan for sometime now, all you need to do is follow the steps outlined below. 

  • Open any browser (Chrome or Firefox) on your computer, and search for “personal loan for salaried employees in India.”
  • Hit Enter, and you will be presented with a number of options. Go over them one by one and be especially careful of the total interest being charged along with the tenure of the loan. 
  • Once you have spotted an offer which meets your preliminary needs, navigate to the official website of the lender or download their smartphone app to initiate the application process. 
  • In the first stage, start by sharing your personal information such as full name, phone number, email address and OTP shared by the lender. 
  • On the next page, share your income and employment information, including your organization name, monthly in-hand salary, type of employment (salaried or self-employed), number of years of experience etc.
  • Once done, start uploading the required documents onto the secured server of the lender. Some of the most crucial documents include your Aadhar Card, PAN Card, Income Certificate, Latest Salary Slip, last 3 months bank statements; latest ITR reports if requested. 
  • Submit your application, and on the following screen, your approval status will be displayed. Upon approval, select your loan amount and total tenure, and you will have the loan amount disbursed to your bank account in less than 48 hours.

Eligibility Criteria

Being a salaried employee in India makes the process of getting approved for a personal loan much easier, mainly due to your job security. However, there are some additional eligibility criteria you will be required to meet, and some of the most significant ones are as shared below. 

  • You need to be a permanent resident of India for at least the last 5 years. 
  • You need to have your eKYC documents that is your Aadhar Card and PAN Card present
  • You need to have a minimum monthly income of ₹13,500 
  • You need to have your latest salary slip and bank statements present with you
  • You need to have a minimum working experience of 3 years
  • You need to have a credit score of above 650 on a scale of 900

Documents Required

Along with meeting the eligibility criteria, you will need to submit the following documents to the lender in order to get approved for a personal loan as a salaried employee. 

  • Your eKYC documents, that is, your Aadhar Card and PAN Card. 
  • Your latest salary slip provided by your employer
  • Your last three months bank statements, preferably from your salary account
  • Your last three years ITR filing, if requested by the lender

Advantages of Getting a Personal Loan as a Salaried Employee

Now that you know how to get a personal loan as a salaried employee in India shared below are some of the most striking advantages of getting one. 

  1. 100% Paperless Process

Being a salaried employee, one of the main struggles I am sure you can relate to is dealing with time crunches, especially when you need to complete multiple tasks in a short period of time. In situations such as these where you are already running short on time, applying for a traditional loan which involves a manual application process including long queues at the lender’s office, can get quite taxing. On the other hand, a personal loan has a completely online and 100% paperless application process meaning you can complete the entire proceedings right from the comfort of your home. Along with the application process, you can also electronically share all the required documents for approval, meaning that you never have to step out of your home, and the loan amount will be disbursed to your bank account.

  1. Instant Approval

In lieu of the earlier point, even today, most traditional loans in India arrive with an extended approval period, and financial institutions take anywhere from 5 to 7 business days just to assess your application and determine your creditworthiness. On the other hand, most personal loans of today arrive with an instant approval process, meaning that within 10 to 15 minutes of your application, the automated system will gauge your creditworthiness and determine if you qualify for a loan or not. 

An instant approval process clubbed with guaranteed 48-hour disbursements ensures that you do not waste your time in getting approved for a loan, and you rather have access to the money when you require it the most. 

  1. Own Credit Model

Last but not least, one of the most striking advantages of a personal loan is the fact that these days most lenders have a credit model of their own, thus limiting their dependence on standardized credit rating systems to gauge your creditworthiness. Employing a proprietary credit model not only ensures that you have a greater chance of approval, but it also ensures that the scope of factors considered by lenders to assess borrowers (both new and existing) is widened, thus improving the system for times to come.

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Getting a personal loan, especially as a salaried employee, has never been easier, and now that you know the exact process of applying for one, go ahead and file your application for a personal loan as a salaried employee today.

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