How to get a Personal Loan for Salaried Employees ?
S & P Bank Loan Services indeed offer the best Consultancy services to get all in all personal Loans for salaried employees in Chennai, Tamil Nadu, India.
Need for a personal loan for salaried employees:
Person working with any organization, will earn a fixed amount as salary. Most of the organizations offer yearly bonus and incentives. In fact, Cash inflow is almost fixed for the whole year for any salaried employees.
- How to meet up cash crunch, emergency situation, unplanned expenditure?
- How to arrange funds for vacation trips, debt consolidation or credit card payment?
Firstly, Personal loan comes for rescue to salaried employee. Not only bank offer personal loans, NBFCs and digital lenders also offer personal loans.
Features of Personal Loan for salaried employees:
Many lenders offer personal with no physical documents, quick approval and instant disbursal. Moreover, No guarantor and co-borrower required for a personal loan. Meanwhile, No collateral required for personal loans. Of course, Pre-approved loan for existing customers. By all means, It can be used only for legal purposes. In other Words, No need to visit the branch. In the same fashion, No restriction on end use of funds.
Interest rates on personal loans are comparatively less than credit card interest rates. On the same way, Only processing fees is paid to bank and no other hidden charges. Based on your repayment capacity, you can get more than one personal loans.
Eligible Criteria for Personal Loan:
Main criteria for personal loan is age, income earning capacity and repayment capacity. In the same token, For salaried person, income earning its always satisfied one. In the same fashion, Age and income eligibility varies from bank to bank.
General Age criteria for individuals to apply for personal loan is between 21 years to 55 years. Minimum income eligibility is Rs.20000/- per month. Repayment capacity denotes with the net income earned how much you can pay for personal loan applied. Lenders generally fix 50% EMI ratio on net income towards personal loans.
If you have other loans like car loan and housing loans, all needs to be considered to arrive at eligibility. We at S & P Bank Loan Consultants, help you with arriving you the personal eligibility. Key Documents to submit are duly filled in application, PAN card, driving license / passport / Aadhar, Salary slips, Form 16 and ITR.
Interest Rates and Offers:
Every bank has different personal loan products for salaried employees. Interest rate for all loans vary from 10.5 % to 20% across banks. Minimum loan amount starts from Rs. 1000 and maximum loan amount is Rs. 25 Processing fees ranges from 1% to 6% of loan amount. GST is applicable on processing fees.
Best banks for availing personal loans
Kotak Bank, SBI, Citibank, Bank of Baroda, IDFC First Bank, PNB, HDFC Bank, are few of the best banks for availing personal loans based on their competitive Rate of interest.
Tips for improving chances of getting a Personal loan for salaried employees:
Check the Credit Score:
First step to apply loan is take CIBIL report. Check for the CIBIL score. If the CIBIL score is above 700, proceed for applying loan. If the CIBIL score is below 700, take steps for improving CIBIL score. Â Do not apply loan in the wait period of improving score. Take list of all loans / credit cards which are due in CIBIL report and pay it off.
Then write to the particular bank to update their records. If you want support in improving your credit score, we can help you out at S & P Bank Loan Services, If you can’t wait for improving credit score, search for lenders who offers loans for low score with high interest rate. The Best Loan Consultants in our office can also support you in this.
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Avoid Multiple Applications:
Do not apply personal loan within a period of 6 months. Avoid multiple loan applications within short time. As each credit enquiry gets reflected in CIBIL report, CIBIL score will reduce for enquiries.
Best suited Personal Loan Product:
Select right personal loan products suitable for you. Compare the loan amount offered, interest rates, processing fees, loan tenure, pre closure charges and other fees. In Summary, We at S & P Bank Loan Services can also help you with choosing the right product for salaried employees.
Be Honest:
Provide correct information to lenders. As they verify the information before processing the loan. In Addition, Incorrect information may lead to rejection of loan.
Job Stability:
Working in same organisation for more than 3 years which will increase your chance of getting loan.
Repayment Capacity:
Apply for a loan based on repayment capacity. If you apply for higher amount than eligible, there are chances for getting the loan rejected. Finally, You can check in personal loan eligibility calculator in internet and apply for loan.
Contact Top Bank Loan Consultants to avail the best Personal Loan offers for Salaried Employees
Write to our Bank Loan Consultants. Contact us for any doubts on personal loan for salaried employees.