Personal Loan for Salaried Employees Archives

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. 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.

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.

Apply Personal Loan for turning dreams into Reality Today

Now a days, you can get personal loan in hours. Personal Loan is unsecured loan for any immediate cash requirements. Person loan can be taken for any purpose too. Banks approves loan based on age, income, CIBIL score and employment. Bank does not look at the purpose of personal loan. Apply Personal Loan for turning dreams into Reality.

Personal Loan – Immediate fund raiser.

Let it be Child education, Marriage, buying gadgets, medical emergency, or other needs. vacation trips, unplanned expense Covid-19 lock down situation and anything else. Personal Loan is your instant fund raiser. Let us discuss how to apply for a personal loan for various types of applicants.

Personal Loan Agency

Each bank has its exclusive area wise personal loan toll free number to close customer queries. Also to support with all essential steps for approval of term loans. Most of the banks / financial institution have their call centre / toll free no. for Chennai. You can contact the numbers for resolving the queries.

Personal Loan for Salaried Employees

Salaried people get a fixed cash inflow every month. To meet unplanned and emergency situation, personal loan helps. Personal loan for salaried employees include people working in private or govt concerns. Salaried employees has more offers and concessional interest/fees in personal loans. Compared to self-employed professionals/owners.

Personal Loan for Government Employees

Govt staff personal loans covers employees of Public Sector of Central, State & Local Bodies. All banks have separate loan product for personal loan for govt employees. Few banks offer separate loan product for govt pensioners. Here loan amount depends on pension income.

Personal Loan for private employees

How can you avail personal loans if you are a Pvt Firm Staff ?. Who is a Pvt firm employee ?. Private employees include who working in MNC, Private Ltd Companies MSME & proprietor firms. Banks have special product for private company employees. Some companies and bank provide personal loan with best offers.

Personal Loan for Self Employed Professionals

Who are all Professional ?. In fact, Bank classifies them as follows

Doctors
Dentists
Practicing Chartered Accountant
Practicing Company secretaries
Advocates
Architects,
consultants ,
Interior designers

Most of all, These people are classified as self-employed professionals. By all means, Banks has a special loan product for this category too.

Personal Loan for Self Employed Owners

For instance, Self Employed owners who are not salaried. By the way, They earn income through their own incorporated entities. On the other hand, They can be into manufacturing, trading and service firms. In the same way, Separate loan products available for this category too.

Documents required for Personal loan

Whats are the Documents in need ?. They are as follows

Signed loan application,

KYC document,
Last 3 months bank statement,
Last 6 month bank passbook.
Latest salary slip,
Latest form 16.
Identity proof includes PAN card/Voter id / Aadhar Card/Passport/Driving License.

Bank may need one or two documents for identity proof. Self-employed professionals and owners submit income tax returns and financial statements. They will always not need salary slip and Form 16.

Sanctioning Process

Once you submit the documents, banks checks for credit health of borrower via CIBIL score. As you are aware, if you have CIBIL score above 700, your application is further processed. If you’re CIBIL score is Low and below 700, please refer our article Tips to improve CIBIL score furthermore. After Credit health, bank checks for authenticity of all documents submitted in the mean time.

Personal Loans for the emergency fund requirements

Based on salary/ income earned, loan amount is fixed. Even More, With the advent of technology, banks allow you to submit scanned documents . Without visting the branch, you can get the loan from your place. In Covid- 19 issues, many lenders offer personal loans to face the emergency fund whenever you need. Stay home and arrange funds in hours through personal loan.

Contact Top Bank Loan Consultants to Apply Personal Loan

Firstly, You have to select the loan product based on your employment. say Govt employee, Private employee, self-employed professionals or self-employed owners. In addition, Specific loan category provides more offers to your need. You should also be careful in choosing your product. We are also here to support you with all types’ doubts with regards to your personal loan. Contact Top Bank Loan Consultants to Apply Personal Loan.

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