What is a Personal Loan for Salaried
Salaried individuals have a stable income as they work with an established company. However, having a regular source of income does not guarantee adequate liquidity or funds to cover every personal expense. Furthermore, using life savings in lump-sum can negatively affect long-term financial plans.
A personal loan for salaried is a comprehensive loan product designed to allow salaried individuals to raise immediate and adequate capital.
IIFL Finance’s instant personal loan online for salaried is a product targeted toward fulfilling all the financial needs of salaried individuals. The personal loan product comes with attractive interest rates and flexible repayment options. The loan application is approved within 5 minutes, and the loan amount is disbursed within 24 hours of approval.
Personal Loan For Salaried Features and Benefits
A personal loan for a salaried employee allows salaried individuals to avoid spending their lifelong savings on personal expenses. Such loans can allow salaried individuals to continue saving for the future and yet pay for personal expenses such as car, education, marriage, etc. Here are the features and benefits of a personal loan for salaried online:
Personal Loan For Salaried EMI Calculator
What are the eligibility criteria for a Personal Loan for Salaried
Every lender has set eligibility criteria for offering personal loans for salaried as a part of their loan application process. If you are a salaried individual, it is vital to go through the eligibility criteria and ensure you fulfil them before applying for a personal loan. Here are the personal loan eligibility for salaried for an instant personal loan online for salaried:
Age: The age of the applicant should be between 23 years-65 years.
Employment: The applicant should be a salaried employee or a self-employed individual with a regular source of income.
CIBIL Score: The applicant should have a CIBIL or credit score of 750 or higher.
Monthly Salary: The monthly salary or income of the applicant must start from Rs 22,000, depending on the city of residence.
What are the Documents Required for a Personal Loan for Salaried
Lenders have designed instant personal loans online for salaried to require minimal documentation. It ensures that salaried individuals can raise immediate capital by avoiding a time-consuming loan application process. Here are the documents required to avail of a personal loan for salaried employees:
Personal Loan For Salaried Interest Rates
Similar to other types of loan products, personal loans for salaried employee charges interest for offering the loan amount to salaried individuals. When salaried individuals take a personal loan, they have to repay the principal amount taken as a loan within the loan tenure, along with the interest fee. IIFL Finance offers instant personal loans online for salaried at nominal interest rates to ensure there is no financial burden at the time of repayment.
Why Choose IIFL For Personal Loan For Salaried?
IIFL Finance is a leader in providing financial services in India for over 25 years, with a special focus on comprehensive personal loans, such as instant personal loans online for salaried. IIFL Finance has designed the loan product to ensure there is no delay for salaried individuals to raise immediate capital to cover their expenses.
The loan process is simple and follows a quick approval and disbursal process within 24 hours. The personal loan for a salaried employee comes with attractive and affordable interest rates with flexible repayment options. The loan application process is entirely online and requires minimal documentation with no collateral requirement, allowing borrowers to raise up to Rs 5 lakh with the option of a higher loan amount on successful repayments.
What are the Things To Consider While Taking a Personal Loan For Salaried
A personal loan for salaried employees can prove to be highly beneficial in ensuring the effective coverage of personal expenses without using your savings all at once. However, the lender may reject the loan application if it does not cover every aspect of the set loan application process. Here are the things to consider while taking an instant personal loan for a salaried employee:
How to Apply for a Personal Loan for Salaried?
The application process to apply for a personal loan for salaried online may differ from lender to lender. IIFL Finance has designed the instant personal loan for salaried employee application process to be simple and hassle-free, keeping in mind the limited time salaried employees have in a day. Here is the detailed process of applying for the best personal loan for salaried with IIFL Finance:
Visit the IIFL website and click on “Apply Online” to open the online application form.
Fill in the required details, such as your name and mobile number, to get an OTP.
Authenticate your profile by submitting the received OTP.
Submit the required documents to complete KYC, employment, and income details.
Once all the details are filled in, click on “Submit” to submit the application form.
Once you have submitted the application form, it will be analysed by IIFL Finance based on your eligibility criteria and the documents required for a personal loan for a salaried person. After successful review, the loan will be approved within 5 minutes, and the loan amount will be credited into your bank account within 24 hours.
Find the Right Personal Loan for You
When looking for a personal loan, it's important to find one that suits your specific needs and financial situation. Here are other personal loans offered by IIFL Finance.
Personal Loan For Salaried FAQs
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