Know The Eligibility Criteria Before Applying For An Instant Loan For Salaried

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Know The Eligibility Criteria Before Applying For An Instant Loan For Salaried

As a salaried person, all your expenses rely on your salary. Sometimes the salary amount isn’t enough in an emergency or in terms of fulfilling your dream.

Here’s come the need for an instant loan for salaried employees.

Banks and financial institutions prefer to give instant personal loans to salaried employees due to their high-income assurance. Lenders prefer government employees and salaried corporate employees to lend money due to their high job security.

The salaried applicants working with the government tend to get preferential interest rates. It is easy to avail of an instant loan for salaried employees with some basic eligibility criteria.

Eligibility criteria:

  • Credit score- An applicant with a credit score of 750 and above is preferable. Applicants with a good credit score are less likely to fail the EMI payment. They are considered financially disciplined. Therefore, lenders tend to prefer such applicants.
  • Employment type- Among salaried employees, lenders prefer government employees and offer instant loans at lower interest rates. The non-government employees must have a secure job and work with a reputed private company to get a lower interest rate.
  • Age- Most lenders offer instant personal loans to customers between the ages of 18 and 65. You must fall in this category to avail of the loan.Minimum income- Higher income represents the applicant's higher capacity to repay the loan on time. Most lenders have set a minimum monthly income of Rs. 15,000 as one of the eligibility criteria for salaried employees. However, lenders look for an applicant with a minimum monthly income of Rs. 25,000.
  • Minimum income- Higher income represents the applicant's higher capacity to repay the loan on time. Most lenders have set a minimum monthly income of Rs. 15,000 as one of the eligibility criteria for salaried employees. However, lenders look for an applicant with a minimum monthly income of Rs. 25,000.
  • Work experience- Many lenders specify that the salaried applicant must have 2 years of work experience. They must be working with the current organization for a minimum of 6 months.

Reasons to get an instant loan for salaried employees:

Salaried employees have multiple reasons to get an instant loan, such as-

  • Debt consolidation
  • Handle emergency expenses
  • Vehicle financing
  • Cover wedding expenses
  • Fulfill the dream of traveling to new places

Factors to consider before applying for an instant loan:

After checking the eligibility criteria, it is time for you to look for a loan EMI calculator. It provides detailed calculations about the EMIs, interest amount, total amount payable, etc. it also helps you decide to choose the right tenure and loan amount.

A personal loan EMI calculator is a free online tool offered by various leading financial institutions. Take advantage of it to construct a favorable financing plan.

Read Also: 5 Step Guide To Avail Of A Personal Loan From An Instant Loan App