The essential and sole source of income for average Indian salaried professionals is their monthly wages. They base their whole household budget and the duty to set aside some money for savings.
However, unforeseen financial circumstances may arise at any time, necessitating the use of additional funds. A few financial objectives cannot be met just based on a paycheck.
Higher education, home renovations, a dream wedding, travel, purchase of a vehicle of choice, etc., are all examples of these objectives. In this situation, personal loans for salaried employees will be beneficial.
An instant loan is a bridge to fulfil urgent requirements at short notice. These loans are a boon for the salaried class people who depend on their monthly income.
Instant personal loans have become a need for salaried employees as inflation, and the cost of living continues to rise.
Features of Instant Personal Loan for Employees
A personal loan helps salaried people meet their immediate or ongoing financial demands. The loan application procedure is fully automated, requiring only a few papers and resulting in speedy approvals.
Many lenders provide instant personal loans; one of the best online loan apps is Fullerton India’s InstaLoan app.
With Fullerton India’s InstaLoan app, salaried borrowers can instantly obtain a personal loan depending on their eligibility.
Let us look at the features of getting an instant personal loan in more detail:
- With Fullerton India’s InstaLoan app, applicants have to provide minimal documents and submit them online.
- Customers will enjoy a simple, uncomplicated, and user-friendly experience.
- Salaried borrowers can obtain personal loans at reasonable interest rates of 11.99% to 36%.
- Fullerton India’s InstaLoan smartphone app can instantly transfer a personal loan up to Rs. 25 lakh.
- Repayment options are flexible with Fullerton India’s InstaLoan online loan app, varying from 12 to 60 months.
How to ensure to get an instant personal loan – Eligibility
To get an instant personal loan, salaried borrowers have to fulfil the eligibility conditions of the lender.
To get authorised for a personal loan from Fullerton India, candidates must meet the following requirements:
- An Indian citizen who works as a salaried employee or is self-employed can apply for a loan.
- Borrowers need to be between 21 and 60 to avail of a personal loan.
- The minimum wage for self-employed workers varies by profession and sector. However, salaried employees in Delhi and Mumbai should be paid at least Rs. 25,000, and Rs. 20,000 elsewhere.
- Employees must have a total of one year of experience, and in the current company, they need to have at least six months of experience.
- In addition, applicants must have a credit score of at least 750.
What is the procedure to avail of a Personal Loan?
The steps to get a personal loan quickly are as follows:
- Before applying, applicants must check with the lender to verify if they meet the qualifying requirements. They can go to the next step if they qualify for the eligibility requirements.
- They must double-check that they have all of the documentation required by the lender to obtain an immediate loan.
- Now, download and install Fullerton India’s InstaLoan app from Google Play Store.
- Please create a login ID or sign up for the app using the Google or Facebook account.
- Fill up the fields with information like name, age, residence, gender, and contact information.
- Now fill in the information about your job and income, such as the firm, salary, etc.
- Fill in the bank account information and scan and upload any necessary documents.
Once the application is verified, the loan will be authorised within 30 minutes.
Read More: Applying For a Title Loan Online
Personal loans for salaried employees is a loan that helps them during their financial crisis. This loan is beneficial to them as it offers instant cash to the borrower. It helps them clinch their emergencies and thus helps their family members.
However, selecting the right lender who will provide them with a loan at a fair interest rate is crucial. There are numerous lenders to choose from, each with a unique offering. These lenders must be compared so that the one that best meets their needs can be chosen.
Choosing the proper lender for a salaried employee personal loan helps ensure that the loan application is granted quickly.