Salaried employees looking for a personal loan are often confused about the loan, processes involved and uses. This article gives you a quick insight and answers the common queries

What is personal loan for salaried employees?

A loan offered by lending institutions to meet the personal expenditure of salaried employees. You must earn a salary from a private limited firm or government organization. A personal loan for salaried helps the working person to manage their extra expenditure.

What is the maximum amount I am eligible for?

Usually, the maximum loan amount you can get is Rs 25 lakh, but the amount varies across lenders. Additionally, the final amount depends on your eligibility. Use an eligibility calculator to know the EMI you will pay every month. 

Is there a requirement of minimum income?

Yes, there is. Typically, if you are employed in Delhi or Mumbai, your salary should be Rs 25,000 per month minimum and for other cities, it should be Rs. 20,000 per month.  You will be asked to submit at least three months salary slips.

What are the documents required?

Here is the list of the documents required:

1. Application form of the lender that is filled correctly and signed 
2. Passport size photographs
3. You have to submit the following proofs
   1. Identity (Pan Card, Driving License)
   2. Income  (Salary Statements)
   3. Age (Pan Card, Driving License, Passport)
   4. Address (Electricity Bill, Passport)

What are the other terms and conditions?

The exact tenure and interest rate would vary from lender to lender.

• The loan tenure ranges from 12 months to 60 months
• Annual interest rates start from 11.99% per annum

The approval of your instant personal loan will depend upon your profile and credit score. 

Reference Read: Personal Loan for Salaried Employee: Everything You Need to Know