As a salaried employee, you come across various situations where you require extra cash to cover your financial needs. This is where a personal loan can prove to be an ideal financial tool for you. Many lending institutions sanction instant personal loans for salaried employees to help them deal with unexpected expenses with ease.

The amount, tenure, and interest rate to be charged on personal loans for salaried employees depend on factors such as applicant’s salary, company reputation, job profile, work experience, credit score, and repayment history. Further, this loan is an unsecured loan, which means that you don’t have to pledge any form of collateral to avail it. 

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Most salaried employees can apply for instant personal loans. However, you have to fulfill the following eligibility criteria, which may vary from lender to lender. 

1. The borrower’s minimum age must be 21 years and not more than 60 years at the time of completion of the personal loan tenure. 
2. The applicant must have a good CIBIL score to secure personal loans at nominal interest rates. 
3. Lastly, the applicant’s minimum monthly salary must be Rs. 20,000, which might be higher or lower according to the lender. 

Remember, you should opt for a personal loan only if you have a well-defined plan to repay the loan amount on time and avoid late fees. 

Additional Read: What Are The Mandatory Documents to Get Personal Loan For A Self Employed?