Ways Salaried Employees Can Get a Personal Loan in India

Personal loans can be a godsend when faced with unexpected and significant expenses. Be it medical emergencies, a wedding, debts, education, home renovations, repaying high-interest loans, or simply taking a vacation, a personal loan can help a salaried employee spread his expense over a period of time. Being an unsecured loan, a personal loan requires no collateral or security. They are flexible and consider the short-term requirements of the customer. 

Benefits of choosing Poonawalla Fincorp personal loan

Poonawala Fincorp is one of the leading financial lenders who recognize the needs of their customers. They offer personal loan benefits that are fast and reliable. Largely digital, the process is easy and quick, offering high-value sanctions at attractive interest rates. Poonawalla Fincorp does not require you to pledge any collateral or security to secure the loan. The interest rates are competitive and affordable, making them some of the most affordable in the market. The customer can choose a tenure for repayment of up to 5 years, helping reduce the stress of payment. The process is quick and reliable, requiring only basic documentation for high-value loans allowing the customer to take a loan up to Rs. 30 Lakh with a fast approval process. If you wish to pre-pay your loan or foreclose it, there are no penalties or charges for the same.

Additionally, Poonawalla Fincorp does not have any restrictions on personal loan usage and does not have any hidden charges. It even offers an online EMI calculator, which considers various parameters, including tenure, sanction amount, and interest, to help you plan your loan and repayment. WIth Poonawalla Fincorp, accessing a personal loan is easy and customer-oriented, ensuring that the customer’s immediate needs are met in a hassle-free process.

Checklist before applying for a personal loan: 

Personal loans are unsecured; hence lenders will require you to meet the eligibility criteria and certain conditions to ascertain your credibility. You can follow the following checklist to ensure that your loan is quickly approved and does not meet any challenges. 

Eligibility requirements

To ensure that loans can be availed quickly with a smooth approval process, the eligibility criteria for a personal loan at Poonawalla are simple and uncomplicated. With just the basic documents and a good credit score, you can avail a quick and high-value personal loan. For personal loans for salaried employees, the customer must have a steady income and a monthly salary payment with a minimum of RS 20,000 monthly salary. First and foremost, the applicant must be between the ages of 22 and 58 years of age during the maturity of the loan. Applicants must also be a citizen of India and have a full-time job at a private or public limited company or LLP. they must have worked there for at least 2 months and have one year of experience in their field. 

All required documents should be provided

Lenders will require you to furnish documents to ascertain your credibility to secure the loan and your ability to pay it back. This is especially important for a personal loan as it is unsecured. Poonawalla Fincorp requires you to have only the basic documents such as your aadhar card or PAN card for the KYC, Passport, electricity bills, rent agreement as proof of address, and proof of employment from your employer in addition to a certification of educational qualification. You will also be required to produce the latest salary slip bank account and salary credit statements. The mentioned documents are not an exhaustive list, and you may be required to furnish more depending on your application. 

Have a good credit score 

Your financial responsibility is reflected by your credit score and credibility in acquiring your loans. Your history of debt repayment and utilization of credit can affect your score. On a scale of 300 to 900, lenders like Poonawalla Fincorp required a score of over 750 to approve a personal loan. Ensure that your credit card is paid on time and your debt to income ratio is below 40%. Credit scores are a primary consideration in loan approvals, so check them before applying. 

Having a low debt-to-income ratio 

To secure your loan quickly, it is necessary to maintain a debt-to-income ratio that is less than 40%. In other words, your EMIs should be less than 40% of your total income. To reduce your debt to income ratio, you must pay back outstanding or existing loans before applying for a new personal loan. 

Disclose every source of income 

Disclosing all sources of income helps a lender establish your credibility to secure the loan and your ability to repay the loan. All income sources, including income from all business sources, rental income, or royalty income, should be disclosed.

Avoid multiple applications 

Filing multiple loan applications in a short period affects your credit score and profile. This makes you a risky customer to the lender, which might affect the approval of your application. Avoid this by being familiar with the eligibility criteria and ensuring you meet them before applying for a personal loan. The Poonaeal Fincorp online EMI calculator can also be used to check your eligibility. 

History of your job and employer reputation 

Your job history and experience are essential for the lender to establish his confidence in providing you with a loan. If your employer is well reputed and you have a good history with all your employers, it shows the lender that you have job security and will be ab,e to pay back the loan. Since a personal loan does not depend on security or collateral, financial lenders will rely on these parameters to determine your credibility.

Meeting the above checklist and the eligibility criteria will ensure quick approval of your loan application. You can apply for a personal loan for salaried employee with Poonawalla Fincorp online and offline. You can depend on a reliable process to secure a quick loan for any financial needs you may have. Poonawalla Fincorp enables dreams in a client-oriented environment, ensuring that financial difficulties do not stop you from pursuing your needs.