Buddy Loan
How Can Personal Loan Can Be Financial Aid For A Salaried Employee.
Most top lenders in the country offer personal loans for salaried individuals as they have secured and stable jobs. Salaried employees are most likely to be qualified for a personal loan. So, if you are a salaried employee and are in urgent need of financial aid or money, you should log in to the website of Buddy Loan, as they provide you with a personal loan with zero collateral. A salaried individual can avail of a personal loan for various and multiple reasons. They can fulfill their aspirations of getting higher education or getting a new home renovation. It can be anything.
Many lenders and banks offer mostly salaried employees a personal loan. Even salaried applicants working with the government are mostly preferred due to their higher job security. Salary employees working in MNCs and corporates are also highly selected for the personal loan.
Other factors like setting a reasonable interest rate for salaried applicants don't include age, monthly income, credit score, etc. These lenders also even give pre-approved instant personal loans. And if you are a salaried individual, you might also get pre-approved loans. However, you should have a good credit score to get a pre-approved loan. Here, what are the eligibility criteria for a salaried employee to get a personal loan?
Personal loan eligibility criteria for salaried employees
1. Age - The age should be 18 to 65 years. However, it can differ from bank to bank.
2. INCOME - It should be a minimum of 12000 monthly
3. Minimum job experience - 1 to 2 months of experience
4. Your credit score should be more than or equivalent to 650
5. It would help if you worked in a recognized organization.
6. Employees working in private company or public sector should produce the company details and their experience with the organization
7.Credit score should be equal to 750 and above.
FEATURES OF PERSONAL LOAN PROVIDED FOR SALARIED EMPLOYEES
- Salaried individuals can be offered instant personal loan with no collateral
- The loan tenure can go up to 5 years and even some lenders can provide you loans upto 7 years.
- The processing fee usually differs among lenders.
- Their not supposed end usage restriction for any salaried employee for personal loan.
- A good credit score can welcome better deals with better interest rates .
- Lenders can ask for higher interest rates for your credit is found preferably low.
OTHER DOCUMENTS REQUIRED FOR TO GET A PERSONAL LOAN
1. PAN CARD
2. Identity proof (Aadhar card, DL, passport, voter id
3. Address proof (Aadhar card)
4. Bank statements for the past three months.
5. Salary slip for one month (salaried employees)
6. Income tax returns.
7. Latest ITR
8. Last but not the least, a signature proof can be asked.
END NOTE
A personal loan is very convenient for salaried individuals as they are provided with quick approval for their loan if they meet all the criteria mentioned below. It won't be difficult for these individuals to borrow a loan as they are considered ideal for the loan due to a constant salary flow and job stability.
