Do you sometimes find yourself in a situation where you need some extra funds in addition to your regular salary to manage unexpected expenses? Do you wish that there was an instant way to get the required amount? If your answer to the above questions is a yes, then you are not alone.
Personal Loan for salaried are unsecured loans from financial organisations that need to be repaid within a specific period, usually as monthly installments. Personal loans for salaried employees have long been used to help people get through difficult financial times. Let us get to the basics and understand the reasons why salaried people need personal loans.
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Table of Contents
- Instant Loan for Salaried through InstaMoney
- Personal Loan Eligibility Criteria for Salaried Person
- Documents Required for Personal Loan for Salaried
- InstaMoney Charges & Interest Rates for Salaried Employees
- Step-by-Step Process to Apply Personal Loans for Salaried
- Need of Personal Loan for Salaried Employees
- Things to Know Before Applying a Personal Loan for Salaried?
- FAQs
Instant Loan for Salaried through InstaMoney
InstaMoney is a leading online loan app that offers a maximum of Rs. 50000 as a personal loan for a salaried employee. The loan app has also done away with the credit history check, making it a more accessible option to get a loan for a salaried person.
Personal Loan Eligibility Criteria for Salaried Person
Any salaried or self-employed person can avail a personal loan from InstaMoney. The personal loan eligibility for salaried persons is as follows:
- The individual should be between 21 and 45 years of age
- The minimum net monthly income should be Rs. 12000
- The individual should not have defaulted on any loan payment in the past 2 years
- Should be an Indian Citizen
Documents Required for Personal Loan for Salaried
- Know Your Customer (KYC) Documents – Aadhar Card and PAN Card
- Bank statement of the previous 3 months with your salary reflected in these statements.
- Any other documents that can be requested by the loan app during the credit risk appraisal
InstaMoney Charges & Interest Rates for Salaried Employees
| Detail | InstaMoney Charges |
| Interest Rate | 1.84%- 3.43% per month |
| Assessment Fee | Rs. 199 if you are found to be eligible for loan approval & Rs. 199 is charged every time you reapply for a loan |
| Processing Fee | 5% of the loan amount +GST |
You can calculate the exact EMI that you need to pay for the personal loan you have taken using this online EMI calculator.
Step-by-Step Process to Apply Personal Loans for Salaried
Applying for a personal loan for a salaried employee is easy. Just follow these steps to get an instant loan for the salaried:
1. Create an Account
InstaMoney online app, sign up using your gmail account.
2. Check the personal loan eligibility
Go through a simple eligibility check where have to enter basic personal and financial details to know how much personal loan you are eligible for.
3. Complete the Loan application
Upload the scanned copies of the required documents. You will be notified about the loan approval status almost instantly.
4. App to Account:
Once the loan amount is approved, it gets transferred to your bank account within 2 hours.
Need of Personal Loan for Salaried
Your salary might sometimes fall short of managing certain emergency financial needs. This can be a sudden home or vehicle repair, medical expenses, luxury purchases, weddings, or even a short vacation.
Whatever the expense might be, personal loans for salaried individuals with competitive interest rates and predictable monthly instalments make it easy for you to fulfil your needs and repay the debt with your monthly salary.
Things to Know Before Applying a Personal Loan for Salaried?
There are certain things that you need to remember before you apply for a personal loan through an online loan app.
Be wary of your repayment capacity and your credit score.
Compare, review and analyse the credentials of several online loan apps that offer personal loans for salaried
Check your eligibility before you apply for a personal loan.
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FAQ - Frequently Asked Questions
1. Who are considered as salaried individuals?
Any individual who earns a fixed pay every month (exclusive of incentives) and is a part of the payroll of a registered company is considered salaried. Personal loan for salaried employees are possible only if the salary is credited to the individual’s bank account.
2. Can I get Personal Loan for Rs.15000 salary?
Yes, Instamoney require a minimum monthly salary of Rs. 15000 to sanction an instant loan for salaried. The loan amount you are eligible for depends on several factors such as your credit score, your employment profile and the EMI (equated monthly instalment) and NMI (net monthly income) ratio.
3. Can I avail an instant salary loan if my credit score is less?
Many banks and non-banking financial organisations do not prefer to give instant salary loans to people with a low CIBIL score. However, some lenders do sanction loans but levy a higher rate of interest in such situations.
4. Can I get multiple personal loans simultaneously?
No, it would not be possible to get multiple personal loans for salaried individuals simultaneously. You need to completely close one personal loan before you apply for another.
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