Quick Guide for Salaried Employees Taking Personal Loan

The ability to get easy access to funding through a personal loan is one of the many benefits of being a salaried employee. This is because lenders prefer sanctioning a personal loan for a salaried employee instead of a self-employed individual as they are assured of guaranteed income each month.

Furthermore, if you are an employee of an MNC or a reputed organisation, you pose less of a risk to the lender. Despite lenders preferring to offer personal loans for salaried persons, you must be careful to maintain your financial health and apply for a loan the right way. To do this effortlessly and make your loan processing and repayment easy, here are the most important tips to live by.

Know Your Debt-to-income Ratio Beforehand

Before you take on the financial obligation of servicing a personal loan, check to see if you can afford it. Your debt-to-income ratio is a perfect indication of this as it represents how much of debt you are already servicing. Before you apply for a new loan, ensure this percentage is below 25% as lenders will not want to offer a personal loan to you if it is higher than that. Usually, lenders prefer that your DTI ratio be less than 45% with all debts, including the new one you are applying for.

Check The Lender’s City Specific Eligibility Criteria

You must ensure that you meet the lender’s eligibility criteria before making any loan applications. Lenders will not hesitate to reject your application if you are ineligible, which can scar your credit report. Typically, to be eligible for a personal loan, you must be a citizen residing in India aged between 23 and 55 years of age. You need to be salaried and you are required to maintain a minimum annual income. This amount varies depending on the city you reside in. To make things easier, Use an personal loan eligibility calculator specific to your lender.

Gather All The Documents Required For Personal Loan

To successfully apply for a personal loan, you need to produce a set of documents that prove your eligibility. These need to be accurate and up to date as any mismatches can interfere with your loan processing or even lead to rejection. You need to provide identity proof such as PAN card, Aadhaar card, Passport, proof of employment, proof of income, and bank statements.

Ensure to Have Healthy CIBIL Score

When it comes to the criteria of your CIBIL score, a personal loan is just like any other loan. In fact, because of its unsecured nature, lenders are more reliant on your CIBIL score to gauge your creditworthiness. To get a substantial personal loan on affordable terms, you must have a CIBIL score of at least 750. This also helps you negotiate with the lender for better terms like a competitive interest and an ample loan amount.

Check Your Pre-Approved Offer

When it comes to loan applications, ensure you opt for a lender that simplifies the process altogether. Some top-tier lenders even offer you customised offers that cater to your financial needs and repayment capacity. This way, you know beforehand how much you can borrow without the need for inquiry into your credit report. For example, you can check your pre-approved offer for the Bajaj Finserv Personal Loan online by simply entering your name and phone number.

This personal loan is especially great at facilitating repayment because it offers an attractive interest rate. This nominal rate coupled with a flexible tenor of up to 60 months adds a layer of affordability to the borrowing experience. You can get approved for up to Rs.25 lakh as a sanction in 5 minutes and have the full amount disbursed to your account in under 24 hours!

So, follow these few steps to ensure that your application stands the best chance of approval. If you are smart with your money, you can affordably borrow and easily repay without falling into a debt trap, provided you have picked the right lender.
Quick Guide for Salaried Employees Taking Personal Loan Quick Guide for Salaried Employees Taking Personal Loan Reviewed by Bella Jonson on November 19, 2019 Rating: 5

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