New Delhi: Modern lenders have made it easier for salaried professionals to obtain a personal loan. As a result, you can comfortably get an instant personal loan to meet your planned or emergency expenses. Using a personal loan for salaried applicants can be for purposes of funding higher education, paying for medical procedures, funding a big wedding, arranging for your dream vacation, renovating your home, and more. . You can also consolidate all of your existing debt into one low-interest loan with a personal loan.
So, with no limit to its end use, availing an instant personal loan is usually a viable choice. Moreover, with such loans, you can get a sanction of up to Rs. 25 lakh, which you can repay at an affordable price. This ensures that you never have to dip into your savings if you need to make a major expense. However, you must first qualify for a loan to access these funds. There are certain factors to consider as a salaried employee, and these can help you get approved quickly.
Read on to find out how salaried employees can benefit from an instant personal loan.
Meet the lender’s personal loan eligibility requirements
Personal loan eligibility criteria vary among lenders and you must meet all of them to qualify. Generally, these are the conditions you may need to meet to get approved.
- You must be an Indian citizen residing in India
- You must be between 21 and 67 years old*
- You must maintain a permanent job in a reputable organization
- You must have an excellent CIBIL score and a good credit history
- You must meet the annual income requirements of the city in which you reside
These are the basic criteria and to prove your eligibility you will need to submit the relevant documents. Personal loan documents are important to your application and you should gather them before you apply to minimize delays. Generally, you may need to submit:
- KYC documents
- Payslips for the last 3 months
- Bank statements for the last 3 months
- ITR filed
- Proof of address
Have a stable job with a reputable employer
An instant personal loan is usually an unsecured loan and therefore you must provide all the assurances you can rely on that you will not default. One way to do this is to work with a reputable employer or multinational. A stable job means you will be able to make timely payments. Some lenders may also require you to meet a work experience requirement, which may be at least 1-2 years.
Build a decent CIBIL score
Major lenders generally require applicants to have a CIBIL score of 750 to qualify for a loan. If you have a credit card and have already paid off your debts, it is relatively easy to build your CIBIL score. Be sure to pay your credit card dues on time and track your credit usage. This should help you maintain a high CIBIL score and ensure a hassle-free approval of your loan application.
Do not apply for several loans at the same time
Records of multiple loan applications in your credit file can negatively impact your CIBIL score. In such cases, lenders may consider you a credit-hungry person and reject your application. It is wise to apply for a loan from only one lender that you find most suitable to avoid such situations. Also, if you applied for a loan in the last 3-6 months, wait a few months before reapplying.
Lower your debt to income ratio
A large amount of unpaid debt can negatively impact your chances of getting an instant personal loan. A DTI ratio above 43% is a red flag and may result in your loan application being rejected. Anything just below 43% still makes you a high-risk borrower. Usually, lenders prefer applicants with a DTI ratio below 36%. It is therefore important to settle existing credit card bills or other small debts to maintain a healthy credit profile and get easy approval for new credit.
With these tips, you now have the information you need to make the right decisions. Be sure to choose Bajaj Finserv as your lender to enjoy all the benefits of a Instant personal loan. As a salaried borrower, you can get started easily and all you need to do is apply online. The process is quick and easy, and you can also get the sanction payout approved in less than 24 hours*. For a personalized offer, check your pre-approved offer by sharing basic details.
*Terms and conditions of application
Sources:
https://www.fullertonindia.com/knowledge-center/qualify-for-personal-loan.aspx
https://www.fullertonindia.com/knowledge-center/improve-cibil-score.aspx
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