Employees working on salary are often the first choice of finance companies and banks, as they have a fixed income. After the arrival of digital lending platforms, taking personal loans has become much easier than ever. Personal loans can help immediately on many occasions like medical emergency, home renovation or marriage.
Why choose a personal loan?
- Tension free financial solution: With a personal loan, you can meet your needs without any major hassle or deal with the sudden problems.
- Savings are safe: Due to personal loan, you do not have your savings, that is, financial balance remains in emergency.
- Fast dysbersal: Personal loan process is very fast for the salary accounts. If you are a pre-upward customer, the money can come to your account in a few hours.
- Low Interest Rate and Flexible Tenure: Salary account holders and old customers of the bank can get a very low interest rate on good credit history. The loan tenure can be between 12 and 60 months, which makes it easy to manage EMI.
- Low documentation: Almost the entire process of personal loan is digital, so there is no need for much paperwork. During this time, you only need identity, income and address proof and if there is a pre-upward loan then there are more documents.
How to apply for personal loan?
Applying for the best personal loan in India is now very easy. You can apply directly from the bank’s online portal, mobile app or net banking. If you want, you can also be applied by going to the bank branch.
Moneycontrol also offers loans up to Rs 50 lakhs in association with its 8 different lending partners. The interest rates here start at 10.5% annually and there is no hidden charge. The money is transferred to your account as soon as possible.
How to take personal loan from Moneycontrol?
Loan can be found instant in just three simple steps –
- Enter your details
- Complete kYC
- Set EMI repair
Benefits of taking personal loan from Moneycontrol
- Completely Digital Process: The entire process to apply loan is online, where no paperwork or branch visit is required.
- Fast and easy: With the help of just three easy steps, the loan can be applied.
- Rapid disbursement: As soon as the loan is approved, the money is directly transferred to the bank account.
- Flexible loan amount: Here you can take an instant loan of up to 50 lakh rupees, that is, you can choose the amount according to your need.
- Committive Interest Rate: The loans start at 10.5% annually, which is cheaper than the credit card.
- No hidden charge: The great feature of Moneycontrol is that all the terms are clear here, there is no hidden charge or surprise fee.
- Partnership from multiple lenders: Partnership with 8 lenders gives you more options and better rates.
Personal loan Interest Rate and Tenure
Salarid people can get loans ranging from 50,000 to 40 lakh rupees. Usually the interest rate can start from 10% annually to 24%, which depends on your credit score, income and job profile. People with better credit scores get low rates.
Processing fees: The bank can charge a processing fee of 2.5% to 3% of the loan amount. Check the right fees before applying.
Loan Tenure: Usually a tenure from 3 months to 72 months (6 years) is available, so EMI can be set according to its own.
Personal loan What is eligibility?
- Citizenship: Only Indian citizens can apply.
- Job status: It is necessary to have a salary employee in a registered private company or government sector (Central, State, Local Body).
- Age: Age should be between 21 and 60 years.
- Income: Monthly income should be at least 25,000. Check with the bank, as this limit can be different.
- Credit Score: A credit score of 750 or above is usually necessary.
For personal loan What do documents want?
- Passport Size Photo (not older than 6 months)
- Identification proof: Aadhar card, voter ID, PAN card or passport (one)
- Address proof: Aadhaar, Voter ID, Passport, Bank Passbook/Statement, Rent Agreement or Electrical Bill (No one)
- Age proof: Documents like Aadhaar, Voter ID, Passport or School/College Admit Card
- Income proof:
-Pich 3 months salary slip
-Pachle 2 years Form 16 or ITR
-6 month bank statement in which salary credit shows
If you are applying for personal loans online, then there may be no need for all the documents mentioned above.
conclusion
Personal loan for salary employees is the easiest way to meet sudden needs or financial goals. Low documentation, fast processing and good interest rates make it even more beneficial. You can see the Moneycontrol app and website for instant loans up to 50 lakhs.
Summary
Personal loans can prove to be very helpful in meeting any financial need. These include emergency status to set goals. Personal loans with features such as fast approval, flexible terms and minimum documentation work to provide fast relief in financial crisis.
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Disclaimer
This fraction/article is written by an external partner and does not reflect the work of the editorial team of Moneycontrol. This may include references to products and services offered by Moneycontrol.