Personal loan for salaried is a type of loan which any customer who is salaried can avail easily. It comes with many benefits. The minimum income required to claim eligibility varies from lender to lender. Be it public sector or private sector, anyone who has worked in any institution or organization for a minimum 6 months is eligible to get a personal loan.
Let’s find out some unique features and benefits of this loan:
UNIQUE FEATURES AND BENEFITS OF PERSONAL LOAN FOR SALARIED
- Multipurpose Loan:Be it wedding in the house, or need of funds to clear debts, or need of funds to meet a medical contingency, personal loan helps you meet your financial requirements at short notice.
- Simple and Easy Documentation
- Affordable interest rate
- Quicker approval and fast disbursal: If everything fall in place, you can get approval and the amount disbursed in your account within 1-2 working days of approval.
- Flexible Loan Repayment Tenure: Lenders offer flexible tenure starting from 12 months up to 60 months
- Online application and payment options available:Since Mantra is a hub of loans, we can provide you lenders where you can apply directly online and have a hassle -free experience.
- Security or collateral free loan
- Save money with personal loan balance transfer: At Mantra we can help you reduce your burden with balance transfer of your existing loan. You can then continue with your loan at lower interest rates.
ELIGIBILITY CRITERIA
Personal Loans for salaried is given by most banks/ NBFC’s having different eligibility criteria.
Here are the eligibility criteria that are common to most banks and NBFC’s.
| Work profile | Salaried with any government, private or public sector |
| Eligible Age | 21 years to 65 years |
| Minimum Income for Loan Eligibility | A minimum salary of Rs.15,000/- and as per the policy of the lender (some lenders may offer on salary <=15,000/-) |
| Work Experience Required | Over all experience: 1 year In current job: minimum 6 months. |
| Minimum CIBIL Score | 700 and above. |
| Interest Rate | Interest rate starts from 10.99% (may differ from lenders to lenders). |
| Loan amount | Up to Rs 45 lakhs (amount may vary according to lenders). |
| Loan tenure | Up to 60 months. |
DOCUMENTATION
| Identity Proof | Aadhar CardPassportDriving LicenseVoters ID PAN Card |
| Address Proof: | PassportAny utility bills Aadhar Card |
| Income & Bank Statement: | Last 3-6 months’ salary slip. Income tax PAN copy Latest bank statement of 6 months where salary is credited. Form 16 of last 2 years. |
| Additional Documents: | (The additional documents requirement may vary from lender to lender). |
