We often find ourselves stuck in a place where we need funds for our urgent needs. Be it medical emergency, sudden home repair or some other unexpected expenses. In such cases having access to a hassle-free Prime Personal Loan (Prime PL) for salaried individuals is the best solution. But what exactly is this loan about? Let’s find out the meaning, eligibility, benefits and a complete guide on how to apply for one. So, let’s dive in!
What is a Prime Personal Loan?
A Prime Personal Loan is a type of unsecured loan especially
designed for salaried individuals to provide them access to funds. The
loan comes with no end-use restrictions making it an ideal choice for
any personal, or financial goals of a salaried individual. Be it
financing your wedding or urgent travel requirement the loan helps you
with all your urgent expenses.
But what’s the eligibility and
documents requirement? Let’s find out in the next section.
Eligibility Criteria for Prime Personal Loan
The eligibility criteria of a Prime PL are easy to meet. Here are
the eligibility criteria you must meet to apply for a Prime PL:
● Age: You must be between 23 and 58 years old at the time of loan
application.
● Citizenship: You should be an Indian
citizen.
● Net Monthly Income: Your net monthly salary should
be ₹22,000 or more.
● Employment: You must have full-time
employment with a private or public limited company.
● Work
Experience: Minimum 6 months, with at least 1 month in the current company.
Documents Required for a Prime Personal Loan
Generally, this loan requires only a few documents, which makes
the loan processing seamless. Here is what you need to submit:
• KYC Documents: Provide your PAN Card and Aadhaar Card for
identity verification.
• Financial Statements: Bank
statements for the last 7 months.
• Proof of Employment: EPFO
check or verified official email id (through OTP verification).
Factors Influencing Interest Rate for Salaried Employees
The interest rate of the Prime Personal Loan is determined by the various factors. Here are 4 factors you must consider:
1. Credit History and CIBIL Score
Your CIBIL score, a
crucial three-digit number which is based on your credit history and
repayment. Maintaining a score above 750 demonstrates strong credit
management and improves your chances of getting a lower interest rate,
while a poor score may lead to higher rates or loan rejection.
2. Monthly Income
One of the
important factors that affects your interest rate is the income.
Having a lower fixed monthly income increases the lending risk,
which leads to higher interest rates. On the other hand, a higher
monthly income enhances your creditworthiness, enabling you to
access funds at more favorable interest rates.
3. Employment Type
Lenders evaluate
the employment type to determine the loan interest rates. Salaried
and government employees often receive lower rates due to income
stability, while self-employed individuals may face higher interest
rates due to income variability. Consistent earnings and financial
stability improve eligibility for better loan terms.
4. Payment History
Your loan
repayment history can also impact on your loan interest rate. Having
a good repayment history can help you get a favourable loan
term.
Now that we have understood the eligibility criteria,
documents required, and factors that affects the interest rate. Let’s
understand how we can apply for a Prime Personal Loan online in the
next section.
How to Apply for Poonawalla Fincorp Prime PL?
Applying for a Prime Personal Loan does not require any collateral or security. You need to follow a few quick and easy steps to apply for a personal online loan:
Step 1: Click on “Apply Now”
Tap the
Apply Now button to initiate your application.
Step2: Enter Details
Enter your DOB, PAN card
number, monthly income, and residential details.
Step3: Upload Documents
Upload the necessary
documents for quicker approval.
On successful verification, the loan amount will be disbursed into your bank account instantly.
To Conclude
A Prime Personal Loan is a convenient financial tool for salaried individuals looking to manage their unexpected expenses without financial strain. With simple eligibility criteria, minimal documentation, and flexible repayment options, a Prime PL offers a seamless borrowing experience. Factors like CIBIL score, monthly income, employment type, and payment history play an important role in determining interest rates, making it essential to maintain good financial health. By choosing the right lender, such as Poonawalla Fincorp you can secure competitive interest rate, and plan to meet your needs with ease.