Cover Your Unplanned Expenses With A Hassle-Free Personal Loan
The need for funds never stops. You might need money to pay for your medical expenses, a wedding celebration, a holiday, an education – the list goes on & on. It can be challenging to pay for such sporadic and hefty expenses on a fixed monthly salary. This is because planned monthly expenses, existing EMIs, and a fixed set of investments are paid from your salary every month. Hence, there is not much buffer to pay out a large sum towards any other cash emergency. This is where Poonawalla Fincorp’s Personal Loan for Salaried Persons comes to your rescue. You can avail of this loan irrespective of your nature of employment. These Personal Loans for salaried Persons are offered to private as well as public organization’s employees.
Time is one of the crucial assets of salaried employees. We at Poonawalla Fincorp understand this, and hence, we have created dynamic, short, and instant Personal Loan online for salaried employees as well as offline processes to suit your demands for timely funds at low interest rate. This salaried loan is designed to cater to your convenient and instantaneous loan processing and disbursal requirements. Our online Personal Loan for salaried employees is laden with attractive benefits like multi-purpose sanctions, high-value loans, quick approvals, flexible repayment terms, etc., that will make you grin. We have created streamlined processes to ensure there is no hiccup between you and the payment of any of your expenses.
Various Reasons to Avail of a Personal Loans for Salaried Persons
Salaried employees may have considerable financial needs and obligations to meet. This Personal Loan can be used for all those umpteen reasons. Poonawalla Fincorp sanctions Personal Loans for the following multiple purposes:
- Higher education
- Wedding celebrations
- Medical expenses and hospital bills
- Vacations and international travels
- Home redecorations and revamps
- Consolidating debt
Features And Benefits Of Personal Loan For Salaried Employees
We know cumbersome and unnecessarily lengthy loan application processes can be a big put-off for anyone. And that is why we have put in place a new-age system and mechanisms that will deliver a delightfully quick experience. The Personal Loan for Salaried Employees and Personal Loan for Corporate Employees by Poonawalla Fincorp can be easily procured, quickly approved, and instantly disbursed to meet your financial obligations without any delay.
Here are some of the features that highlight Poonawalla Fincorp’s Personal Loan for Salaried Employees and Personal Loan for Corporate Employees:
- Unsecured and collateral-free loans
- Short turn around time for loan approval
- Quick loan disbursal facility
- Competitively priced low-interest rate loan schemes
- Grant of loans for multiple uses
- No foreclosure penalty
- No hidden costs
- Flexible repayment tenure
- Easy-to-follow online loan application process
- Minimal paperwork required
Eligibility Criteria Of A Personal Loan For Salaried Employees
When you consider taking a loan, you have expectations of a smooth and hassle-free loan application process, where you do not have to waste time hunting for a long list of documents and meeting unnecessarily complicated eligibility criteria. At Poonawalla Fincorp, the Personal Loan eligibility criteria for salaried employees are designed to offer you an effortless qualifying experience and meet your expectations or surpass them. We have set bare-minimum standards for eligibility criteria to help maximum people with our lending services. Typically, a good credit rating and credit score are prerequisites for clearing this eligibility.
Besides these, the eligibility criteria revolve around five key aspects. These include:
- Age of the applicant
- Citizenship status
- Work experience details
- Employer & employment details
- Monthly salary amount
Documentation Requirements To Avail Of A Personal Loan For Salaried Employees
We at Poonawalla Fincorp maintain a minimal documentation policy. The idea is to make our loans easier to avail. This policy makes the document submission and verification processes quick. Hence, as a process, we request only a basic set of documents:
- Identity proof
- Address proof
- Employment proof
- Financial documents
To apply for an instant Personal Loan online for Salaried Employees, you have to submit the required documents and fill out the online application. Your loan will be approved and sanctioned directly to your bank account within a few hours or days only.
Frequently Asked Questions
What does a Personal Loan for a Salaried Employee mean?
Personal Loans for Salaried Employees are unsecured loans that don’t require any collateral. The Salaried loan can be availed easily and instantly through the online Personal Loan for Salaried Employees application platforms. Poonawalla Fincorp is a new-age financial institution offering such loans with lucrative features like flexible repayment terms, low-interest rates, quick approval, etc.
Can I get any tax benefits if I take a Personal Loan for a Salaried Employee?
From a taxation point of view, you cannot get any direct, overarching tax benefits from taking such Personal Loans. But you can avail of certain tax benefits indirectly on taking an instant loan for the salaried employee if you use the loaned funds for the construction and revamping purposes of your house.
- Paying for the construction and revamping purposes of your house
- Investing in assets like gold, etc.
- Paying for business-related expenses
How to calculate the EMIs that I have to pay for my Salaried Loan?
You can easily calculate the EMIs for your loan using Poonawalla Fincorp’s Personal Loan EMI calculator. The details you need to plug in this EMI calculator are your loan amount, the interest at which you can avail of this loan, and your loan tenure. Your EMI amount will be generated automatically in a couple of seconds. Such calculations must ideally be done before you take your loan as they can prepare you in advance for systematic loan repayment and help you plan your finances much more effectively.
How should I apply for a Personal Loan for a Salaried Employee?
The application process for a Personal Loan for a salaried employees is relatively simple. Broadly, to apply for this loan from Poonawalla Fincorp you must:
- 1. Go to our website and select the ‘Apply Now’ option adjacent to the loan scheme.
- 2. Add in the required KYC details and upload the necessary documentation.
- 3. Your application will be assessed and reviewed.
- 4. You will receive a notification whether your loan is approved or not.
- 5. If, it is approved, then give approval and authorization details for the loan’s disbursal.
How much loan amount should I borrow?
You may have big or small financial obligations that you want to clear with the help of a Personal Loan. But since Personal Loans come with a cost, it is imperative to apply for an accurate loan amount as per your requirement to leverage the optimum benefit of the scheme. The loan amount you seek should not exceed your requirement; else, you will face unnecessarily large EMIs or lengthy repayment tenure. Likewise, the amount you apply for should not be lesser than required; else, the whole purpose of taking the loan will fail. Since it is an instant loan for salaried employee and is issued as a Personal Loan against salary, it is imperative to understand that the loan amount should be reconciled with your salary.
Typically, your loan EMI should not exceed 10-20% of your monthly income for a sustainable repayment plan. And if you have other sets of existing financial commitments like fixed investments, debt payments, etc., your total EMIs should be a maximum of 50% of your monthly salary.
What is the best way to repay my loan systematically?
To begin with, you should take an instant loan for salaried employees only if you can pay the EMIs on time throughout the loan tenure. With Poonawalla Fincorp, you can enjoy the benefit of flexible repayment terms. The following steps will help you repay your loan systematically:
- 1. Understand the quantum of loan you will require based on your financial obligation. Remember, over-borrowing or under-borrowing can lead to a stressed repayment process. Hence, carefully arrive at the loan amount you need.
- 2. Use Poonawalla Fincorp’s Personal Loan EMI Calculator to explore the several EMI amount options depending on the loan tenure.
- 3. Choose an EMI amount that can be accommodated without any pressure on your monthly salary after deducting your routine monthly expenses. You must also consider estimates of any expenses that may arise shortly.
- 4. Once you zero down on an EMI amount that can be easily paid, you must initiate your loan application.
How will taking a Personal Loan make my life easier?
Taking an online Personal Loan for Salaried Employees can be a wise financial decision as it allows you to pay for your expenses without liquidating any assets. Since these loans are unsecured, you do not have to deposit any collateral against the loan. Such borrowing arrangements take away the stress of losing assets. Moreover, the Personal Loan interest rate for a salaried employee is competitive when you have a good credit history. Hence, you can benefit from relatively low costs too. But you must know that taking such loans makes the most sense when you use them to pay for contingency purposes or for clearing big-ticket expenses and not risk-related obligations. It is a Salary Loan online that is issued as an instant loan for a salaried employee. Hence, Salary Loan online makes your life easy by offering you a high loan amount to meet various financial requirements.
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