Personal Loan For Salaried Employees

Personal Loanfor Salaried Employees

Loan up to 30 Lakhs | Attractive Interest Rate | Quick Approval

Instant Personal Loans for Salaried Employees to Cover Every Need

Attractive interest rates| No collateral| Minimal documentation

The need for funds never stops. You need money to pay for your medical expenses, a wedding celebration, a holiday, an education – the list goes 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 Loans for Salaried Employees comes to your rescue. You can avail of this loan irrespective of your nature of employment. These loans are for salaried employees of private or public organizations.

Time is one of the crucial assets of salaried employees. We at Poonawalla Fincorp understand this, and hence, we have created dynamic, short, and crisp online as well as offline processes to suit your demands for timely funds at low costs. This 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 Loan for Salaried Employees

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 multi-purpose personal loans for the following reasons,

  • Higher education
  • Wedding celebrations
  • Medical expenses and hospital bills
  • Vacations and international travels
  • Home redecorations and revamps
  • Consolidating debt

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 Loans for Salaried Employees by Poonawalla Fincorp can be easily availed, 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 Loans for Salaried Employees,

  • Unsecured and collateral-free loans
  • Short turnaround 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 terms and tenure
  • Easy-to-follow online loan application process
  • EMI calculator

When you consider taking a loan, you have expectations of a smooth, 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 out to maximum people with our lending services. Typically, a good credit rating and CIBIL 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

We at Poonawalla Fincorp maintain a minimal documentation policy. The idea is to make our loans easier to avail. This policy makes the documents submission and verification processes quick. Hence, as a process, we request only a basic set of KYC documents, including,

  • Identity proof
  • Address proof
  • Employment proof
  • Financial documents

What does a Personal Loan for a Salaried Employee mean?
Personal loans for salaried employees are collateral-free, short-term (tenure ranging up to 5 years) borrowing schemes exclusively granted to salaried employees. Such loans can be availed easily and instantly through online application platforms. Poonawalla Fincorp is a new-age financial institution offering loans with lucrative features such as flexible repayment terms, low-interest rates, 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. Butyou can avail of certain tax benefits indirectly on taking these loans if you use the loaned funds for certain purposes such as,

  • Paying for the construction and revamping purposesof your house
  • Investing in assets like stock markets, gold, etc.
  • Paying for business-related expenses

How to calculate the EMIs I have to pay for my 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 employee 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 communication confirming your loan’s approval.
  • 5. Give approval and authorization details for the loan’s disbursal.

How should I arrive at the proper personal loan amount that I need?
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.

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 personal loans systematically?
To begin with, you should take a personal loan 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. Choosean 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 in the near future.
  • 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 easy?
Taking a 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.

*Terms & Conditions Apply

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Ever wonder how your friend is so relaxed even after taking debt or loans on his shoulders? Or how did your neighbour manage to send his kid abroad for higher studies? Well, the answer is Personal Loan!

Personal Loans
What all can a Personal Loan be used for?

All of us have multiple needs, however a lot of times the current finances may not be enough to address these needs. Thanks to Personal Loans, addressing these needs is possible now. The ease of availing with affordable interest rates makes them stand out as a good financial option. There are multiple needs for which a personal loan can be a good option.

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