Thursday 18 April 2024

Low Income? Here’s How to Get a Low Salary Personal Loan

There was a time when seeking a personal loan used to be a matter of stress for low salaried individuals. Lenders reserved themselves from providing low salary personal loan, owing to their uncertainty about impending EMIs and overall loan repayment.

Income stability is always on the checklist of a majority of the lending institutions as these personal loans are unsecured. However, digitisation and rising usage of internet in India have conclusively transformed the lending process of low salary personal loan.

Current personal loan lending system in India:

The credit lending market in India is going through changes with NBFCs. For example. Bajaj Finserv brings in customised pre-approved offer on personal loans, business loans, mortgage loans and a plethora of other financial products and services. This is indeed an efficient manner of availing credit to its pre-existing customers in real time.

What are the advantages of this personal loan?

Financial institutions are now becoming lenient towards a loan seeker’s employment status. They seem to offer user-oriented benefits fitting the expenses of low-salaried employees.

Situations such as unexpected medical emergencies, immediate home renovation and wedding expenses are possible with the help of such loans. These financial solutions also help out meritorious students get the benefit of personal loans to pursue their dream academic career without any glitch.

Credit seekers can avail robust sum of low salary personal loan that can range up to Rs. 25 Lakh, sufficient for multiple financial requirements. Personal loans come with no end-use restrictions another additional advantage for borrowers.

More benefits:

Personal loans are collateral-free

NBFCs offer personal loans without any collateral and hence require no evaluation of assets. This feature aids a borrower to take the best possible financial decisions without the tensions of payment defaults.

Moreover, this reduces the paperwork and the time of processing of the entire loan application, approval and disbursement.
Convenient repayment schedule

The repayment schedule of a loan is crucial for a low salaried employee owing to their limited income. Several non-banking institutions offer a flexible repayment schedule with low interest rates on personal loan.

Many lenders provide a flexible tenor ranging from 12 months to 60 months. So, managing the rate of interest and other personal expenses are made easier now.

Online account management facility

Debtors can now keep track of all their expenses and even due dates with online account management. This technology-aided facility allows the debtors to enjoy a hassle-free repayment process.

Not only this, but lenders also provide Personal Loan EMI calculator to help them through EMIs and further financial planning for the future.

Eligibility criteria:

A typical borrower’s employment ID and other details play a vital factor in sanctioning the loan amount. A borrower has to work with an MNC or a private/public sector to earn trust from the lender about his job stability. Moreover, he needs to between 23 and 58 years of age at the time of application with Indian citizenship. The credit amount and monthly income tend to vary depending on the city where the borrower resides.

The applicant also needs to reside at the enlisted cities as per the lender in question to enjoy the best benefits. An applicant is all set to apply for the loan once he meets these simple personal loan eligibility criteria.

How can low salaried employees avail this loan?

Top lenders offer a large section of their services online. For, those who want to know how to apply for a personal loan here’s a quick guideline:

An applicant needs to furnish a few necessary documents including KYC, employee ID, salary slips for the last two months and salary account statements of the previous three months.

Post verification of these documents, a debtor can get money in their respective accounts within 24 hours of application post approval.
A low-salaried individual looking for an unsecured personal loan needs to suffice these defined norms and make the best of them. So, if you are looking for credits to fulfil your short-term financial crunch, look no further and apply for this financial solution right away.