As a salaried individual, unexpected costs could easily mean dipping into your savings and possibly exhausting them. This could put your financial well-being at risk. This is where a personal loan for salaried individuals can give you the financial support you need. For example, if faced with a medical emergency, up to Rs.25 lakh personal loan can easily cover most immediate costs. Moreover, a personal loan for salaried individuals is often available at affordable prices. Best of all, these loans have no restriction on usage, making them a viable option for your varying needs.
However, approval for such loans depends on the criteria set by the lender you choose and your overall credit profile. There are a few things that can boost your eligibility for a personal loan for salaried individuals. Read on to understand the factors that can help you get easy approval for such personal loan offers.
Maintain a high credit score
Before approving a personal loan application, lenders check your credit score. A score of 750 and above indicates a strong credit profile and can make you eligible for affordable loan terms. This is because your credit score is a holistic overview of your prior credit dealings. Naturally, a high score implies adequate repayment capabilities and lower risks. A high credit score also allows you to negotiate for lower interest rates.
Showcase job stability and meet the income requirements
Lenders may offer a low-interest rate on salaried personal loan depending on their employment status. In fact, employees of a reputed private organisation or government sector establishments are preferred by lenders. In fact, to get up to Rs.25 lakh personal loan, you will need to prove your ability to handle payments on time, and a steady job is a crucial element. To be eligible for a personal loan for salaried individuals, you must have a minimum work experience of 2 years.
Secondly, lenders will have minimum income requirements as well. These terms vary from city to city, with income requirements being the highest for applicants living in metropolitan cities. Keep in mind that barely meeting the minimum requirement may not be enough. Lenders require more assurance from your end. A smart way to do this is to disclose income from other streams such as investments or passive sources such as rent. Once you meet these requirements, you can get a high loan amount with relative ease.
Clear your debt obligations
If your current debt obligations take up a large portion of your income, lenders may reject your loan application. This is because you may not have enough funds to accommodate new credit with ease. Most lending institutions approve loans for applicants who have a debt-to-income ratio lower than 50%. This means that your EMI payments should not be more than 50% of your net monthly income.
A smart way to stay within this threshold is to repay smaller debt accounts. Work on clearing you short-term debt before applying for more. This can increase your chances of quick approval of a personal loan for salaried individuals. You can also use a personal loan EMI calculator to identify loan terms and an EMI amount that would not strain your finances.
Look for offers
When you have a good relationship with a lender, you may qualify for certain personal loan offers, and lenders already have the basic information they need to extend a suitable offer. Usually, lenders assess your past repayment track record, credit score, and current financial standing before making an offer. So, if you have such offers and need funds without any hassles, be sure to avail of them while they are valid.
Personal loans are a short-term borrowing option, and when used wisely, they can help you achieve your financial goals easily. This makes it an efficient financing instrument, especially for a salaried person. Among the leading NBFCs, the Bajaj Finserv Personal Loan offers flexible terms with quick approval within a day.
Salaried individuals can get up to Rs.25 lakh personal loan based on their profile and by submitting basic paperwork only. The loan has no hidden charges and is completely digital, which means you get funds almost instantly. But before you apply, use the personal loan EMI calculator to estimate your monthly EMIs and pick terms that best suit your capabilities. To borrow smartly and efficiently, check offers and get easy funding online!
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Disclaimer: This content is part of a marketing initiative. No TNIE Group journalist is involved in the creation of this content.
