Salaried loans are a type of loan designed specifically for those who are employed and have a steady source of income. These loans come with several advantages, making them a popular choice among borrowers. In this article, we will explore the benefits of salaried loans, the eligibility criteria, and where to get one.
What is a Salaried Loan?
Salaried loans are personal loans that are offered to salaried employees who have a steady income. These loans are typically unsecured, which means that the borrower does not have to provide any collateral, such as a property, as security for the loan.
The loan amount that can be availed through a salaried loan depends on the borrower’s income, credit score, and other eligibility criteria. The repayment tenure for salaried loans can range from one to five years.
Salaried loans are offered by several financial institutions, including banks, NBFCs (Non-Banking Financial Companies), and online lenders.
What are the Eligibility Criteria for Salaried Loans?
The eligibility criteria for salaried loans may vary among lenders, but there are some common requirements. Here are some typical eligibility criteria:
1. Citizenship: The borrower must be a citizen of India.
2. Age: The borrower must be at least 21 years old and not more than 58-60 years old (depending on the lender).
3. Employment: The borrower must be employed in a stable job with a minimum work experience of one-two years.
4. Income: The borrower must have a minimum monthly salary that meets the lender’s requirements.
5. Credit Score: The borrower must have a good credit score, typically 750 and above.
6. Documentation: The borrower must provide necessary documents such as identity proof, address proof, income proof, and a photograph.
What are the Benefits of Salaried Loans?
1. Unsecured Loan: Salaried loans are typically unsecured, which means that the borrower does not have to provide any collateral. This reduces the risk for the borrower and makes the loan process more accessible.
2. Quick Approval: Salaried loans are approved quickly compared to secured loans and may take as little as 24-48 hours from application submission to disbursement.
3. Convenient Repayment: Salaried loans come with flexible tenure. This provides the borrower with the flexibility to choose a repayment tenure that suits their financial capabilities.
4. Competitive Interest Rates: Salaried loans come with competitive interest rates, making them an affordable option for borrowers.
5. Easy Eligibility Criteria: The eligibility criteria for salaried loans are straightforward and easy to meet, making it easy for salaried employees to avail of loans.
6. No Restrictions on Use of Funds: Borrowers can use the funds availed through salaried loans for any purpose they wish, such as emergencies, medical expenses, education fees, travel, or home renovation.
Where to Get Salaried Loans?
Salaried loans can be availed from several financial institutions, including banks, NBFCs, and online lenders.
Banks: Several banks offer salaried loans. These banks include State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank, among others.
NBFCs: Non-banking financial companies such as Bajaj Finserv App, Tata Capital, and Fullerton India also offer salaried loans.
Online Lenders: Various online lenders such as Money View, Credy, and KrazyBee offer quick and easy personal loans to salaried employees.
Apps to get Salaried Personal Loans for Employees
Several financial institutions offer mobile apps that allow users to apply for a personal loan quickly and easily.
Bajaj Finserv App
Bajaj Finserv provides a user-friendly mobile application that enables borrowers to avail affordable personal loans. The App has several features such as instant activation of the loan, quick disbursal, and online account tracking. The App allows the borrower to apply for a personal loan with ease, calculate their EMI, and make online payments.
The Bajaj Finserv App also allows existing customers to avail of pre-approved loan offers and exclusive discounts on processing fees.
ICICI Bank App
ICICI Bank offers a mobile application that makes it easy for customers to apply for a personal loan from anywhere, anytime. The App enables customers to check their loan eligibility and calculate their EMI with a single click. The App also provides customers with easy tracking of their loan status and repayment schedule.
The ICICI Bank App also enables customers to avail pre-approved loans and enjoy attractive interest rates.
HDFC Bank App
HDFC Bank offers a mobile application that provides customers with instant loan approvals. The App makes it easy to calculate the EMI, check the loan eligibilityand track loan status. The App also enables customers to avail pre-approved loans and monitor their credit score.
The HDFC Bank App offers customers a range of personal loan options with competitive interest rates, making it an ideal choice for those seeking a quick and hassle-free loan.
SBI Yono App
SBI Yono App is an all-in-one application that allows customers to apply for personal loans quickly and easily. The App enables customers to check their eligibility, calculate the EMI, and submit digital applications. The App also provides customers with easy tracking of loan applications, approvals and disbursement.
The SBI Yono App offers attractive interest rates and provides customers with flexible repayment options, making it an excellent option for those seeking a personal loan.
Kotak Mahindra Bank App
Kotak Bank provides a mobile application that enables customers to avail of personal loans without visiting a bank. The App offers customers an array of loan options, including personal loans that can be availed of with ease. The App provides customers with easy access to their loan account details, allowing them to monitor their loan status and repayment schedule.
The Kotak Bank App also enables customers to avail pre-approved personal loans at attractive interest rates.
How is Salaried LoanDifferent From Other Loans?
Salaried loans are different from other loans due to their eligibility criteria, loan tenure, and interest rates. Some common types of loans that differ from salaried loans include:
1. Secured Loans: Secured loans require the borrower to provide collateral or security against the loan amount. Examples of secured loans include home loans, car loans, and loan against property.
2. Business Loans: Instead of availing a personal loan, entrepreneurs can opt for business loans to fund their business activities.
3. Student Loans: Salaried individuals looking to pursue higher education can avail of student loans to fund their education expenses.
Salaried loans are an excellent option for salaried employees in need of financial assistance. These loans come with several benefits such as competitive interest rates, quick approval, and flexible repayment options, making them an attractive option for borrowers. Salaried loans can be availed from several financial institutions, including banks, NBFCs, and online lenders. Before choosing a lender, borrowers should compare the terms and conditions, eligibility criteria, and interest rates to ensure they find the right loan suitable for their financial needs.