Personal Loan

Thursday 20 July 2023

Frequently Asked Questions on Salaried Personal Loan

Frequently Asked Questions on Salaried Personal Loan

Q. What are the eligibility criteria for availing Personal loan?

A. The eligibility criteria depend on various parameters like your salary, company you are working for, your previous repayment history etc. You can borrow loan upto Rs. 40 lakhs. For example: if your salary is Rs. 1 lakh per month then you may get loan for Rs. 20 lakh for five years (interest will vary across banks).

Q. What is the minimum and maximum tenure for repayment of personal loan?

A. The tenure ranges from 12 months to 72 months.

Q. How many days will be required for disbursement of loan?

A. From the day of submitting your complete documents to our executive to loan disbursement by bank, it will take around 5 to 7 days.

Q. Is there an option of prepayment/foreclosure of personal loan?

A. Yes you can prepay your personal loan with charges applicable which varies across the banks but not before payment of 1st EMI. Some banks allow partial payments and some don’t.

Q. From which month my EMI will be start deducting from my account?

A. The EMI will start from the second month of loan disbursal. For example, if your loan gets disbursed on 1st May, then your EMI will start from 1st week of July.

Q. Will the loan amount be credited in my account

A. In case of loan amount below Rs. 1 lakh you will receive a cheque/DD and incase of loan amount above Rs. 1 lakh the amount will be directly transferred to your bank account.

Q. What is the minimum and maximum age required for personal loan?

A. Minimum age required is 21 and maximum age less than 60.

Q. What are the documents required in order to apply for a personal loan?

Documentation For Salaried Person
Photograph (Passport Size)
Pan card
Aadhaar card
Company ID Card
Last 3 months salary slip
Last 4 months Bank-Statement (up to date)
Proof of job continuity/form-16
Proof of residence
Permanent address proof (for Rented Person)

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Salaried Personal Loan in India: A Comprehensive Guide to Obtain Personal Loan

Salaried Personal Loan in India: A Comprehensive Guide to Obtain Personal Loan

Introduction

Salaried personal loans have become increasingly popular in India due to their convenience and flexibility. In this article, we will provide a comprehensive guide to salaried personal loans, covering their definition, benefits, eligibility criteria, application process, and top lenders in India.

Understanding Salaried Personal Loans

Salaried personal loans are unsecured loans offered by banks and financial institutions to individuals who are employed and have a steady income. These loans provide financial assistance for various purposes, such as wedding expenses, medical emergencies, home renovations, debt consolidation, or funding a dream vacation. The loan amount, interest rate, and repayment tenure vary based on the borrower's creditworthiness and the lender's terms and conditions.

Benefits of Salaried Personal Loans

Salaried personal loans offer several advantages to borrowers. Firstly, they provide quick access to funds without the need for collateral. Secondly, they have a simple and streamlined application process, often allowing for online applications. Additionally, these loans offer flexible repayment options, competitive interest rates, and the ability to consolidate multiple debts into a single loan.

Eligibility Criteria for Salaried Personal Loans

To qualify for a salaried personal loan in India, individuals need to meet certain eligibility criteria. Generally, the borrower must be an Indian citizen, aged between 21 and 58 years, with a stable job and regular income. Lenders assess factors such as credit score, employment history, monthly income, and existing financial obligations when determining loan eligibility.

Application Process for Salaried Personal Loans

Applying for a salaried personal loan in India is a straightforward process. Borrowers can either visit the lender's branch or apply online through their website or mobile app. The application typically requires providing personal and employment details, income proof, bank statements, and identity/address proofs. Lenders evaluate the application, conduct credit checks, and, upon approval, disburse the loan amount to the borrower's bank account.

Free Finance Services™

Free Finance Services™ deals in every financial product like personal Loan, home Loan, business Loan, Loan against property, OD CC limit, Loan consolidation etc. Free Finance Services is a leader in providing Loan related services in Delhi NCR. Our aim is to give greatest Loan deal to our clients in the competitive market. FREE FINANCE is commenced by a group of experienced persons in the field of financial services mainly related to Loans.

Our Services at a Glance (Call us-9910831827) *T&C APPLY

Note: CIBIL Defaulter Do Not Call Us

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