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Personal Loan

Personal Loan for Salaried Employees

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Instant Personal Loan for Salaried Person

Salaried individuals usually have a fixed monthly income which probably goes towards the fulfilment of fixed liabilities and savings. However, this income cannot always manage all the monetary requirements and responsibilities adequately. Urgent circumstances, including a sudden medical emergency or debt consolidation, call for an additional source of funding. This is when a personal loan for salaried employees from Bajaj Finserv can be an effective solution.

A Customised Personal Loan for Employees

If you are working at an MNC, a private or a public firm, this type of salaried personal loan is tailored for you. The advance becomes necessary to counter a temporary financial crisis or an immediate liquidity requirement. Use the amount availed without restrictions.

As an unsecured loan, there is no need to pledge any asset or bring in a guarantor for credit approval. Seek an instant loan for salaried employee directly after qualifying all eligibility parameters.

The eligibility criteria include -

  • 23 to 55 years of age.
  • Salaried with stable job history and income.
  • Indian citizen, residing within the territory of the country.
  • A CIBIL score of 750 or above.
  • FOIR between 30% to 50%.

  • Features of a Loan for Salaried Applicants

    A Bajaj Finserv Personal Loan comes with exclusive features making the borrowing experience comfortable.

  • High-value loan

    High-value loan

    Avail online loan for salaried applicants up to Rs.25 lakh. This high-value credit can help you address all big-ticket expenditures or investment plans.

  • Minimal documentation

    Minimal documentation

    Loan verification can be complete with some essential documents only. Submit your employment ID, proof of address, proof of identity, proof of income and passport-sized photograph to complete the process.

  • Only 3 documents required

    Easy collection of documents

    Keeping customers’ convenience at the forefront, Bajaj Finserv offers a doorstep document collection facility. Our representatives come over to take all the papers and complete the verification without any hassle.

  • Zero hidden costs

    No hidden charges

    Unexpected charges can increase the total cost of borrowing, thereby posing chances of default. The best personal loan for salaried employees imposes zero hidden charges, ensuring transparent financing. You can easily check all the fees and charges associated before submitting your application.

  • Instant approval

    Quick approval and disbursal

    Receive instant approval on short term loan and disbursal within a few hours. Make sure to fill up the application form with authentic information. Any incorrect detail highlighted during verification may lead to rejection of the application. Once approved, receive the personal loan amount in salary account or wherever you specify.

Online Tools for Precise Evaluation

  • For eligibility

    On meeting all the personal loan eligibility parameters, opt for evaluation with an online eligibility calculator. It shows the maximum loan amount you are qualified to avail based on the date of birth, place of residence, monthly income and expenditure. Such a calculator increases the chances of approval, and you get access to a quick loan effortlessly.

  • For monthly instalments

    Know the monthly instalments and have a proper financial plan for loan repayment before applying. The best way to calculate EMI on personal loan is with an EMI calculator. The online tool requires loan amount, preferred tenor and the applicable rate of interest to compute EMIs, total payment and total interest. It will also give the amortisation schedule.

FAQs on Personal Loan for Salaried Employees

Where can a personal loan be used?

A loan for salaried person is a multipurpose credit. Borrow the fund to meet varied requirements, including home renovation, wedding, foreign trip, higher education, debt consolidation, healthcare and more.

How to know if a loan application is accepted or approved?

Bajaj Finserv offers online account management facility through the dedicated customer portal – Experia. Borrowers can check their loan application status, EMI due dates, current outstanding principal, payment status and every loan-related detail easily through this portal. It is free and accessible 24x7.

What are the additional charges along with interest rate?

A personal loan for salaried employees comes with a few associated charges, including -

  • Processing fees: Up to a maximum of 4.13% of the principal amount + taxes
  • Rate of interest: 13% onwards
  • Bounce rates per bounce: within Rs.600 to Rs.1,200 + applicable taxes

Ensure to read the terms and conditions beforehand to avoid any surprise charges.

Should you choose fixed or floating interest rates?

The choice of floating or fixed rate of interest depends on your financial capability and the risks you want to take. Fixed interest rates remain constant throughout the tenor; hence, the risk factor is less. On the contrary, floating rates increase or decrease based on market conditions. While these are comparatively lower, there remains a chance of them increasing. Opt for floating rates on a personal loan for salaried employees if you have financial capability to manage the increase.