You skipped so many dreams due to the requirement of the huge amount of funds, dreams like travel plans, higher education, wedding expenses, home makeover, etc. If you are salaried employed availing personal loan is one of the easier tasks for you as compared to persons involved in other occupations.
Features of availing instant personal loan for salaried employees are:-
- Higher loan amount within less duration- Salaried employees can borrow a personal loan for a higher amount to meet all uncertain expenses due to job security within less duration.
- Various lender options are available- Almost all lenders provide personal loan to salaried employees because from lender’s point of view there is less risk involved to grants loan to salaried individuals.
- Flexible loan tenure options- Flexible loan repayment tenure options of up to 7 years are available for salaried individuals of up to 6 years, so you can repay the instant personal loan conveniently. High loan tenure minimizes your EMIs that best suit your financial needs.
- Tax benefits are available- An additional benefit of a personal loan is the tax deduction you can claim when you use this financial source to pay for the renovation or construction of your house. The benefit amount can be up to two lakhs as per Section 24B. However, it is important to provide adequate documents to show the utilization of funds for the mentioned purpose.
- Reasonable rate of interest- Instant personal loan interest rates for salaried employees is starts at 8.75% per annum. Due to steady and regular income, salaried persons can get an instant loan at a competitive interest rate.
- No collateral security needed- Employee doesn’t need to pledge any collateral security. Personal loans for salaried employees are collateral-free to ensure that you need do not to render your valuable assets at risk.
- Minimal paperwork and documents needed- Paperwork is less because most lenders provide personal loan through a digital platform, you only need to submit a few documents for KYC verification. Less paperwork saves more time and effort.
- Hassle-free eligibility criteria- To avail of a personal loan salaried employees only need to fulfill the basic and easy eligibility criteria, which is hassle-free and convenient.
- Overdraft facility easily available- In case salaried employees need extra funds over and above what they’ve already borrowed, you can withdraw extra funds up to an agreed limit. And you need to pay interest only on the amount that you use.
- NIL penalty charges on part pre-payment- Most lenders do not charge any pre-payment charges from employees. You can prepay your instant personal loan any time after 6 months from the disbursement date.
- Flexibility in loan usage- A crucial advantage of a personal loan is its flexible nature. Unlike a home loan, business loan, or any other loan it can be used for any necessity without restrictions such as weddings, travel, education, medical expenses, luxury items, electronic gadgets, etc.
12. Availability of EMI calculator- Employees can easily calculate EMIs through the EMI calculator before applying for a personal loan, EMI calculator is available on the official website of most lenders.
