NBFCs have made it a lot easier for salaried workers to get a personal loan these days. You may use a loan to support a wedding or house remodeling, pay medical costs, or go on a dream trip; the reasons for borrowing vary greatly. Applicants may easily get loans to cover their expected and unforeseen needs since they enable 100% digital and paperless loan application processes.
Here are the 6 Tips for Salaried Employees to Qualify for a Personal Loan.
6 Tips for Salaried Employees to Qualify for a Personal Loan
Selecting the right loan is really important
You may be influenced by the bank’s sales representative to take out a loan for a bigger amount than you need. This means that your monthly payments will be larger, as well as the cost of borrowing, which includes costs such as processing fees, upfront fees, and so on. So, before you apply for a personal loan online, make sure you know exactly what you need and how much you can afford to pay back.
Using peer-to-peer lending sites like Faircent may help you get a better deal since you can pick your loan amount and the length of your repayment period.
Meet the Requirements of the Lender
A personal loan applicant must meet the requirements of each individual lender in order to be eligible for a loan. When it comes to getting a personal loan from Fullerton India, salaried employees must meet these requirements:
- Between the ages of 21 and 60
- Citizenship of the Republic of India
- Rs. 25,000 in Delhi and Mumbai, and Rs. 20,000 everywhere in India, is the bare minimum.
- A job in the public sector, a sole proprietorship, or a business limited by shares of stock
- A minimum of a year’s experience is required for this.
- A minimum of six months of employment with the present firm
- A minimum grade point average of 700 or above is required for admission.
- Payroll workers will not be considered for employment.
Candidates that meet the qualifications must submit the necessary paperwork. Gathering all of the necessary paperwork before applying for a loan ensures that the process goes as smoothly as possible. Salaried employees of Fullerton India are required to present the following documents:
- The PAN card
- Aadhaar cards, passports, driver’s licenses, and voter identification cards are examples of acceptable forms of identification.
- Passports and PAN cards are two common forms of identification that have signature pages.
- Assertion of residencies, such as a photocopy of one’s driver’s license or an Aadhaar card you may also use a utility bill, ration card, or a lease agreement.
- Bank statements for the previous 6 months
- Pay stubs from the last three months.
- Form 16 or income tax returns
- The lender fully encourages the use of electronic records in place of paper ones. To avoid having to go to the lender’s office, one may just scan and upload the paperwork online.
Changing the EMI Amount
Because the loan payment would lower your net monthly income, you should reduce the EMI payment to a level you can afford to make on a monthly basis. A loan extension or a lower principal amount may be used to accomplish this goal. A P2P lending platform has the finest EMI rates of any loan platform out there.
Do not apply for multiple loans
Your CIBIL score might be negatively impacted if you have a history of numerous loan applications on your credit record. This might lead lenders to see you as a risk-averse applicant and reject your application. To keep yourself out of trouble, it’s a good idea to just apply for a loan from the one lender you think is the best fit for you. You should also wait a few months before applying for another loan if you have applied within the previous 3-6 months.
Keep a Good Credit Score
Top NBFCs often demand a credit score of 700 or above. Building credit is simple for individuals who pay their current loan EMIs and credit card obligations on time. Low debt-to-income and credit use ratios rapidly develop credit. A person’s credit score is also affected by their credit history and credit portfolio.