What is the eligibility for personal loans for salaried employees? Understand all the information in detail.

The requirements for credit score may vary by different financial institutions. Customers with good credit scores get loans easily. But if your credit score is bad then you may have to pay more interest.

Personal loan is used to meet your financial needs. Many people resort to personal loan to meet sudden health expenses, wedding expenses and other expenses. These loans are also more popular because the paperwork is less in them and the application process is very easy.

Eligibility of salaried employee for personal loan

Age limit

To take a personal loan, the age of the borrower should be between 21 -58.

What should be the salary

The salary limit may vary depending on the location. For example, if the loan applicant lives in a metro city, then a higher salary limit can be seen.

Job stability

Banks or financial institutions also look at the employment status before giving a personal loan. That is, whether the employee has stability in employment or not.

Credit score

The requirements for credit score may vary by different financial institutions. Customers with good credit score get loans easily. But if your credit score is bad, then you may have to pay more interest.

How much loan can be availed

Usually, salaried employees can get a loan of up to 30-50 percent of their salary from banks or financial institutions.

These documents will be required

To take a personal loan, fewer documents are required as compared to other types of loans. This includes an application form with your signature. Apart from this, passport size photo, address proof, PAN card, Aadhar card etc. Apart from this, salary slips of the last three months. Bank statement, ITR of at least last two years or Form 16.

Benefits of personal loan

· Personal loan can be used for marriage, travel, loan, home renovation etc.

· It does not require any kind of guarantor.

· There is not much paperwork in this. The process of personal loan is completed with less documentation.

· Customers can choose the repayment option as per their convenience.

How can you apply

One can apply for personal loan online or offline by going to the bank.