Getting a personal loan for salaried employees is now convenient. Personal loans are classified as unsecured loans, which means they don’t need collateral. The best thing about personal loans is that the lenders assess your application quickly and decide whether to approve your loan, if you fulfil their eligibility criteria. The applicant needs to furnish the required documents, which can now be submitted online. . It is thus convenient for salaried employees who have urgent fund requirements..

Anybody can apply for a personal loan from NBFC – whether self-employed or salaried. Salaried individuals have a higher chance of getting their loan applications approved as NBFCs typically consider the borrower’s source of income when approving personal loans.  Also, salaried individuals can easily upload their salary slips online on an instant* loan apps like Fullerton India’s InstaLoan app without visiting the lender’s office, which can save time and cost. However, although instant* personal loans are quite easy to avail, even salaried employees have to fulfil some eligibility requirements to get their application approved. Let’s discuss the same in detail.

Important Factors Banks and NBFCs Consider In Personal Loan Applications

 

Employer

 

The stability of your job and the market reputation of your employer will play a major role in the approval of your instant* personal loan. So, if you are employed with a reputed company, you’ll have better chances of getting approved for an instant* personal loan from lending institutions.

 

Outstanding debts

 

When applying for an instant* personal loan, the lender will typically check your outstanding debts and credit history. If you have unpaid credit card or loan balances, it may negatively impact your loan application and it could be rejected. Lenders may also look at your credit score and credit history to assess your ability to repay the loan. It’s important to keep your credit score and outstanding debts in good standing before applying for a loan.

 

Instant*Credit score

 

Your CIBIL score is checked by the lender while approving an instant* personal loan. A good credit score of 750 or above, can help you to increase your chances of getting approved for an instant* personal loan from NBFCs.  A low score or bad credit history may result in your application being denied.

 

Annual income

 

Another important factor that will demonstrate your ability to repay an instant* A personal loan is your annual income. Lenders require a minimum annual income if you want to get an instant* personal loan from them. The lender will take into account your capacity to pay the installments and decide whether you can afford it or not.

 

Limiting loan applications

 

Applying for multiple loans at the same time can be a red flag for lenders and may negatively impact your chances of getting an instant* personal loan approved. Multiple loan applications indicate credit hungry behaviour. It’s best to limit your loan applications and only apply for loans when you truly need them.

Tips to Boost Your Personal Loan Eligibility

The following are some practical tips that can improve your chances for instant* personal loan approval.

1.Maintain a steady income

To improve your eligibility for personal loans, you should maintain a steady income particularly from regular employment. A regular salary from your employer will demonstrate your ability to repay the loan.

 

2. Improve your credit score

To improve your credit score, you should pay your bills on time. Not paying your outstanding dues on time will show that you have a poor payment record and negatively impact your CIBIL score.

3. Reduce the burden of your debts

High outstanding debts, particularly on credit cards, can negatively impact your chances of getting an instant* personal loan approved. Clearing off these debts can improve your eligibility. instant*instant*

4. Do not apply for multiple loans

You should also keep a check on how many times you’ve applied for instant* personal loans. If you are applying for multiple loans within a short period, the lender may doubt your credibility, which will negatively impact your chances of getting a loan approved.

Conclusion

In conclusion, instant* Personal loans for salaried employees are a convenient option for those who need cash quickly and have a steady income and good credit. However, it is important to carefully review the terms and conditions of the lender before applying to ensure that you have all the necessary documentation and understand the approval process. Additionally, the Fullerton India InstaLoan app is a great option for those looking for an easy and hassle-free loan approval experience.