During unplanned emergencies, opting for an instant personal loan can come handy, instead of withdrawing your investments. Because having a little extra credit can always be a huge boon to working professionals. Many lenders offer an instant personal loan for salaried employees. Whether you are planning for a vacation with the family or organizing your destination wedding or dealing with any medical emergencies, an instant personal loan can only offer you with the required benefits.
You can get access to instant funds with zero collateral. Because of this reason, a personal loan has become the most preferred loan product by working-class professionals who are finding it difficult to manage their basic needs with their monthly salary.
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Since most of the personal loans available are unsecured, the eligibility criteria differ from that of secured loans like Home loans. While the actual eligibility criteria may vary from one individual to another, depending on the relationship you maintain with your lender. Some of the general eligibility requirements are:
Since personal loans are unsecured, your lender will consider your take-home pay to evaluate your eligibility or creditworthiness.
There is no predefined minimum salary requirement to qualify for a personal loan. This is determined on a case-by-case basis, considering several additional factors such as:
So, knowing your eligibility before approaching your lender can put you in a favourable position to negotiate the personal loan terms and conditions in a better way. If you are in dire need of cash, then consider applying for an instant personal loan with FlexSalary, because they approve instant loans, even if your monthly salary is as low as INR 8000. Make your loan application process seem effortless with FlexSalary!
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