Everything you need to know about Personal Loan on Salary

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We all agree that unlike salary, expenses do not come with fixed date or amount. You may be a meticulous financial planner, but still some unavoidable expense like a wedding in the family or a sudden hike in school fees, can put you down by good numbers! Instead of getting worked up look for a personal loan on salary. With advance salary loan you can tide over the financial gap easily.  Nowadays, personal loan for salary persons can be availed online too. The new age consumer lending platforms like CrediFiable provides instant approval personal loan for salaried professionals. With a quick turnaround time, smooth application, fast disbursal and flexible payments – all you need to have is a minimum salary for personal loans.  Just fill a simple online application, upload relevant documents and relax! Our tech-enabled platform will give final approved EMI options in 5 minutes flat.

Remember: Personal Loan on Salary is Different from Payday Loans

Personal loan on salary helps in sailing through urgent cash requirement with friendly terms and is a far cry from the payday loans. Payday loans, though packaged well, are mostly limited to the amount of your monthly salary and you must usually repay them with next month salary credit. This squeezes out the breathing space from your overall financial plans. But to their credit, many-a-times a payday loan provider will not have a minimum salary for personal loans – like criteria. But you must understand that this in fact stresses your overall financial plans.

Now, that you have understood the difference between personal loan for salary persons  vs the payday loans; let’s answer the 6 key queries around Advance Salary Loan.

1. What is the Minimum Amount One Can Avail as Advance Salary Loan?

CrediFiable offers you online personal loans for an amount of Rs.1 Lakh- Rs.5 lakhs. You can apply for an amount as you require. With instant approval personal loan for salaried people, you can easily you’re your urgent cash demand, whether big or small. Expenses do not wait for salary credit why should you?

2. What is the Minimum salary for Personal Loans?

You are eligible to avail advance salary loan by way of personal loan from CrediFiable if you earn a minimum monthly salary of Rs. 25000. This is because our credit appraisal system wants to ensure your overall financial well-being. We don’t want you to take a loan and then struggle to meet your essential everyday expenses because of an additional EMI to be paid. Make sure to add any extra source of income you may have at the time of online application for personal loan on salary for an enhanced limit.

3. What Does It Take to Get an Instant Approval Personal Loan for Salaried Professionals?

With CrediFiable platform you have access to online personal loans. Just keep your 3 months bank account statement handy in the pdf format at the time of application. You will then need just about 5 minutes to complete your loan application and our system can give you instant approval personal loan for salaried. As the next steps, you must also upload your salary slips and KYC documents online for a smooth and fast disbursal of advance salary loan.

4. What is the Tenure of Personal Loan on Salary?

The loan tenure can be from 6 months – 36 months depending on your repayment ease. We look forward to providing the benefits of a personal loan for salary persons without disrupting your financial budget.

5. Can Someone New in Job Get Personal loan for Salary Persons?

It is one thing to have minimum salary for personal loans as stipulated by a traditional lender, and another thing to qualify all necessary conditions. For example, a traditional lender will not sanction your loan if your work experience with the current employer is less than 1-2 years.

But with CrediFiable enables personal loan for salary persons even if they have total work experience of less than a year. Instant approval personal loan for salaried is possible even if they have not completed 3 months in their current organization. So being new to an organization or just in the beginning of your career is no more a hindrance in availing advance salary loan.

6. What Role Does Credit History Play in Securing an Instant Approval Personal Loan for Salaried?

CrediFiable’s unique credit model looks at the borrower’s holistic profile including education, employment, city of residence etc. as parameters before approving the personal loan on salary. We do not solely rely on your credit score to sanction your loan.  Your advance salary loan from CrediFiable can get approved provided you have minimum salary for personal loans; even if your CIBIL score is less than 700. Since our risk engine carries out a holistic credit appraisal, securing an instant approval personal loan for salaried people is well within their reach even if they totally lack credit history! We don’t judge a book by its cover!

Armed with all answers around personal loan for salary persons from CrediFiable, you need not be in two minds. So, next time you wish to renovate your interiors or take fancy for a bike, don’t compromise. Go for a personal loan on salary and make most of the situation.

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