With a fixed and limited monthly income, the salaried class, which is also the honest tax-payer is burdened with everyday expenses. Additionally, they also should bear occasional big expenditures such as school fees, family weddings and even medical emergencies. Amongst all the bills to be taken care-of, a common salaried person struggles to fulfill the dreams and aspirations he may have. You may want to own a home, a car and want to take a refreshing vacation. With so many financial demands to meet even a scrupulous financial planning leaves much to desire. In such situations, a personal loan for salaried employees works as a great answer to the cash crunch. In fact it is totally like taking a salary advance via online personal loan. And when you choose a digital consumer lending platform for the financing option, you have access to instant personal loan!
Why an Online Personal Loan for Salaried Employees is the Best Financing Option?
A business-person has multiple sources of earning. And his money is also always in circulation. He may owe money to his suppliers and depending upon the business relationships, he enjoys interest free credit from them for a specified time. Also, a business person enjoys a better network of community that readily provides short term loans.
But when a salaried employee requires external financial support, he can either borrow money from friends or family or he must take a loan. When you take a loan from friends or family, it usually strains the relationship. And relations are too precious to risk them for money, especially when help is available from the financial institutions.
When it comes to loans, there are various options available to a salaried individual. But taking a salary advance via an online personal loan is the best. Let’s see how.
1. Taking a Personal Loan from Bank can be Daunting
Almost every bank today offers personal loan for salaried employees. But unfortunately, the banks are biased in favour of employees working in a larger corporate. They find people working in a new-age company to be riskier and hence may not always provide them loans. There are several other reasons why a bank may deny you a personal loan.
But say you are not among one of those whose personal loan got rejected from a bank. Even for you the entire process of filling-up lengthy application form, providing photo-copies of documents after documents and then waiting for the loan to get approved can be quite tiring.
Furthermore, closing the loan is another elaborate process. You may find out to your dismay that the banks which were very approachable at the time of disbursing the loan, suddenly become process-ridden and aloof when it comes to closing the loan. You may be told by the sales executive to visit some far-off branch to pre-pay and close your loan!
So, while taking a personal loan from a bank may seem to be the most obvious choice in case of financial emergency – it is not one of the most effective one.
2. Get an Online Personal Loan from Digital Consumer Lending Platform from the Comfort of Your Desktop
Digital consumer lending platforms are the new-age tech-savvy financial institutions which offer hassle-free totally online personal loan. CrediFiable is one-such leading digital consumer lending platform where we provide online personal loan for salaried employees right at their finger-tips. All you need is a desktop (or a laptop) with an internet connection.
It just takes you 5 minutes to get your final approved loan amount and EMI after filling a simple application form and uploading your financial statements online. After choosing the personal loan plan, you should upload your KYC documents and salary slips online. And then the money will hit your account in 3 working days. You can kiss good bye to long reams of application form and maintaining a file of all Photostats.
When you choose to take an online personal loan from a digital consumer lending platform – closing the loan is as easy as taking it. The process of loan pre-closure will also not require you to visit any office. We even issue the NOC (No Objections Certificate) over the email.
3. Ditch the Payday Loan Interest Trap, Choose the Instant Personal Loan
When facing a financial crunch, many of you might get tempted by the payday loan offers. Payday loans essentially lend you money for a very short term (usually for 30 days) and must repay the loan in one-shot at the end of the tenure when you get the salary.
Payday loans are fast and easier to take but they are also a big interest-trap. Most of the payday loans charge you a flat interest rate and you end-up paying through the roof. It is not unusual that the loan-provider may quote you an interest rate of 2.5% per month flat interest rate but you end up paying ~48% as effective interest rate!
You must hence, steer clear of the payday loans. With the option of digital consumer lending platforms you have access to instant personal loan. CrediFiable provides you flexible repayment tenure as short as 6 months and gives you loans for amount as low as Rs.50000. With flexible amounts and tenures available with instant personal loan, it is best to give payday loans a pass.
4. An informal Money-Lender is Miles Away from Rules & Regulations
Borrowing from an informal money-lender is wrought with issues and must be the last option for you. The informal money-lenders will charge any interest on the loan that they fathom. Many-a-times the amount you should pay-back to these lenders exceeds your income. This is because the informal money-lenders do not follow a credit appraisal process to assess your loan eligibility. While you may get the money upfront, it becomes a big trouble to pay-it-back. Finally, they will not shy away from resorting to all-sorts of practices to recover their loan.
As a common salaried man (woman), you will find it hard to stand up-to the harassment which may follow. Also since this sector is not regulated by the government legal help will also be hard to get.
Hence, as seen above, it is most prudent for you to opt for a salary advance by way of an online personal loan from a digital consumer lending platform.
5-Point Checklist for Instant Personal Loan for Salaried Employees
Now that we have seen that why taking an instant personal loan from a digital consumer lending platform is the best way to avail a salary advance loan, let’s look at the 5 key-things you must remember before taking it.
1. Know it All About Instant Personal Loan from Digital Consumer Lending Platform
Digital consumer lending platforms are a new-age phenomenon, whereas Banks have existed from ages. Once you have selected the platform where you will apply for the online personal loan, be sure to check its’ website, FAQs section and its’ social media pages. This will help you understand how the online model is different and better from a traditional offline lending model. CrediFiable is actively engaged in disbursing personal loan for salaried employees, but when you do a bit-of your own research about us you will approach us with more confidence. And when it comes to money, it is always better to be doubly sure!
2. Check if You Are Eligible to opt for Salary Advance Via Online Personal Loan
Every lender has their own rules about disbursing money. When you apply for a loan it leads to a CIBIL enquiry and impacts your credit score. Hence even before applying for the loan you must ensure that you are meeting the basic eligibility criteria of the digital lender you are applying with.
At CrediFiable we provide personal loan for salaried employees only if they are graduate and earning an income of more than Rs.3 lakhs per annum. So, if you are a self-employed professional, we cannot sanction the personal loan to you. The full list of our eligibility criteria is here.
3. Credit Score plays a key-role in Personal Loan for Salaried Employees
A personal loan is an unsecured loan. This means that when a lender gives you money, it is totally dependent on your profile. No asset such as a home or car or an FD is taken as security. Your credit score goes a long-way in ascertaining your credit-worthiness.
At CrediFiable we have an intelligent risk engine which looks at your holistic profile such as your education, employment etc to determine your credit-worthiness. Because of this holistic model we are not solely dependent on your CIBIL score. In case you are new-to-credit i.e. you have not taken any loan in the past – a traditional financial institution such as a Bank or an NBFC cannot sanction you a loan. But at CrediFiable, we believe that just because you have not taken any loan in the past does not make you any less credit-worthy. We can give you a salary advance via online personal loan without credit history too!
4. Be Thorough with Process & Documents Required
Before starting your application, you must go through and understand the process flow. This will ensure that you have a seamless experience. Also make a note of the documents which will be required in the application and keep them ready before-hand. During the application process at CrediFiable, you must upload your 3 months of bank account statement where the salary credit happens. Once you get your loan plan you should upload our KYC documents and the salary slips.
5. Carefully Choose the Plan of Your Online Personal Loan
Once your application is complete, the system will generate the plan for your loan. This will basically give your monthly EMI along with the interest rate and loan tenure. You must carefully assess your monthly income and existing expenses before finalising the loan plan. It may look tempting to go for a longer tenure and lower monthly EMI. But you end up paying a higher total interest amount with a longer tenure. At the same time, you must select the EMI that you can conveniently pay every month. Lesser total interest amount is fine, but not at the cost of loan serviceability.
So, now you that you know how convenient are online personal loans for salaried employees. You save on time and hassle and can get the loan at competitive terms too! Next time you find yourself in a financial crunch do not approach your friends or family. Just logon to https://credifiable.com!