A salary loan is a loan designed for salaried employees to address urgent financial needs such as medical expenses, education, home renovations, or other personal expenditures. It is unsecured, meaning no collateral is required, and is typically repaid in fixed monthly installments.
Benefits of Salary Loan:
Quick Access to Funds: Fast approval and disbursal process.
No Collateral: No need to pledge assets as security.
Flexible Tenure: Repayment terms can range from a few months to a few years.
Convenient Process: Minimal documentation and easy application process.
Custom Loan Amounts: Based on your salary and repayment capacity.
Eligibility Criteria:
Employment: Applicant must be a salaried employee with a steady income.
Minimum Salary: Varies by lender; typically a minimum monthly income of ₹15,000 to ₹25,000.
Age Limit: Generally between 21 and 60 years.
Work Experience: Minimum of 1-2 years of total work experience, with at least 6 months in the current organization.
Credit Score: A good credit score (650 and above) is often required.
Documents Required:
Identity Proof: Aadhaar Card, PAN Card, Passport, or Driving License.
Address Proof: Utility bills, Aadhaar Card, or Rent Agreement.
Income Proof: Recent salary slips (usually 3 months) and bank statements (last 6 months).
Employment Proof: Offer letter or employee ID card.
