What is a Salaried Loan?
A salaried loan is designed for individuals receiving a regular salary. It helps cover financial needs such as unexpected expenses, travel, or home renovation. These loans are unsecured, meaning no collateral is needed.
How Do Salaried Loans Work?
Lenders assess your monthly salary, credit history, and employment stability. Once approved, the loan amount is disbursed, and you repay it in fixed monthly EMIs deducted from your salary.
Types of Salaried Loans
- Personal Loan for Salaried: For general financial needs.
- Salary Overdraft: Allows overdrawing from your salary account.
- Short-Term Loan: Typically repaid within 1-5 years for smaller amounts.
Benefits
No collateral required, quick approval based on steady income, and fixed repayment terms with competitive interest rates.
Eligibility
Stable job for 1-2 years, minimum salary as per lender, and a good credit score (650+).
How to Apply
- Research lenders offering salaried loans.
- Submit documents like salary slips and employment proof.
- Review the offer and agree to terms.
Key Considerations
Check interest rates, loan tenure, and EMI affordability based on your salary to avoid financial strain.
