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Important Things You Should Know Before You Apply for a Personal Loan

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Are you a salaried employee and are looking to apply for an instant personal loan for an emergency or any other purpose? Every bank offers personal loan for salaried employees. Online applications make it easy and convenient to apply for a loan in any financial institution. However, before you apply for the loan, there are a few things that you should know.

 

What is a personal loan?

It is an unsecured loan that is taken by an individual for personal purposes. unlike other loans, there is no collateral while taking this loan. That is the reason the rate of interest is usually higher for a personal loan compared to other types of loan. Criteria such as employment history, repayment capacity, income level are taken into consideration while the loan amount is sanctioned.

 

What are the purposes for which you can apply for a personal loan?

You can apply for a personal loan for marriage expenses, personal expenses, travel expenses, to purchase electronics or gadgets, child’s education, home renovation, or for emergencies and unexpected medical expenses.

 

What is the eligibility criteria for personal loan for salaried employees?

The eligibility criteria for a loan generally depends on the financial institution where you are availing the loan. So, you need to check their eligibility criteria or talk to the loan agent to get a clear picture of the criteria.

 

What is the maximum loan duration?

The loan duration could be anywhere between 1 year and 5 years depending on the loan amount and the EMI.

 

How much loan amount will be sanctioned?

The amount of loan that will be sanctioned depends on various factors and is determined by the lender’s policy, current income level, credit history, repayment history, assets and liabilities. Your previous relationship with the lender is also crucial in determining the loan amount.

 

How is the EMI determined?

The EMI or your monthly repayments depend on your loan amount and repayment duration. If you prefer to go for a lower EMI, then you could be paying higher interest to the lender. Use an online EMI calculator to calculate the right EMI amount so that it will not lead to a high loss for you.

 

Nitstone Finserv offers instant personal loan for salaried employees. We have an easy application process and quick loan approval. Contact us for eligibility criteria and other details.

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