personal loan for salaried employee

Sometimes emergency expenses come without warning, and your savings are insufficient to fulfill that requirement. From funding your children’s education and renovating your house to financing a dream wedding, a Personal loan for a salaried employee can help you meet your personal needs. If you are a government and salaried employee looking for an instant and convenient personal loan, PayMe India is the place for you!

PayMe India’s Quick personal loans are incredibly affordable and easy to repay at an affordable interest rate. Moreover, the repayment tenure is between 3 to 12 months at your comfort. Once you have applied for a loan, wait for the approval, and the loan amount will get disbursed to your account instantly. And the most enjoyable part? You don’t have to pledge any collateral!

Personal loan with PayMe India

PayMe India believes in the dreams of every person. So if you are a government and salaried employee of India and require some extra funds, this loan app is the best place for you. At affordable interest rates, they provide loans for government employees to fulfill all their funding requirements. So do whatever you desire with the borrowed amount, like going on a vacation or buying the latest gadget.

  • You can borrow up to Rs. 5 lakhs under the option of a Personal loan for a salaried employee
  • The interest rate is affordable and flexible according to the user profile
  • You can choose your repayment tenure anywhere between 3 to 12 months at your comfort
  • Get instant disbursal within the same day of loan approval

Note: Applying for a personal loan is a good choice, but we suggest you check the personal loan EMI calculator. This will help you understand the exact amount to repay in EMIs.

Personal Loan Eligibility Criteria

Below-mentioned is the eligibility standards for PayMe India instant personal loan:

  • The loan applicant must be an Indian citizen residing in the country.
  • The loan applicant’s age must be between 21 years to 60 years.
  • The loan applicant’s income must be above Rs. 12,000.

Factors affecting Personal Loan Eligibility

  • Geographic location: The place you live in plays a critical role in deciding whether or not you will be allowed to avail of a personal loan.
  • Income: The more your income is, the more your chances of loan application approval will be. Also, you will be given a higher loan amount.
  • Credit score: Your credit score plays a crucial role in defining your loan eligibility. The loan interest rate, repayment period, and loan amount will depend majorly on this factor.
  • Existing credit: If you have any ongoing debt, your chances of getting a new loan will contact lower, as the lender will need surety that you can repay the loan on time.

Document required to provide the lender

To get a personal loan, you need to provide a few documents on the PayMe India app, which are as follows:

  • Download the app of PayMe India and register yourself
  • Provide document for identity proof: Aadhaar card/ driving license/ passport
  • Provide document for address proof: Aadhaar card/ pan card/ driving license/ passport
  • Provide document for income proof: Pan card/ latest 3 Months salary slip if a salaried person or ITR if self-employed/ latest 3 months bank statement.

Features of Instant Personal Loan for Government Employees

  • Instant approval: The applying and approval process of a personal loan is quick and paperless. You need to register and provide the required documents digitally. Also, if you are a pre-approved user, you have to submit fewer or nil documents.
  • No Collateral: Personal loans are unsecured loans that do not require collateral or security. If you meet the essential eligibility criteria, your loan will get approved.
  • Instant disbursal: If you are in an instant money requirement, go for a personal loan as the loan will get disbursed to your bank according to your account on the same day of approval.
  • Minimal Processing Time: The processing time for instant loans is relatively less than for other kinds of loans.
  • Customizable Loan Period: In most cases, when you apply for an instant loan, you are offered a flexible loan term. Therefore, you can select a repayment period as your comfort, subject to the creditor’s maximum loan repayment term.
  • Competitive Interest Rate: Applicants with a sound credit score will likely be offered a loan at an affordable interest rate. This will lower the overall cost of the loan borrowed.

How to Apply for a PayMe India’s instant Loan?

Both salaried and self-employed employees can apply and get an online loan with PayMe India.

  • Download the app of PayMe India from the play store if android user and app store if IOS user.
  • Complete the KYC process by providing your Aadhaar card, pan card, and live selfie.
  • Upload documents for income verification: Salary slips, latest 3 months bank statement.
  • Just apply and wait for approval. A customer service agent will take you via the loan application procedure.

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