How to Get an Instant Loan if I am a Salaried Employee

You might need a personal loan for a variety of reasons- A medical emergency, a much-awaited holiday, buying a gadget, or planning a dream wedding, or anything else. The instant personal loan could be seen as the smarter version of a personal loan. With this, no matter what profession your loan can be approved. And under this feature, an instant loan for salaried employees is becoming popular every day. Salaried employees with regular monthly income may face a financial crunch more often. Since they have to manage within a limited and fixed amount, it may become tough to adjust the budget. To help you out with these crunches an instant loan for salaried could be one of the best solutions.

1. Eligibility of the salaried employees for an instant loan- The amount of salary could be as low as INR 8,000 or as much as it could be for applying to this loan. But, salary being credited in your account is a must. It brings many changes to your instant loan application. The approval for an instant loan depends a lot upon the employer, nature of the job, tenure of job, and your income statement. All this information can be provided only if you are a salaried employee. In addition to minimum income being 8,000, the age of an applicant can’t be lower than 18 years.
2. Documentation- Applying for an instant loan for the salaried employees you have to give the main documents that are common for all the loans application. These are- ID proof, Residential proof, bank statement of last 3 or 6 months, and a passport-sized photograph. In addition to these documents, a salaried employee has to attach his/her salary slip in the application form. The salary slip should be for the previous month. This proves your "Salaried" status while presenting the eligibility for the loan.

These documents may vary from one to another lender, but are mostly the same for all the lenders. If the loan is taken from a prescribed lender by your employer the documentation may or may not happen automatically.

3. Choosing the right lender- There are many lenders available in the market amongst them you can choose anyone for taking an instant loan. But, when it comes to a salaried employee the choice for a lender becomes versatile at the same time-limited. Being limited is said because often the employers have tie-ups with few lenders, which may offer better plans to you. These loan options could have a lower rate of interest, may customize your plan of loan, and give you a better tenure option too. But, you are not at all bound to take a loan from them.

Despite having many good features it could be a tough thing to manage during a change of job. Though the loan can be transferred to a loan that is not bound with the old employer tie-up, it may also finish every benefit given. This also requires a lot of paperwork which may become tiring for you.

4. Evaluating the possible payback option- Depending upon your nature of the job, tenure of job, annual salary package, and lender chosen; the payback option for your instant loan can be customized. These things let a lender decide whether some additional benefits should be given or not along with the extended facilities.

Usually, the tenure for these loans vary between 12 months to 60 but can be extended based on the points aforementioned. With a sound track record, you can also ask for a concession in the rate of interest charged. If the loan is taken from one of the lenders who has a tie-up with your employer then it may waive off a few or all the additional charges on the loan. The processing fee could be one of them. The EMI can also be adjusted accordingly.

Even with the regular monthly income, you may face a financial crunch during an emergency or other sudden needs. To meet these needs an instant personal loan for salaried employees is a very good option. FlexSalary offers this loan on better terms and with flexible repayment options. If you are a salaried employee and looking for quick funds an instant loan from FlexSalary App could be your rescuer.

I am a free lance writer an mostly write on loans related topics