What Makes Personal Loans A Smart Option For Salaried Professionals In Trivandrum?

Banks and non-banking financial companies (NBFCs) often provide competitive rates to salaried people and particularly good rates to individuals with a good credit score. Fortunately, in this digital era, there are plenty of credible digital lending platforms such as mPokket, which allow individuals to compare, choose and apply for loans online without having to go into an individual branch.

Other advantages of using these online platforms include speed and convenience. Instead of going into a branch, waiting in line, completing a lengthy application form to get a cash loan online, you simply need to click a few buttons, and you are set.

One additional positive about these digital platforms is that, even online lenders generally do not offer loans for non-salaried individuals; however, it does create significant customisation opportunities for people based on their salary and credit history.

Provided you are an employee in a respectable company, that could potentially help you get an instant loan for salaried individuals too, but most likely at better interest rates and flexible repayment options.

The loan amount and interest rate may vary depending on the bank. Here are some of the rules that you need to follow to avail the loan:

• The first criterion for applying for a personal loan is that you must be a citizen of India.
• The minimum age limit to avail of a personal loan is 20 years, and the maximum age is 58 years for salaried individuals.
• To qualify for a personal loan, you must have been employed for a minimum of two years.
• While you don’t need any collateral for a personal loan, banks often take into account your disposable income. They determine the minimum salary requirement based on specific factors, including the borrower’s credit score, nature of employment, and previous relationship with the bank, among others.
• The credit score is one of the major factors in determining your eligibility for a loan. However, salaried employees with stable jobs can work in your favour, even if your credit score is not that good.

A fixed monthly EMI for a personal loan can be a good option if you want financial stability. Here are the reasons why you should opt for fixed interest:

• Predictability in monthly payments: The fixed interest rate ensures constant EMI throughout the loan tenure, which means you can budget your monthly income accordingly. You can allocate a fixed amount from your monthly income to pay the EMI.

   

• Protect against market fluctuations: Fixed interest rates for personal loans provide safety against rising interest rates. To put it simply, market fluctuations, inflation, economic changes, or monetary policy adjustments won’t impact your interest rate.

   

• Easy financial planning: The fixed monthly payments facilitate better financial management, as they allow you to allocate funds for other expenses, without the worry of increasing loans.

Documentation is easier for salaried employees in Trivandrum as they have a stable income every month.

Here are some of the essential documents that you will need to apply for a personal loan:

• Proof of Identity: PAN Card, Voter’s ID, Passport, or Driving Licence
• Proof of Residence: Utility bill, Passport or Leave and Licence agreement
• Latest 3 months’ Salary Slips
• Latest 3 months' Bank Statement(where salary/income is credited)
• 2 passport-size photographs

Here are some of the tips you can follow to ensure quick approval of your personal loan:

• Keep a close check on your credit score, as it is a critical factor in the approval of your personal loan. A high credit score typically leads to quicker approvals.
• Estimate your income and expenses, as the loan approver will analyse your income to ensure you can afford the interest rate.
• Gather all the necessary documents to ensure a quick loan approval. Having all the documents in place speeds up the processing of your application.
• Look for loan providers who specialise in fast loan approval. You can also consider mPokket, a hassle-free instant loan app.

Salaried individuals living in Trivandrum who need personal loans are not just borrowing money; it's a smart financial tool. A personal loan provides the flexibility and support that individuals need during tough times or in sensitive situations.

Thanks to online platforms like mPokket, getting a personal loan in Trivandrum has become quicker and convenient than ever before. If a person has a stable income and a clear repayment plan, then a personal loan may be the best option for achieving their financial goals without undue stress.