In recent years, India has witnessed incredible growth in the number of personal loans and the number of Individuals availing of instant personal loans. While the year-on-year growth of personal loans has reduced due to several reasons, the actual loan sum has crossed ₹40 Lakh Crore and is still growing at a rapid rate, whether due to need or as a tool to achieve goals and dreams.
This level of popularisation and growth in the usage and availability of urgent loan apply online is made possible through various instant personal loan apps such as Stashfin. Keep reading to find out.
What is an instant personal loan, and how does it work?
An instant personal loan is a credit of money borrowed from a bank or a non-banking financial company in exchange for interest repayment in addition to the principal sum in a monthly payment referred to as an equated monthly instalment or EMI. As personal loans are typically unsecured, they do not require any collateral as security and do not have any specific conditions for use, unlike home loans or auto loans, thus making it a lot easier to use for emergency expenses, consolidate loans with higher interest rates, fulfil your dreams, etc.
What are the eligibility criteria for instant personal loans?
Depending on the specific lender, there are several different eligibility criteria for instant personal loans in India. These criteria range from the ages of the individuals to minimum income, existing liabilities, etc., and should be considered whenever planning to avail a personal loan. Here are some of the key eligibility criteria for availing a personal loan from Stashfin, one of the renowned lenders in India, offering instant credit to its customers from anywhere at any time, right from its app.
- Citizenship- Indian Citizen
- Age of the borrower- At least 18-years old
- Minimum monthly income- At least ₹15,000 per month
- Good credit history
- Good credit score
- Job history at the organisation
- Last 6-month bank statements (Proof of finances)
- Proof of income tax submission
- Proof of business ownership and continuity (If a business owner)
- Audited financials from the last two years (If a business owner)
- Office address proof (If a business owner)
Why are salaried employees preferred for instant personal loans?
Whether it is due to steady income flow, higher perceived savings, greater reliability for repayment of unsecured loans, or better credit scores due to timely repayment of prior loans, individuals availing instant personal loans for salaried employees are more likely to be preferred.
This is because compared to unemployed individuals or those who are self-employed and might not have a steady income stream, salaried employees are more likely to repay the loan and not become non-performing assets or NPAs after not making repayments for at least 90 days.
Do note, however, that this preference does not mean that all salaried employees will be eligible for loans, and neither does it indicate that non-salaried employees will be ineligible for loans. In fact, unemployed individuals can also avail themselves of an instant personal loan by putting up collateral as security or having a cosigner eligible for the loan.
How do you apply for a personal loan for salaried employees?
Once you know the eligibility criteria to avail of a personal loan for salaried persons and have gathered the necessary documents, you can follow the given instructions to apply for a personal loan for salaried from anywhere at any time, whether it is from the convenience of your home or at a store looking to purchase the items of your dreams without having to pay high credit card interest rates.
- Download the Stashfin application from the Google Play Store or Apple App Store.
- Open the app and log in using the phone number and email address where you want all correspondence to occur.
- Complete your KYC to determine how much loan you are eligible for and apply for it based on your specific needs.
- Once your application is submitted and the loan is approved, you will receive the amount in your account within just a few hours.
Conclusion
Whether you are a salaried employee or a business owner, loans are a mechanism not just in times of need but also as a mechanism to achieve your dreams as long as the borrowing is within your means. By ensuring responsible borrowing, you can receive the funds you need to fulfil your requirements and not have to worry about having to pay back the loan.