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Loan for Salaried Person

Personal Loan for Salaried Employees

In this economy, it is always wise to have some extra funds at hand for unprecedented emergencies. Often, our salaries might fall short when in need. However, there are ways to easily secure credit without any hassle.

Personal loans for salaried employees have become easier than ever to avail of through Moneyview. Here’s how salaried employees can get an instant personal loan in minutes at competitive rates and minimal documentation.

Personal Loan Eligibility Criteria for Salaried Employees

Before getting into the process of the loan application, it is necessary to understand and analyze the eligibility criteria of the loan. 

Our lending partners' basic eligibility criteria are -

  • The applicant must be salaried or self-employed

  • A monthly in-hand income of rs.25,000 or more is required

  • This income should be received directly in a bank account

  • A minimum CIBIL score of 650 is necessary

  • The borrower should be aged between 21 years and 57 years

Documents Required for Salaried Employees

After fulfilling the necessary eligibility requirements, you must ensure you have all the documents required for the loan application. 

At Moneyview, our lending partners' documentation requirements are minimal. All you will have to submit is 

  • Your PAN number

  • A mobile number that is linked to your Aadhaar card for KYC verification

  • A clear selfie taken in a well-lit area

Note: 

  • The documentation requirements vary depending on your borrower profile. Our lending partners may additionally require proof of address, bank statement, and other supporting documents.

  • You need to use the NACH mandate to enable an auto-debit feature from your bank account to guarantee that all loan EMIs are paid back on time. 

  • You must download, print, sign, and email the NACH mandate to us. 

  • our lending partners then examine your loan agreement, which is attached with proof of your identity and address. 

  • The first eight digits of your Aadhaar Card will be hidden if it is one of these attachments. 

  • After that, you will get an OTP on your registered number, which you must enter to submit the loan agreement. 

  • Only after completing this step will your loan be disbursed.

Personal Loan Interest Rate and Other Charges for Salaried Employees

Moneyview’s partner lenders provide instant personal loans for salaried employees at competitive interest rates. The fee structure is transparent without any hidden costs as shown below-

Types of Loan Fees Rates & Charges Applicable

Interest Rate

Starting from 14% per annum

Processing Fee/Felicitation Charges

Starting from 2% of the approved loan

Part/Full Payment of the Loan (Loan Foreclosure)

  • No part payments are allowed

  • For foreclosure of your loan, you should have paid a minimum of 3 EMIs.

Penal Charges on Overdue EMI

24% per annum plus applicable taxes, if any

NACH Bounce

Rs.500/- for every bounce

Foreclosure Charges For Salaried Professionals on Moneyview

In case of foreclosure, you can foreclose your instant personal loan only after a certain number of EMIs have been paid, as explained below -

Charges Amount Chargeable

Foreclosure Charges

Nil but foreclosure can be done only after a minimum number of EMIs have been paid as illustrated below-

Tenure

Foreclosure

Up to 6 months

Not allowed

7 - 18 months

Allowed after 6 EMI payments

Over 18 months

Allowed after 12 EMI payments

Part-prepayment Charges

Part-prepayment is not allowed

Conclusion

Availing of a personal loan for salaried employees is incredibly easy and convenient through Moneyview. With just a few simple steps, you can find out the loan amount you’re eligible for, fulfill our minimal documentation requirements, and avail of a loan at competitive rates. 

So what are you waiting for? Visit our website or download our app to get a loan today!

Personal Loan for Salaried - Related FAQs

You are considered to be a salaried employee if you earn a fixed pay with/without incentives and are enrolled under a payroll of a registered company. Your salary is generally credited to your bank account directly.
Yes, you can avail of a personal loan through the Moneyview digital lending app even if you have a low credit score thanks to our lending partners' credit rating model. However, you will need to have a CIBIL score of 650 or more.
Personal loans from Moneyview are hassle-free, collateral-free, and come at affordable interest rates and minimal documentation. Moreover, Moneyview's partner lenders follow a unique credit rating model that allows even individuals with low credit scores to borrow without any difficulties. 
You can borrow any amount from Rs.5,000 to Rs.10 Lakh through Moneyview depending on your eligibility.
Currently, our lending partners only provide loans to individuals who receive their salary via bank transfer – directly from their employer. You will not be able to get a loan if you get your salary in cash.

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