Applying for a loan on a salary account is now possible with the help of easy loan application. You can also check for the eligibility criteria for a personal loan on a salary account and apply for the same.
Table of Contents
Introduction
Having a cash crunch at the toughest times may lead to a lot of thoughts related to how to get a loan on salary account and what are the steps involved in getting a personal loan on salary account. If you have also wondered about how to get a loan on salary basis then here are some of the easiest ways to get your loan on salary account approved.
What does loan a salary account mean?
If you need to get a personal loan on salary account it is very important to first know what does salary account means. Once you are clear about what does salary account means, you will be able to find a personal loan that will benefit the right salary account. A salary account means a type of savings account in which the employee acquires their monthly salary from the employer. It is provided by the employer.
What are the features of a loan on a salary account?
To understand more about a loan on a salary account and how to get one here are some of the features that will clear out a lot of doubts.
Hassle-free and instant loan disbursal
When you apply for a loan on open salary account, you will get quite a lot of benefits of which one is to get an easy, hassle-free, and instant loan disbursal. This means you need not wait for a lot of time when you apply for a personal loan. Especially when you apply for a personal loan for salaried person you get the benefit of getting approval time within a smaller period.
Simple eligibility criteria
Applying for a loan based on salary account means that you need to meet the minimum set criteria. If you were to apply for a personal loan there would have been a long list of requirements that would have needed to be met to be sanctioned. However, since you are planning on applying for a loan based on salary account you only need to meet some simple eligibility criteria.
Repayment flexibility and customization
You need not worry about how to repay the loan when it comes down to a personal loan for salaried. As your loan amount will be automatically deducted from your salary account and hence making monthly payments will be much easier. This will also ensure that your loan on salary basis is being paid easily and hence building your credit for personal loan.
The nominal rate of interest
Getting a loan on salary slip with an open salary account will need a minimum requirement of salary loan interest rate. This salary loan interest rate is based on the credit for personal loan which in turn can either increase the rate of interest or lower the interest rate. However, with the help of a salary account, it is possible to get a lower salary loan interest rate while also being charged for only the amount you use.
No collateral needed
When it comes to personal loan for private employees, there needs to be some sort of collateral that needs to be approved to get a personal loan on salary account. However, when you try to gain a salary based loan, you need not provide any collateral.
What is the process to get a loan on a salary account?
With a simple process to get a loan on salary slip, you can be assured to get the loan within just a few hours. The steps to be followed to get a personal loan on salary slip can be provided as follows:
Step 1: Fill in the application form and submit it to the bank
Step 2: Once the form that you’ve filled in has been approved you need to complete the KYC form also called the Know Your Customer form.
Step 3: Once you have completed KYC you need to submit the required documents
Step 4: wait for the documents to be verified and for loan approval
Step 5: Once the application has been approved you will receive the loan amount in your salary account.
In such a way you can apply for an advance salary loan in India.
What are the benefits of opting for a loan on a salary account?
There are whole loads of benefits when it comes to applying for personal loan on salary slip and some of these can be provided as follows:
- With a simple application procedure, you need not worry about a lot of documents being needed to be submitted for approval.
- Due to the loan being an unsecured loan, you need not provide any collateral to claim the loan
- It has zero pre-closure charges
- It requires a moderate CIBIL score
- Being a short-tenure loan for about 12 to 15 months there will be less EMIS that needs to be repaid.
What are the features and eligibility of getting a loan on a salary account?
The features of an advance salary loan in India can be provided as follows:
- Approval takes only a few hours or even minutes
- The loan amount is fixed based on the credibility and the existing loan conditions along with the salary details.
- The tenure of the loan will be between 3 months to 3 years
- The loan amount can range from INR 5,000 to INR 2 lakhs
- The loan interest rate can range from 1.5% to 3%.
The personal loan salary eligibility can be provided as follows:
- The minimum age should be 25 years
- The applicant should be a citizen of India
- The applicant will need to submit their PAN card while also completing the KYC procedure.
- Provide the details of an active bank account
- The monthly salary of the applicant must be INR 30,000 or more.
How to get a loan on a salary account?
Now meeting with the personal loan salary eligibility and gaining an instant loan on salary slip is possible with Loaney. With the help of Loaney, it is possible to gain better and faster approvals while not needing to stay in line. Also being a complete online application, you can do it anywhere and anytime with zero charges being applied. Lesser than 10 minutes of application will be needed when you opt for Loaney. All you need to do is follow some simple directions to get your loan on salary account to be approved.
Closing thought
Lastly, you need to make sure that you have a good credit score to avail personal loan for private employees. You must also keep in mind that loans without salary account are not possible. If you are trying to apply for a loan you need to ensure that you follow all the eligibility criteria mentioned.
FAQs-
What is the usual tenure for salary advance loans?
The usual tenure for a salary advance loan will be anywhere from a few days to even a maximum of 5 years.
What is the rate of interest on loan on a salary account?
When applying for a loan on salary account the interest rate can be anywhere between 1.5% to 3%.
Are loans on a salary account secured?
No, loans on salary accounts are unsecured which means that you can get the loan approved even without having to place a collateral
Is loan on salary account available for salaried employees not having stable employment?
No, it is recommended that the salary slip for every month must be shown and a stable employment must also be considered when applying for a loan on salary account.
Are there any charges for taking a loan on a salary account?
There are no charges when it comes to an application for an instant loan on salary slip and hence you can freely apply for a loan on salary account.