Key features of a salary person loan:
- Unsecured: These loans do not require collateral, making them more accessible to many borrowers.
- Flexible repayment terms: You can choose a repayment tenure that suits your budget and financial goals.
- Competitive interest rates: Lenders often offer competitive interest rates for salary person loans, especially for borrowers with good credit scores.
- Quick approval: Many lenders can process these loans quickly, providing funds within a short period.
- Minimal documentation: The documentation required for a salary person loan is generally less extensive compared to secured loans.
Eligibility criteria for a salary person loan:
- Regular employment: You must have a stable job with a regular income.
- Good credit score: A good credit history increases your chances of approval and may result in lower interest rates.
- Minimum income: Lenders may have minimum income requirements to ensure your ability to repay the loan.
Documents typically required for a salary person loan:
- Proof of identity (Aadhaar card, passport, driving license)
- Proof of address (utility bills, rent agreement)
- Income proof (salary slips, bank statements)
- Employment letter
- Credit report