If you have a financial requirement especially towards the end of every month; then you can opt for a personal loan for salaried employees to meet your necessary financial needs, instead of solely depending on your salary credit. It could be for your child’s educational expenses, to buy a new gadget or a car, to renovate your home or for your dream holiday. A personal loan from Navi could be helpful in all such situations.
What is a personal loan for salaried individuals?
A personal loan is a quick disbursal loan that can help you meet your financial goals. It can help you in many ways, such as debt consolidation or paying off high-interest credit card outstanding. It is a multi-use loan that can cater to your ever-evolving financial requirements which can be easily customised based on your repayment schedule.
As a salaried individual, you can apply for a personal loan from Navi. The loan application process with Navi is entirely digital and technology-based to make the overall loan experience simple and the journey seamless. Simply download the Navi App to apply for a personal loan.
Steps to apply for personal loans at Navi
To apply for the personal loan offered by Navi, follow the below-mentioned steps –
- Go to the Google Play Store and download the Navi app (4.4-star rating in Google Play Store, December 2020) on your Smartphone
- Register on the Navi app by entering your mobile number
- After registering, click on the ‘Apply’ tab to apply for the loan
- Enter your full name, marital status, age and PIN code
- Enter in the name of the company wherein you are employed and the monthly salary that you earn
- Provide your PAN card number, and your application would be done
- Post application, Navi would approve a loan amount that you can avail
- You can, then, choose the amount of loan that you want and the EMI that you wish to pay
- Then click your selfie, enter your Aadhaar card number and the full name of your parents
- In the next screen, enter in your bank name, account number and IFSC Code
- Set up an Auto Debit Mandate with your bank account for automated payments of the EMIs
- Once the formalities are done, your loan would be sanctioned within minutes, and the funds would be credited to your bank account
Advantages of Navi’s personal loan for salaried
Here are some of the benefits that you can get by applying for a personal loan through the Navi app:
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High Range:
There is a wide range of funds available from Rs 10,000 to Rs 5 lakhs for you to choose from.
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No Collateral:
There is no requirement of any collateral or mortgage if you opt for a Personal Loan from Navi since it is an unsecured loan.
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Facility for Instant Loan for salaried employees:
Since time is always a constraint for a salaried individual, a personal loan from Navi is very efficient. You can complete the entire loan application process within minutes!
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100% paperless:
There is no requirement of any paperwork with Navi’s personal loan. No salary slips to be provided for a salaried employee!
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Easy Repayment Options:
There is a wide range of tenure for easy repayment options which you can choose based on your disposable income. At Navi, a personal loan for a salaried person can be taken upto 36 months to be repaid
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EMI Calculator:
Navi also offers a free loan EMI calculator. This calculator is an online tool that helps you calculate the EMI payable for the loan.
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Instant Disbursal:
If you need a quick loan with money in your bank account within minutes, Navi’s personal loans are the perfect solution. From the application of the loan to its disbursal, everything can be completed very easily.
Eligibility requirements for a personal loan for salaried employees
Most personal loans have an eligibility requirement that needs to be adhered to, which may vary from lender to lender. However, if you apply through Navi, there would be no specific eligibility criteria. Navi uses a digital screening process that checks your loan eligibility. You can download the Navi app and check your eligibility online.
Some of the most common requirements for a personal loan that other lenders might have are:
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Age |
The minimum age starts at 18 years. Some lenders keep the minimum age limit at 21 to 25 years. The maximum age is usually limited to 65 years beyond which the borrower is expected to retire |
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Income level |
You should have a minimum monthly salary to qualify for the loan. This minimum limit is specified by the lender and varies across different lenders |
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Credit score |
You should have a credit score of 650 at least to apply for the loan |
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Interest rate |
The interest rate depends on the lender |
Documents for a personal loan for salaried employees:
Most lenders require certain documents to be either submitted physically or digitally. However, when applying for a personal loan through Navi, you would not have to submit or upload any documents. You would just have to enter your PAN Card number, Aadhaar card number and click a selfie and the loan would be sanctioned based on your inputs. The entire process is digitally done and the loan is disbursed to your bank account quickly!
Most lenders need certain documents to process your personal loan, which comprises of:
- Proof of identity and age of the applicant
- Proof of income, i.e. salary slips for a salaried individual or the bank statement
- Proof of address
- A coloured photograph of the loan applicant
Tips for salaried employees to take loans during the pandemic:
This pandemic has had a major impact on the entire population of India. With job cuts, downsizing and pay cuts, a financial crisis has seeped into many households even with stable salary incomes. This is where a personal loan can be effectively used to your advantage as this is one of the simplest credit instruments in the market. With the following tips of effectively using a personal loan, you can surely make the most of it:
Tip # 1:
Choose an appropriate tenure of loan repayment. Do not go overboard to quickly repay your loan even if that hurts your financial stability. Take time to repay but ensure you repay it back within the specified timelines.
Tip #2:
Do not skip your payments. Your credit score does get affected negatively by your payments bouncing. Schedule your repayment a day after your salary credit. That way, the EMI would surely be paid on time.
Tip #3:
Choose a loan quantum based on your requirement and repayment capability. Remember that EMI needs to be paid regularly and from your disposable income after your necessary expenses are done.
Different purposes for availing a loan for salaried
As mentioned earlier, a personal loan for salaried is multipurpose. Here are some of the most popular reasons for opting for a personal loan:
- Debt consolidation or repayment of high paying loans or credit card balances
- Medical emergencies of self or family
- Expenses for your wedding or that of a family member
- Vacation expenses in India or abroad
- Fund your higher or professional education for your spouse or child
- Buy your dream car
- Renovate or redesign your home
- Expenses for a consumer durable or the latest gadget
There could be multiple other reasons for the requirement of funds for a salaried employee which could be easily met by opting for a personal loan from Navi. So, for an instant personal loan for salaried employees, download the Navi App and apply online.
Frequently Asked Questions
Can Government employees avail a personal loan for salaried?
Yes, Government employees can avail an instant loan for salaried employees as they are working with the Government.
What is the amount of loan that I can avail?
The amount of loan that you can avail depends on your monthly income, credit score and also on the minimum and maximum loan limit allowed by the lender. You can check the available loan amount when you apply for the loan with the lender.
How long does it take for the loan to get sanctioned?
If you apply through the Navi app the loan would get sanctioned within minutes (sometimes seconds).
