What is the Minimum Salary to Get a Personal Loan Through a Loan App?

What is the Minimum Salary to Get a Personal Loan Through a Loan App?

We have all run into situations where we are in a financial crunch so bad that the only hope to get out is to find a bag full of money! Which, of course, is not happening, at least for most of us. There is only one thing that saves Personal loan apps. 

With the advent of digital wallets, such as Bajaj FinServ, we now have the facility to take an instant personal loan right from our sofas! Forget collecting hoards of documents and standing in long queues outside banks.

Sounds interesting right? Let’s have a closer look – 

Anonymity: The benefits with a personal loan is that it is “personal,” so you do not need to explain to anyone why you are taking it. You can use it for anything you like, which could be a medical treatment, travel, wedding, or anything under the sun. 

Fast and Flexible: With digital wallets, you can have the loan almost instantly. Digital wallets such as Bajaj Finserv offer you personal loans up to 25 lakhs. What’s more? You can get instant approvals with minimal documentation. Most importantly, you have the option to choose to repay the loan the way you like. 

Bajaj Finserv offers you flexible tenors ranging up to 60 months to make sure your personal loan doesn’t become a burden on your life. 

How much earning do you need to have to get a personal loan?

The criteria for minimum earnings to get a personal loan is different for different platforms. But the good news is most companies want people to be able to take loans, so the minimum salary/ income is kept low. Anywhere between INR 4000 to INR 20000 per month should make you eligible for most loans. It also depends on the amount of the personal loan you are taking.

How to apply for a personal loan using a personal loan app?

The process is fairly straightforward. All you need is a versatile and trustworthy digital wallet such as Bajaj FinServ. 

  1. Once you have downloaded the app, you will need to verify your mobile number. Just enter your number and the OTP (one-time-password) that you receive on your mobile. 
  2. After completing your registration, you will be taken to the main app page that has all the features available, from mobile recharges, bill payments, money transfers to other financial services. Click on ‘Personal Loan’.
  3. You will see a range of different loans available for you, select the one you like, and proceed. 
  4. You will be redirected to another page, where the customer service representative will assist you in understanding your requirements and suggest the best options. 
  5. Once you have selected the type of loan you want and finalized your loan amount, you need to understand the repayment options available. 
  6. Choose the repayment option that works for you – understand its terms and conditions carefully.
  7. The last step is to get your KYC done. For this, you will need to upload the required documents and wait for the verification. Verification time is different for different platforms. Bajaj FinServ offers you one of the quickest verification time.
  8. Once your verification is complete, wait for the money to magically appear in your bank account or your digital wallet, whichever you choose.

What documents are required for a personal loan?

These days, the process has been made relatively simple. You need to show proof of your identity and your income. 

Personal identification documents such as proof of residence, Voter’s ID, Aadhar Card are required. 

To prove your income, you will need your PAN card, your work ID, office address, and Bank Statements in some cases. 

You don’t need to have a credit card to apply for a personal loan through personal loan apps. 

The whole process is online and relatively simple, with minimal documentation. So, you don’t need to worry about these. Just choose your loan partner wisely. You want to avail of a company that has a long-standing reputation in the industry for a hassle-free, worry-free process. Bajaj FinServ is the leading industry professionals that take great care of their customers’ needs and offer uninterrupted assistance both before and after taking a personal loan.