Modern lenders have made it easy for salaried professionals to get a personal loan. As a result, you can comfortably get an instant personal loan to meet your planned or emergency expenses. The purpose of availing a personal loan for salaried applicants can be anything ranging from financing higher education, paying for medical procedures, funding a grand wedding, making arrangements for your dream vacation, renovating your house, and more. You can also consolidate all your existing debts into a single, low-interest loan with a personal loan Thus, with no limit to its end use, availing of an instant personal loan is usually a viable choice. What’s more, with such loans, you can get a sanction of up to Rs. 25 lakh, which you can repay affordably. This ensures you never have to dip into your savings if you need to make a big-ticket expense. However, you must first qualify for a loan to access these funds. There are certain factors to consider as a salaried employee, and doing so can help you get quick approval. 


Read on to know how to qualify for an instant personal loan for salaried employee.



Meet the lender’s personal loan eligibility terms


The personal loan eligibility criteria vary across lenders and you must meet all of them to qualify. Generally, these are the terms you may need to meet to get approval. 



  • You must be an Indian citizen residing in India

  • You must be between the ages of 21 and 67 years*

  • You must maintain permanent employment at a reputed organization

  • You must have an excellent CIBIL score and a good credit history

  • You must meet the annual income requirements for the city you reside in


These are the basic criteria and to prove your eligibility, you will have to submit the relevant paperwork. Personal loan documents are important to your application, and you must gather them before you apply to minimise delays. Generally, you may have to submit:



  • KYC documents

  • Payslips from the past 3 months

  • Bank statements of last 3 months

  • Filed ITR

  • Proof of address


Have a stable job with a reputed employer


An instant personal loan is usually a collateral-free loan and so you need to provide every assurance that you can be trusted not to default. One way to do this is to work with a reputed employer or MNC. A stable job means that you will be able to make timely payments. Some lenders may also require you to meet a job experience criterion, which can be a minimum of 1-2 years. 


Build a decent CIBIL score


Top lenders usually require applicants to have a CIBIL score of 750 to qualify for a loan. If you have a credit card and have serviced debt before, building your CIBIL score is relatively easy. Make sure you clear your credit card dues on time and keep track of your credit utilization. Doing so consistently should help you maintain a high CIBIL score and ensure hassle-free approval of your loan application.


Do not apply for multiple loans at the same time


Records of multiple loan applications in your credit report can have a negative impact on your CIBIL score. In such cases, lenders may consider you a credit-hungry individual and reject your application. It is wise to apply for a loan from just one lender that you find most suitable to avoid such situations. Also, if you have applied for a loan in the last 3-6 months, wait for a few months before you apply again. 


Decrease your debt-to-income ratio


A large amount of outstanding debt can negatively impact your chances of getting an instant personal loan. A DTI ratio above 43% is a red flag and may result in the rejection of your personal loan application. Anything just below 43% still makes you a high-risk borrower. Usually, lenders prefer applicants with a DTI ratio lower than 36%. So, it is important to clear existing credit card bills or other smaller debts to maintain a healthy credit profile, and get easy approval for new credit.


Armed with these tips, you now have the information to make the right decisions. Be sure to choose Bajaj Finserv as your lender to enjoy all the benefits of an Instant Personal Loan. As a salaried borrower, you can get started easily and all you have to do is apply online. The process is quick and easy, and you may also get disbursal of the approved sanction in under 24 hours*. For a personalised deal, check your pre-approved offer by sharing basic details. 


*Terms and Conditions apply


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