Kolkata, the capital of West Bengal, is a prime financial and commercial hub of Eastern India. Also well-known as ‘the city of joy’, it gives ample earning opportunities of income to the residents. A large section of the society comprises skilled workers who also belong to the category of salaried individuals earning a monthly salary of around Rs. 30,000. Compared to other metro cities in India, the cost of living in Kolkata is quite low. As such, these low-salaried individuals do not find it difficult to make ends meet here. But the cash crunch is not an uncommon issue among these employees. To meet the same, they can now avail of a personal loan in Kolkata to meet several big-ticket expenses.
From wedding expenses to funding a child’s education abroad to meeting medical emergencies, this loan can be availed to finance all of these. For the wide range of expenses, it can cover, personal loans become one of the best advances to avail during times of need. To check the features of a personal loan, you may dial the Bajaj customer care number Kolkata or visit the official website of Bajaj Finserv.
A low-salaried employee needs to consider a few factors that affect his/her loan application approval. Maintaining these parameters create a positive impact on the application. So, check them out.
Factors to Consider Before Availing a Personal Loan:
A Person’s Credit Score
Credit score plays an essential role in determining the loan amount, tenor and the rate of interest. As it reflects a person’s credit history, lenders check it to understand an applicant’s creditworthiness. Therefore, you must ensure your credit score remains above 750 to get hassle-free loan approval.
The Company he/she is Employed in
Lenders find it easy to lend to a person with low income if he/she has been working as an employee at a reputed organization for a considerable time period. It gives the impression that you can make on-time repayment.
All Existing Liabilities
Your repayment capability is also affected by the existing liabilities you carry. On assessment, if lenders see that you can pay off these liabilities along with that of the personal loan, they will approve the loan easily.
Stability in Job
A person continuing with the job for over one year is considered to have job stability. It also reduces any doubts about the repayment capacity. Therefore, job stability is a must for low-income employees availing a personal loan.
Furthermore, you also need to meet a few basic eligibilities.
Eligibility Criteria to Avail a Personal Loan in Kolkata:
An individual seeking to apply for this credit must meet the following personal loan eligibility criteria.
- One needs to be between 23 and 55 years of age.
- One should be a salaried employee working in the public sector/ private sector company or an MNC.
- One must be an Indian resident.
- One must be earning at least Rs. 30,000 as net monthly income if residing in Kolkata.
These requirements may vary to some extent, depending on the lender you choose.
Additionally, you also need to submit the required documents to avail a personal loan for salaried employees in Kolkata.
Documents You Need to Submit:
Furnish these necessary documents during the Bajaj Finserv online loan application procedure to avail of this personal loan for low-salaried employees.
- Proof of identity, which may include Aadhaar card, PAN card, Voter ID card, Passport, etc.
- Proof of address, which may include Aadhaar card, Voter ID card, rent agreement, utility bills like gas or electricity bill, etc.
- Your employee identity card.
- Proof of income which includes salary slip for the last two months
- Your salary account’s bank account statement of up to the last three months.
Stay ready with these documents before you apply for a personal loan in Kolkata. Also, you need to check out other features lenders are offering to get a loan that is affordable in the long run. For example, go for lenders like Bajaj Finserv who provide competitive personal loan interest rate. Besides, their flexible repayment tenor makes repayment easier.
They also bring pre-approved offers that make the process of availing finance easy and save considerable time. The pre-approved offer is available on several financial products which include unsecured loans like personal loans, business loans, etc. and secured loans like home loans. All you need to do is provide a few necessary details like your name and contact number to check your pre-approved offer.
Keep the factors in consideration and make sure to meet the above eligibility requirements to avail a personal loan in Kolkata. Before applying, use a personal loan eligibility calculator to know the amount you can avail as per your income.