You may require a personal loan for numerous reasons, such as planning a dream wedding, traveling to a dream destination, meeting an unexpected medical situation, and so on. No matter what is your requirement, you can avail of an Advance salary loan through PayMe India.
To get an instant salary loan PayMe India is the best app. Any salaried employee can apply for an advance salary loan in a few simple & quick steps. The interest rates are affordable and low for the applicant. Also, they offer a simple option for loan repayment. To avail of an instant salary loan, download the PayMe India app or visit the website. Just fulfill the basic eligibility criteria and your loan application will be approved instantly.
Basic eligibility criteria for Advance salary loan
PayMe India loan app provides instant cash from Rs. 500 to Rs. 2 lakhs instantly if you meet the loan eligibility criteria. Both salaried and self-employed individuals can opt for a loan easily. Below are points that you need to check before applying for an online personal loan:
- Borrowers Age: The applicant must be at least 21 years old at the time of the loan application. Also, the applicant must not be older than 55 years.
- Borrower’s Citizenship: The applicant must be a citizen of India
- KYC: The applicant must have all the KYC documents needed.
- Income: To get an instant salary loan a salaried applicant’s monthly income must be Rs. 15,000 or above. This aspect is examined carefully by the creditor. As they are unsecured, and if the borrower defaults on the loan, the lender will not have any assets to recover the defaulted money.
- Credit score: This is an essential factor for a lender, as this determines the borrower’s creditworthiness. This score ranges between 300 to 900. The better the score, the higher will be the chance of loan application getting approved. The lender usually prefers borrowers with a credit score above 650. Also, A high score will increase your chances to negotiate for a lower interest rate. This depends from lender to lender.
- Total employment years: For both salaried and self-employed applicants, they must have served for at least 3 months to 6 months. With this, the creditor makes sure that the credit seeker has a steady source of revenue and will not default on the loan due to a lack of money.
Features of Instant personal loan
Several features make personal loans popular and one of the most popular credit alternatives. Some of them below are listed below:
- Easy Loan Amount Up to 2 Lakhs: You can get a loan from Rs. 500 to Rs. 2 lakhs anytime and anywhere. Just meet the basic eligibility criteria, and easily avail of a personal loan of up to INR 2 lakhs to fulfill your immediate and unexpected financial requirements.
- Quick Disbursal: PayMe India offers instant disbursals to applicants whose loan application meets our criteria. If everything is in order, the loan gets disbursed within a few hours* to your bank account. The quick disbursal element of a personal loan makes it perfect for financial and medical crises where instant funds are needed.
- Flexible Repayment Periods: Another feature is that its repayment term is flexible to fit your comfort. You can determine the payback time based on your requirements and budget.
- Simple Eligibility Criteria: The eligibility criteria of a personal loan are quite simple and easy. To get a personal loan from PayMe India, you require to be an Indian citizen between 21 to 58 years of age. If you are a salaried professional, your net monthly earnings must be Rs. 15,000 or above.
- No Collateral Required as security: As personal loans are unsecured loans; the borrower does not need to provide any collateral or asset as security to avail of the loan. This comes across as a significant feature as an applicant does not have to think about mortgaging any valuable asset.
- Minimum Documents Required: The process involved in getting this unsecured loan is digitalized and minimum documents are required to provide. Just provide your income proof, ID proof, address proof, passport size photograph, and that’s it. All these documents can be submitted and verified online.
Documents required to get a Personal Loan
While applying for a personal loan, the borrower is required to submit the following documents:
- Identity proof (Passport, PAN card, driving license, voter ID)
- Signature Proof (Passport, PAN card, etc.)
- Address proof (Passport, Aadhar card, utility bill – gas or electricity bill, voter ID, driving license, ration card)
- Income proof: 3 months bank statements
- As a salaried individual, you are also required to submit the following documents:
- 3 months’ salary slips
- As a self-employed individual, you are also required to submit the following documents (for self/business entity as applicable):
- Income Tax Returns for the last 2 years
Get an Instant salary loan with PayMe India
PayMe India provides loans with a hassle-free process. By opting for a personal loan from PayMe India, you can utilize the funds to meet almost all of your urgent financial needs. To avail of an instant personal loan, click on the link or visit the website.