Today, many people avail of a Personal Loan to meet several expenses. The most significant advantage of this Loan is that you do not require a reason to apply for this Loan, as there are no end-use restrictions. Hence, you can use the Loan amount for several professional and personal needs.

For example, if you avail of a Personal Loan for a salaried employee, you can use it to meet the following expenses:

• To plan and pay for a wedding
• To cover the costs of a medical emergency
• To renovate your home, which also provides tax benefits
• To meet the expenses of higher education
• To go for a dream holiday
• To pay multiple debts in one go

Benefits

Besides the advantage of using the Loan amount for different reasons, a Personal Loan offers the following benefits:

• A Personal Loan is an Unsecured Loan. Hence, customers do not require any guarantor, collateral, or co-applicant to apply for it.
• If you fulfil the eligibility criteria and other requirements mentioned by the bank, the approval process is quick and requires very few documents.
• Some banks let their customers choose from flexible tenures. This flexibility allows them to repay their Loans in manageable instalments while still having enough room to fulfil their current needs.

Today, you can go digital and use the Banking app or Internet Banking platforms to apply for a Personal Loan online. The process is convenient; you can complete them with a few clicks. Additionally, the approvals and disbursals are also quick.

How to apply?

Suppose you are a salaried employee who wants a Personal Loan, you can easily apply for it online by following these basic steps:

• Determine the amount you need to fulfil your expenses and ascertain the amount you need to borrow.
• Using a Personal loan EMI calculator online, you can compute the equated monthly instalments beforehand.
• Check if you are eligible to avail of a Personal Loan for salaried employee. Once you determine your eligibility, proceed to the next step.
• If you are a customer of the bank already and have a Savings Account with them, you can easily download the app on your phone and log in. Alternatively, you can use Net Banking and log in to your account.
• Click on the option that lets you apply for a Personal Loan.
• Complete all the necessary steps and fill out your application.
• Once you submit the necessary documents, your bank verifies the information.

Once your banking partner approves your Loan application after the necessary checks, they instantly credit your Loan amount to your Savings Account. The Loan amount disbursed depends on your eligibility and income.