An instant personal loan is designed for salaried millennials. The best digital loan company ensures transparency and simplicity in their lending practices. You can borrow between ₹15,000 and ₹4,00,000 as per your eligibility criteria. The lender does not monitor the fund usage, and you can use it for multiple purposes without hassle. A completely online process eliminates the need for paperwork and human interaction. An easy-to-use quick loan app available on the Google Play Store and App Store helps you with the application process. All of these reduce the many complexities usually involved with traditional fund borrowing.

A personal loan is ideal for salaried individuals for multiple reasons. It aligns with their goals and lifestyle with the added convenience of applying from anywhere and anytime. Below is a detailed guide on why it would be the right choice.

Fixed Interest Rate

A personal loan from the top FinTech company has a fixed interest rate. The charges per month are  2.5% for 90 days, 2.4% for 180 days and 2.25% for 270, 365 and 540 days. It remains fixed for the entire tenure without changes as per market fluctuation. This is ideal for wage earners since they have a substantial income and budget. There are no risks of rising EMIs, which can cause monetary stress. A floating interest rate usually changes as per the changes in its base rate. You end up paying more which disrupts your financial plans. So, it is ideal for picking a personal loan to cater to your requirements.

Income Insurance

Inability to pay a loan if you lose your job is a fear of the past. Work with a trusted digital lending firm that secures your personal loan with a cover. It takes the weight of joblessness off your shoulders and helps safeguard the loan liabilities. This reduces the chances of loan cancellation or huge penalties due to missing EMIs. It is also helpful for any unforeseen circumstances that can put a sudden strain on your income, like a major medical procedure.

Low Income Criteria

You can get a quick loan with an income as low as ₹15,000. This is helpful for anyone who has just started their career. You do not have to earn a lump sum amount each month to be eligible or to prove your repayment capabilities. However, make sure that your salary is directly sent to your account via bank transfer. When your income increases, you can opt for higher loan amounts and tenures according to your needs. 

Conclusion 

A flexible EMI, quick disbursal, an interest-free 5-day grace period and a collateral-free disbursal are other features that make a personal loan a handy product for the salaried class. Don’t forget to read the terms and conditions and check the fees and charges before applying.