A Quick Guide on Personal Loans for Salaried Employees

Financial Wellness


7 January 2021

A Quick Guide on Personal Loans for Salaried Employees

With the business world being taken up by a storm of young professionals, it is an obvious corollary that their personal needs and aspirations are on the rise as well. In today’s time, more and more people are resorting to taking personal loans to fulfil their short term and long term needs and aspiration: be it the vacation to your dream destination or buying that really expensive item that you have had in your shopping cart for ages but never thought that you could afford.  

Arguably, a personal loan is a one-size fit all solution to all your uncategorised and contingent needs. And with the advancement in the fintech sector, it is easily available too. To know more about what exactly personal loans, refer to our earlier blog here

The best part about getting a personal loan is that more often than not, they are unsecured loans, i.e., you don’t have to furnish collateral to get it and also that you can utilise for whatever purpose you want, without having to take the bank’s permission for it. 

How exactly to get a personal loan

There are 3 major avenues that you can explore to get yourself a personal loan. They are: 

  1. Through a commercial bank 

That is the most popular way to get a personal loan that most people know about because almost everyone has a bank account. Most of these banks have a standard procedure to grant these loans which involves standard contract, paperwork and a rigid repayment option. 

2. Through a co-operative bank

Even though they operate it at a much smaller scale as compared to commercial banks, these banks are more popular with the rural population. Since these banks are not driven by profit motive, they offer a lesser rate of interest and more flexibility in repayment options. 

3. Online lenders 

This is one of the most up and coming avenues for getting a personal loan easily. A lot of NBFCs offer an instant personal loan with quick disbursal, low interest rate and flexible repayment options. 

Even though you can avail a personal loan from any of these avenues, there are several factors you have to take into account before you zero in on one of these particular options.  However considering some of the major factors listed below, a personal loan from an online lender like EarlySalary seems like a better deal than a traditional bank like State Bank of India, Punjab National Bank among others. Some of the clear advantages of getting a loan from an online lender like EarlySalary are: 

  • Quick disbursement of amount 
  • Instant loan of upto 2 lac rupees 
  • Low rate of interest 
  • Flexible repayment options 
  • Unsecured loan which means there is no need for any collateral 
  • Does not hamper your credit score and in fact can help you boost it 

To know more about the advantages, refer to one of the earlier blogs here.  

How to apply for Personal Loans of EarlySalary for Salaried Employees

Since it has already been established that taking a personal loan from an online lender like EarlySalary is not only easier, it is also beneficial in the long run, what remains to be seen is how salaried employees can opt for it. 

Firstly, the salaried employee can apply for it on an individual basis. The process is simple and quick. All you have to do is visit the EarlySalary website and follow the 4 simple steps given in the picture to get your instant personal loan. 

Secondly, the employers, who are conscious about their employees’ financial wellness, can integrate it with their financial wellness programme and offer this service to their employees at a very cheap rate. 

In today’s time, employee satisfaction is amongst one of the top priorities for the organisation as it has a shown irrefutable correlation with their overall productivity at work. It has been found in multiple surveys such as than of American Psychological Association and Northwest Mutual that financial stress is the #1 stressor for young professionals, which throws them off their duty to achieve the organization’s goals. So, a good financial wellness program is the key to being a successful corporation, in sync with what the employees expect out of it.  To know more about what a good financial wellness program contains, refer to one of our earlier blogs here

So, any futuristic corporation should have an integrated financial wellness program in place, just like all the successful companies do. However, since putting up together a lot of variables and contingent factors, you can leave the planning part to a team of experts at  EarlySalary and let us take all the problems related to all your employee’s financial wellness needs! 

Share us on:
Categories