Apply For Personal Loan

Loan EMI Calculator

Benefits of Taking Personal Loan for Salaried

Benefits of Taking Personal Loan for Salaried

Sudden breakdown of the deadly Covid-19 pandemic has adversely impacted the economy globally. Both self-employed and salaried individuals have experienced financial losses in the year 2020. Many individuals lost their jobs, and several companies got dissolved. But as the saying goes, there is always light at the end of the tunnel, many financial institutions came ahead to offer personal loans. Personal loan for salaried individuals is indeed a boon that has supported many families financially during the lockdown phase.

Unlike other loans, there is no security involved with a personal loan against any asset. Personal loans support different purposes such as home renovation, education, vacation, buying a smartphone, new vehicle etc. Salaried individuals acquire loan effortlessly as their fixed monthly income is reflected in the salary slips. Those with a high credit score canget aloan with great ease. Benefits of personal loan for salaried are countless:
 
  • Minimal documentation: Personal loan verification online involves paperless documentation. Submit the KYC details for quick loan approval.
     
  • A fixed-rate of interest: Personal loans are generally given at a fixed interest rate. The rate of interest does not fluctuate based on the changing market rate.
     
  • Flexibility to select the tenure: The tenure goes up to 3-5 years. Borrowers have the flexibility to choose the tenure using the EMI calculator tool. Longer the tenure of a loan, lower the EMIand vice versa.
     
  • The benefit of Tax: Salaried individuals get tax benefits on personal loans. You can avail tax deduction every financial year. But, ensure all the documents favour the real purpose of the loan. It doesn’t work if a vehicle loan is utilized for paying off bills.
     
  • Quick Approval: Financial institutions provide online loan facility with instant loan apps that speed up the application, approval and disbursal process.
     
  • Limitless Usage: A personal loan can be used for various reasons. It is one of the quickest loan approval products when you are in urgent need for funds. Salaried individuals benefit the most from the personal loan as they easily meet the eligibility criteria required for a personal loan.
     
  • Increases Credit Score: The credit history of a salaried person increases if a personal loan is cleared in the given tenure. Timely payment of EMIs not only improves the credit score but also polishes borrower’s credibility to avail loans in future.
Therefore, a personal loan for a salaried person is beneficial in many ways. A salaried individual has a fixed income that confirms he/she will pay his loans on time. The risk involved with salaried borrowers is less as compared to loans offered to self-employed people.
 
 

SimplyCash

SimplyCash powered by Hero FinCorp is an instant personal loan app providing cash loans of upto INR 1,50,000 for both salaried and self-employed individuals. Driven by technology and fuelled by innovation, SimplyCash solves instant cash requirements of customers in just a few simple clicks without any physical documentation or meeting. The mobile app is available to users through all popular Android play stores like Google play store, Samsung store, Xiaomi store etc. With one of the most widespread presence, SimplyCash currently offers its services in over 90 major locations in India. Known for a seamless process, instant loan disbursal and transparent pricing - SimplyCash truly lives upto the expectations of being a 'Hero' product.  

Note: SimplyCash is a duly registered trademark and is a loan product offered, managed and operated by Hero FinCorp. Hero FinCorp Limited is a Non-Banking Financial Company registered under the provisions of Reserve Bank of India ("RBI") and is in the business of finance and lending.

Accepted Banks:

ICICI BANK LTD HDFC BANK LTD IDBI BANK STATE BANK OF INDIA PUNJAB NATIONAL BANK YES BANK INDUSIND BANK KOTAK MAHINDRA BANK LTD

IDFC FIRST BANK LTD AXIS BANK BANK OF BARODA TAMILNAD MERCANTILE BANK LTD INDIAN OVERSEAS BANK INDIAN BANK RBL BANK LTD DEUTSCHE BANK AG CITY UNION BANK LTD FEDERAL BANK SOUTH INDIAN BANK STANDARD CHARTERED BANK CANARA BANK KARNATAKA BANK LTD CITI BANK BANDHAN BANK UNION BANK OF INDIA DCB BANK LTD DBS BANK INDIA LTD THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD DEUTSCHE BANK UCO BANK

Secured
Safe & Secure

SimplyCash is managed and operated by Hero FinCorp Limited, and it follows high data and system security standards.

View Details

SimplyCash Insights

Install App Instant Small Cash Loan App Online
Useful Links

Copyrights @ 2021 All Rights Reserved Powered by HeroFinCorp Ltd.