Personal Loans for Salaried Employees
In a time where the stability of finances is vital to quality of life, salaried individuals frequently encounter unforeseen costs beyond their standard monthly budgets. These might be medical procedures, home maintenance work, college tuition fees, or essential personal expenditures. In such a situation, a personal loan is a strategic monetary option.
Bankstore provides customized personal loans for salaried individuals, giving them instant access to funds without requiring collateral. This article summarizes the eligibility criteria, rate of interest, documentation procedure, advantages, and key considerations involved in taking a personal loan through Bankstore.
What is a Personal Loan for Salaried Employees
A personal loan is a non-collateral financial service provided to individuals on the basis of their income level, employment status, and creditworthiness. Since the loan is not collateral-based, the approval process is easy and will depend mainly on the credit profile and repayment capacity of the applicant.
Bankstore's personal loans are strictly for salaried professionals who need access to funds for various personal needs like medical emergencies, marriage costs, holidays, debt consolidation, or home improvements. The amount disbursed can be utilized by the borrower in any way they wish, with no end-use restriction.
Eligibility Criteria
Bankstore adheres to a formal eligibility structure to practice sound lending and preserve the purity of its credit mechanism. The default parameters for salaried applicants are as below:
Eligibility Criteria for Flexi Personal Loan
Check if you meet the simple eligibility criteria to get your loan approved:
Age Requirement
21–65 year
Income Proof
ITRs or audited statements for 2–3 years, plus business bank statements
Business Vintage
At least 2–3 years of continuous operationn
Credit Score
700+ recommended
Banking Relationship
Active account with regular transactions
Interest Rates and Fees
Interest rates on personal loans provided by Bankstore are competitive and proportionate to the applicant's financial standing and creditworthiness. The general rate of interest is between 10.99% to 19.99% per year.
Factors considered when determining interest rates:
Other applicable charges
Loan Amount and Repayment Tenure
Bankstore offers a flexible range of loan amounts from Rs. 50,000 to Rs. 5,00,00,000 based on borrower eligibility. Repayment tenures are between 12 to 60 months.
Borrowers are advised to use the EMI calculator on the Bankstore website to plan affordability before choosing a loan amount and tenure.
Application Process
The loan application process is completely digital and streamlined:
Interest Rates and Repayment Options
Your EMI Details
Loan EMI
₹ 0.00
Total Interest Payable
₹ 0.00
Total Payment
₹ 0.00
Key Benefits of Bankstore Personal Loans
- No Collateral Needed
- Instant Disbursal for Pre-approved Customers
- Easy Documentation
- Flexible Use of Funds
- 100% Digital Process
- Tailor-made Repayment Schedules
Key Factors to Consider
- Check processing and prepayment charges carefully.
- Use EMI calculator to check affordability.
- Maintain a good credit score for better interest rates.
- Avoid taking multiple loans simultaneously.
- Ensure documents are updated and accurate.
Frequently Asked Questions (FAQs)
No, all charges are disclosed at the time of loan offer.
Yes, through Bankstore’s pre-approval tool online.