Early Salary, a leading online lender in India, allows salaried individuals to conveniently avail a personal loan for amounts up to Rs. 5 lakh to meet various financial needs. Early Salary Personal Loans come with flexible repayment tenure, are disbursed quickly and require minimal documentation. The following sections contain details about the documents required to apply for an Early Salary personal loan.
Early Salary Personal Loan Documents Required
You are required to furnish the following documents in case you wish to apply for a personal loan from Early Salary:
- Proof of Address: Rent agreement and landlord’s electricity bill, mobile postpaid bill/ landline bill/water bill/gas bill (not more than 3 months old)
- Proof of Income: Bank statement of past 6 months showing salary credit, Past 3 months’ salary slip showing employer’s name and other key details
- KYC documents: Aadhaar Card, PAN Card, Driving License, Voter ID Card, Passport
Early Salary may ask applicants to provide additional documents at its discretion.
Also read about Early Salary Personal Loan Customer Care.
Important Aspects
Follow the tips given below to increase the chances of approval of a personal loan from Early Salary as well as other lenders:
- Know the lender’s eligibility criteria- You can secure a personal loan more easily if you know and meet all the lender’s personal loan eligibility criteria. If you cannot meet any of the applicable criteria, it is usually a better idea to seek out a different lender to maximise your chances of loan approval.
- Build and maintain a good credit score- Credit Score is one of the first things that lenders look at when lending money to an applicant. Having a high credit score (closer to 900) enables you to secure a personal loan more easily as it indicates a higher credit-worthiness and lower risk of default for the lender.
- Keep credit utilization ratio low- Credit utilisation is the ratio of the amount of credit availed to the available credit limit represented as a percentage value. A low credit utilization ratio (generally 30% or lower) helps you avail additional credit more easily as it indicates higher credit worthiness and lower dependence on credit.
- Refrain from making multiple simultaneous loan applications/enquiries- Avoid making multiple loan applications/enquiries with several lenders at the same time. This shows you to be credit-hungry. It also increases the number of hard enquiries for your credit report, which in turn adversely affects your credit score and thus, decreases the chances of approval of your personal loan.
- Stable job and employment history- The chances of getting your personal loan application approved are higher if you have a steady job with a reputed organisation and stable history of employment as it indicates personal and financial stability as well as a sufficient flow of income to repay the loan.
Also read about Early Salary Personal Loan Status.
FAQs
1. What is Early Salary Personal Loan interest rate per annum?
Ans. At present, Early Salary personal loan interest rate starts at 18% p.a. However, specific interest rate applicable to an applicant varies according to the individual applicant’s profile including his/her credit score, loan amount and desired tenure, etc.
2. Who can avail a personal loan from Early Salary?
Ans. All salaried individuals can avail a personal loan from Early Salary, provided they meet the lender’s eligibility criteria.
3. What is the minimum eligibility criteria to avail a personal loan from Early Salary?
Ans. To avail personal loan from Early Salary, the following key requirements must be taken into consideration:
- Applicant must be an Indian resident
- Applicant’s age must be above 21 years and below 45 years
- Salaried individual with a minimum salary of Rs. 18,000 (Metro cities) and Rs. 15,000 (Non-metro cities)
4. What is the minimum and maximum loan amount that I can avail as a personal loan from Early Salary?
Ans. You can avail a personal loan ranging between Rs. 50,000 to Rs. 5 lakh from Early Salary.
5. What is the tenure option available on Early Salary personal loans?
Ans. Early Salary personal loans come with a flexible repayment tenure ranging up to 60 months.