India is primarily an agricultural country. There was a time when the agricultural sector was a significant contributor to the country’s GDP (Gross Domestic Product), and the rest was taken care of by the industry and service sector. A country usually shifts from agriculture to industry and then services, but the Indian economy experienced a significant shift from agriculture to service in a short period. The service sector now contributes approximately 62% of the country’s GDP (Gross Domestic Product).
The service sector is the sector that produces services, including administration, maintenance, and repairs, training, and consulting. The scope of the service sector is extensive. Salaried individuals are a vital part of this sector. These individuals receive a fixed and regular compensation for the services they provide, regardless of the hours they work.
For a salaried employee, life is quite different from a self-employed person or a professional. They have fixed working hours and days, and they can only leave work if there is an emergency. Fitting everything they want and need in a fixed range within which they earn may not be possible always and the responsibilities of the family are always a cherry on the cake. When the economy encounters with phases like recession, salaried employees are the worst hit as the recession never comes empty-handed, it is always accompanied by salary cuts and lay-offs.
To cater to such requirements of the salaried employees, banks, and NBFCs (Non-Banking Financial Companies) provide personal loans with utmost comfort to the salaried employees. A personal loan is an unsecured loan provided by a financial institution with the sole aim of lending an extra set of hands to support the individual financially. This facility is provided by banks and NBFCs (Non-Banking Financial Companies) to meet unforeseen/ unexpected expenses. A personal loan is provided to salaried individuals to keep them afloat when their life is flooded with financial requirements and issues.
A salaried individual who wants to apply for a personal loan must go through and satisfy the criterion mentioned below:
· The applicant must be a minimum of 21 years of age.
· The applicant should have a good CIBIL/credit score.
· The applicant must have a minimum salary of Rs 10,000 per month.
· The applicant should have repayment capability.
The applicant is required to submit certain documents to the bank or NBFC 9Non-Banking Financial Company) in order to apply for the personal loan. Some of the key documents are:
Requirements
- Salaried Individuals
Identity proof
- Passport, Voter’s ID, Driving License or PAN Card
Residential proof
- Utility bills or Passport
Income proof
- Bank statement of salary account for the previous six months
HDFC personal loan policy can be availed by any salaried employee, and they can enjoy the attractive personal loan rate of interest with flexible repayment tenures. They even have the option of applying for the loan online, so there will be minimum visits to the bank.
The straightforward process and minimal documentation have made the personal loans easily accessible and the most sought out option for the salaried employees.
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