Personal Loan for Salaried, Instant Loan for Salaried Employee

Top Features and Benefits of Personal Loan

Flexible Loan Amount

Choose any loan amount starting from Rs. 50,000 upto Rs. 25 lakhs.

24 Hour Disbursal

Once approved, your loan amount will be credited to your account within 24 hours.

Collateral Free Loans

To apply for a personal loan through MoneyGray, you don’t have to pledge any asset or arrange for a guarantor

Affordable Interest Rates

We understand how important interest rates are as they determine the EMI amount to be paid. At MoneyGray, the interest rate starts at just 0.75% per month

If you are looking at personal loans for salaried employees, MoneyGray provides personal loans within 24 hours of loan approval at competitive rates and minimal documentation.

Personal Loan Eligibility Criteria for Salaried Employees

The eligibility criteria for salaried employees is given below -

Applicants must be between 18 years and 55 years.
Income must be credited directly to the applicants’ bank account.
Minimum in-hand income and credit score requirement is as follows-

Minimum In-Hand Income	Area of Residence	CIBIL Credit Score Requirement
Rs 13,500	Any	CIBIL Score of 600 /Experian Score of 650 and above
Rs 20,000	Mumbai/Thane or the NCR region (Delhi, Noida, Gurgaon, Ghaziabad, Faridabad, etc.)	New to Credit or CIBIL Score of 600 /Experian Score of 650 and above
Metro City other than Mumbai and NCR	Metro City other than Mumbai and NCR	CIBIL Score of 600 /Experian Score of 650 and above

"Change can be scary. Especially when you are shifting to a new city or renovating your home. But not with MoneyGray. You can now avail MoneyGray loans within 24 hours from any major city. Ab aur se kya darr?"

Documents Required for Salaried Employees

In order to avail a personal loan from MoneyGray, you will need to submit the following documents -

Identity Proof	Address Proof	Income Proof
PAN Card - This is the primary ID proof required. However, if it is rejected due to image quality issues or other reasons, any 1 of the officially valid documents given below will suffice) Aadhaar Card Valid Indian Passport Valid Voter ID Valid Driver’s License	Any 1 of the following - Aadhaar Card Valid Indian Passport Valid Voter ID Valid Driver’s License Utility Bills (Electricity, Water, Gas) dated within the last 60 days	Last 3 months’ bank statements of your salary account in PDF format showing salary credits.

Personal Loan Interest Rate and Other Charges for Salaried Employees

MoneyGray provides instant loans for salaried employees at competitive rates. Take a look at the table below to know more -

Fees and Charges	Amount Chargeable
Interest Rate	Starting from 0.75% per month
Loan Processing Charges	Starts at 2% of the approved loan amount
Interest on Overdue EMIs	2% per month on the overdue EMI/Principal loan amount
Cheque Bounce	Rs.500/- each time
Loan Cancellation	No additional charges levied. The interest amount for the period between loan disbursement and loan cancellation will be payable. Processing fees will also be retained.

MoneyGray charges a one-time processing / facilitation fee on your loan plan. You need to pay this facilitation / processing fee before fund transfer to MoneyGray.

Note -

After your documents are verified, you will receive a NACH form. You’ll need to print this form, sign, scan the document, and send it back to MoneyGray to enable auto-debit facility from your bank account.
This will allow you to pay your EMIs on time automatically without the need for any manual intervention.
On receiving your NACH form, you will need to review the loan agreement on the app. If you agree to the terms and conditions, you can submit the application.

How to Apply for An Instant Personal Loan

Check Eligibility

Provide the required details and find out if you’re eligible for a loan in just 2 minutes.

Select Loan Tenure

Choose the loan amount and repayment term of your choice based on the options provided.

Upload Documents

You’ll have to upload all the relevant documents after which they will be verified

Amount Disbursed

Post verification and submission of loan agreement, the loan amount will be credited to your account within 24 hours

Conclusion

Availing a personal loan for salaried employees is incredibly easy and convenient with MoneyGray. With just a few simple steps, you can find out the loan amount you’re eligible for, fulfill our minimal documentation requirements, and avail a loan within 24 hours at competitive rates. So what are you waiting for? Visit our website or download our app and get a loan today.

Personal Loan Interest Rates - Related FAQs

1. Who Are Salaried Individuals?

Ans: You are considered to be a salaried employee if you earn a fixed pay with/without incentives and are enrolled under a payroll of a registered company. Your salary is generally credited to your bank account directly.

2. Can I Get A Personal Loan Even If My Credit Score Is Low?

Ans: Yes, you can avail a personal loan from us even if you have a low credit score thanks to our in-house credit rating model. However, you will need to have a CIBIL score of over 600 or Experian score of over 650.

3. Can Self-Employed Borrowers Avail Personal Loans From MoneyGray?

Ans: Yes, self-employed borrowers can avail a personal loan from MoneyGray as long as they fulfill the eligibility criteria given below -

Applicants must have a minimum In-hand income of Rs. 15,000 per month.

Income must be directly credited to the applicants’ bank account.

A minimum CIBIL score of 600 or more or Experian score 650 or more.

Applicants must be between the ages of 18 years and 55 years.

4. What Can I Use My MoneyGray Personal Loan For?

Ans: Our personal loans are extremely versatile. You can use for a number of purposes such as -

To fund a wedding

For Home-repairs

Medical expenses

For vacation

For a loan down payment

Education purposes

To buy the latest gadgets

To fund a business venture

To pay off credit card bills or build credit score

5. Can I Foreclose My Personal Loan From MoneyGray?

Ans: Yes, you can foreclose your personal loan from MoneyGray as long as you have paid a minimum number of EMIs based on your repayment term as given below -

Fees and Charges

Amount Chargeable

Foreclosure Charges

Nil but foreclosure can be done only after a minimum number of EMIs have been paid as illustrated below-

Tenure	Foreclosure
Up to 6 months	Not allowed
7 - 18 months	Allowed after 6 EMI payments
Over 18 months	Allowed after 12 EMI payments

Part- Prepayment Charges

Part-prepayment is not allowed

6. Will I Get A Loan If I Get My Salary In Cash?

Ans: Currently we only provide loans to those individuals who receive their salary via bank transfer – directly from their employer. We will not be able to give loans to applicants who get their salaries in cash.

7. What Are The Repayment Tenure Options?

Ans: MoneyGray allows you to take control of your repayment schedule, so you can choose any tenure of up to 60 months based on your eligibility and loan amount availed.

Disclaimer:

*Starting interest rate varies on factors like credit history, obligation, or lender. #Indicative disbursement time measured for a loan of Rs 50,000 carried under controlled conditions. Subject to the necessary KYC and Income Verification. T&C apply.

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Personal Loan for Salaried Employees

Get an Personal Loan of up to Rs.25 lakhs in 24 Hours