Can I get Personal Loan if “ I am Getting Salary in Cash”

Majority of the banks offer personal loan to help individuals’ meet their financial crises or at the time of emergency when the problem come uninvited.
Any medical emergency demands hefty funds and therefore creates the need for the person to apply for a personal loan.

Personal loans are financial assistance provided by the banks to meet the immediate funds requirement of an individual and can be repaid within the stipulated time along with the interest charged by the spender.

What do lenders look for while offering a loan?

Repaying capacity

To avail any financial advances, the lender’s first concern for the borrower is the repayment plan or capacity of the borrower. Even if the borrower receives salary in cash but can repay the loan with comfortable EMIs, the bank won’t create discomfort or an obstacle for the borrower to avail the loan.

Expenses

Bank or lending institution always estimates your expenses in order to understand whether you will be able to manage EMIs apart from the expenses and utilities you pay for monthly. Your expenses gives an assumption to the bank about your overall financial status.

Background

A general background checks and verification of your employment/business is also mandatory for a bank to understand if the applicant is genuine and capable to repay the loan and not default under any circumstance.

Documents

The bank also ensures the validity of the relevant documents needed to avail a loan. Pan card, Aadhar card, passport, security documents (in case of secured loans), property papers, bank statements, etc all are important to avail a loan.

How to apply for a personal loan?

You can visit a bank to apply for a loan and follow the given steps

• Contact the bank executive
• Understand the terms and policies of the loan that caters to your needs
• Know about the EMIs with every component of it
• Fill the detailed application form
• Provide the relevant documents
• Wait for the loan amount disbursal

Online loans are easy! Get personal loans online in no time. Here are the steps to follow.

• Register in the company’s webpage or download the app.
• Log in with the credentials and create your ID.
• Choose the loan amount and tenure to know the EMIs.
• Upload required documents.
• Wait for approval and disbursal post back ground verification check.

The above mentioned steps are general. Home credit offers quick and easy personal loans.

Home credit personal loans have the following document requirement.

•  PAN card of the individual
• ID proof, voter ID, passport, driving license, etc.
• Address proof passport, driving license, ration card, passport, aadhar card, utility bills, etc.
• Bank statement of the income account with net banking facility

Experience the easy journey of personal loans with Home credit mobile app and get loans because it’s fast, easy and simple.