Clix > Personal > Why do a Large Percentage of Salaried Employees in India Opt for a Personal Loan ?

Why do a Large Percentage of Salaried Employees in India Opt for a Personal Loan ?

Clix November 9, 2021


Personal loans have emerged as one of the most valuable sources of finance for salaried employees over the last few years. If you want money to cover any of your planned or unplanned expenses, a personal loan can be a reliable source of funds. Lenders also prefer giving instant loan approval for salaried employees, since proving regular income is much easier for such applicants. Let us look at a few possible reasons why a large percentage of salaried employees in India opt for a personal loan to meet their expenses.

Personal Loan for Salaried Employees

The biggest advantage for salaried employees is that they have a fixed income and can easily prove it to the lenders. They may sometimes come across situations where they need money to cover some costs, such as a vacation, wedding, education, home renovation, medical emergency, or debt consolidation. This is when a personal loan comes to their rescue. However, the loan amount, interest rate, repayment term, and other terms and conditions depend upon the applicant’s salary, work experience, job profile, DTI ratio, and credit score.

Reasons Why Salaried Employees Prefer Personal Loans in India

Some reasons why salaried employees prefer taking personal loans in India include the following:

Hassle-Free Personal Loan Process: Salaried employees may apply for a personal loan online to receive the fund they require quickly. While you are busy in your 9 to 5 job, you can conveniently apply for a personal loan online from the comfort of your home or office whenever you get time.

Ample Loan Amount: Lenders offer ample personal loan amount to fund varied expenses efficiently. Whether you want money to fund a wedding, home renovation, education, vacation, medical emergency, or debt consolidation, you may calculate the costs and apply for a loan amount accordingly.

Competitive Interest Rates: Many lenders offer competitive interest rates to make repayment easier and more manageable for salaried employees. Spend some time doing online research and find the lender offering the best personal loan interest rates.

Flexible Repayment Tenure: Lenders offer flexible repayment tenure, allowing borrowers to choose their loan terms with EMIs they can easily afford in their salary. For instance, Clix Capital offers 12 to 48 months to repay a personal loan. Borrowers can use a personal loan EMI calculator to choose a loan term with EMIs according to their budget and repayment capacity.

No Collateral Requirement: Since personal loans are unsecured loans, salaried employees can avail a personal loan without providing any collateral, security, or guarantor.

Instant Loan Approval: Since the personal loan application procedure is 100% online with no collateral requirement and minimal documentation involved, salaried employees may get their loan approval in as little as 15 minutes* at Clix Capital.

Improve Credit Score: Getting a personal loan and repaying its EMIs on time is an excellent way to improve credit score. Your credit score is a crucial factor that lenders consider to determine your creditworthiness while assessing your personal loan application.

Easy Personal Loan Eligibility: Easy eligibility is another crucial reason why salaried employees prefer personal loans in India. If you are a salaried employee and wish to apply for a personal loan at Clix Capital, you must satisfy the below mentioned criterion:

    • You should be 25 to 58 years of age
    • You must be a citizen of India
    • You should be a salaried individual drawing a salary of at least ₹ 25,000 every month
    • You should be working with your current employer for at least 6 months, and you should have a total work experience of at least 12 months

Minimal Personal Loan Documents Required: If you are eligible, you have to get the following personal loan documents verified online:

    • Duly filled online application form
    • Recent passport size photograph
    • Identity proof like Aadhaar Card or PAN Card, or government ID for government employees
    • Address proof like Aadhaar Card, Voter ID, passport, driving license, etc.
    • Income proof, including your last month’s payslip or current year’s Form 16

You do not need to submit or upload these documents anywhere. If your KYC details are updated with your Aadhaar and PAN, Clix Capital offers instant loan approval for salaried employees with online documents verification.

How a Salaried Employee Can Apply for a Personal Loan?

If you are a salaried employee in India, you can apply for a personal loan by following these simple steps:

    • Visit the Clix Capitalwebsite
    • Check your credit score and ensure that it is more than 725 as per Experian
    • Fill up the personal loan application form
    • Get your documents verified online that takes just a few minutes. However, if your KYC is not updated, you will have to provide some necessary details
    • Once you receive your loan approval, accept the loan offer
    • Activate the e-mandate for regular EMI payments on time

At Clix Capital, we offer personal loans of up to ₹ 25 lakhs at competitive interest rates. If you are a salaried employee in India with a regular fixed income, you may apply for a personal loan online and get the funds you require within minutes. We offer instant loan approval for salaried employees within 15 minutes*. Take advantage of our easy eligibility and minimal documentation requirements to avail your personal loan and use it to fund your expenses the way you want.

For any queries, find us on Facebook, Instagram, LinkedIn, Twitter, or WhatsApp

You can also reach out to us at or call us at 1800 200 9898

* T&C Apply


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