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Personal Loan For Low Salary Income: Expectations vs. Reality

The intricacies and hardships of obtaining a loan are not unknown now. The process is so rigorous that even well-salaried govt. employees have to struggle to get their hands on the loan. In a world and system like this it seems next to impossible for a low-salary employee to obtain a personal loan. But Money View is there to help. With the extensive help, even the low salary people can live their dream of going on a foreign vacation by obtaining a personal loan or fund their children’s education with it or whatever they might like. Since it is going to be personal so there aren’t going to be any constraints on where the borrowers will be spending their money, and this is quite obvious.

Previously people with low salary income due to their poor CIBIL or credit score used to be majorly dependent on the informal sources to obtain a loan; this resulted in the reporting of a number of fraudulent cases where the lender charged abnormally high rates of interest. But ever since the advent of the Money View, this problem has been eliminated, and everyone can obtain loans from formal sources.

Advantages of personal loan:

  • Quick approval: The loans are approved faster than expected in such cases. The documentation process is kept short and brief, and this is one of the main reasons for the process consuming less time. This feature is of great importance to the people who are in dire use of funds and do not possess liquid cash at the moment.
  • Fast disbursal: The amount that is sanctioned for the loan gets credited into his or her account typically within 24hrs. This feature, too, is of immense importance for the people who are in need of emergency funds like in the case of medical bills, unexpected travel costs etc, and other similar cases.
  • Wide repayment period: Expectations usually in the case of allotment of this kind of loan is that the repayment period is going to be very short, so one must start gathering as soon as possible. This is utterly incorrect; the repayment window in this kind of loan is quite wide, too, typically ranging somewhere between 10 to 15 years.
  • No hidden charges: One doubt that settles in the minds of people with low salaries obtaining this kind of loan is that there must be a number of charges which haven’t been though listed but are mixed with some other. The reality is there aren’t any such charges which might result in the exploitation of the borrower. The process is fairly simple and clean.
  • No collateral: One major worry or it might even be the gravestone, is that it is necessary to keep something as collateral against the loan amount in this kind of loan. Whereas the reality is there isn’t any requirement of having collateral for obtaining the loan amount. The loan can be issued without that too.
  • Allotment of an extra account: As soon as someone obtains a loan, they are given an online account through which they can be aware of the various aspects of the loan remotely that is without even visiting the bank too. This is a boon for people in rural areas since they can see the details online from their respective mobiles or computers.

Since such vast facilities are provided to people even with low salaries, the organization that issues loans requires some form of identification documents to have a legal identity.

Documents required:

  • ID proof: Any kind of identification proof issued by a govt. recognized institute or the govt. itself is necessary to confirm the identity of the potential borrower and to maintain the record.
  • Address proof: Address proofs issued by the government at the ward, district, state, or centre level are required to have proof of address in order for the communication to be established between both the parties, that is, the lender and the borrower.

Conclusion:

The above information draws a neat line of comparison between the expectations and reality of the personal loan obtaining process for low salaried people. So, if anyone, with low income, meets the eligibility criteria can easily get the loan. They just need to find the right platform like Money View.

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