In today’s dynamic work environment, more individuals are employed on a contractual basis across various sectors. While contractual employees enjoy flexibility in their work arrangements, they often face challenges when it comes to availing financial products, such as loans. Traditionally, lenders have favoured salaried or permanent employees due to their stable income. However, the landscape is changing, and personal loans for contractual employees are becoming more accessible. With minimal paperwork and flexible repayment terms, these loans can serve as a financial lifeline for those working on short-term or project-based contracts. We will also see how a Bajaj Finserv Personal Loan provides features that make it a great option for individuals with different employment types.
Features and benefits of personal loans for contractual employees
Flexible loan amount:
Contractual employees can apply for personal loans of varying amounts depending on their financial needs. Whether it is for medical emergencies, home renovations, or travel, these loans offer flexibility in terms of loan size. With a Bajaj Finserv Personal Loan, you can apply for funds of up to Rs. 55 lakh with minimal documentation.
Collateral-free loans:
Personal loans are unsecured loans, meaning there is no need to provide collateral such as property or assets. This is a significant advantage for contractual employees who may not have large assets to pledge.
Quick approval and disbursal:
One of the biggest benefits is the quick processing time. Many lenders today offer instant approval on personal loans for contractual employees with minimal documentation. With a Bajaj Finserv Personal Loan, you can get the funds you need for as little as 24 hours*.
Flexible tenure options:
Personal loans come with flexible repayment terms. With a Bajaj Finserv Personal Loan, you can choose a repayment tenure ranging from 12 months to 96 months. This feature allows contractual employees to choose tenure that fits their income flow and financial plans, reducing the burden of hefty EMIs.
Minimal documentation:
With Bajaj Finserv Personal Loan, you can apply for funds of up to Rs. 55 lakh with minimal paperwork.
Eligibility criteria for personal loan for contractual employees
To qualify for a personal loan as a contractual employee, you must meet certain eligibility criteria depending on the lender. For a Bajaj Finserv Personal Loan, here are the loan eligibility criteria required:
1. Nationality: India
2. Age: 21 years to 80 years*.
3. Employed with: Public, private, or MNC.
4. CIBIL Score: 685 or higher.
*You should be 80 years* or younger, at the end of the loan tenure.
Documents required for personal loan for contractual employees
The documentation process for contractual employees is straightforward. Some of the required documents for a Bajaj Finserv Personal Loan include:
1. KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register
2. PAN card
3. Employee ID card
4. Salary slips of the last 3 months
5. Bank account statements of the previous 3 months
How to apply for a personal loan for contractual employees?
Applying for a personal loan for contractual employees is a simple and straightforward process. Here is how you can apply for a Bajaj Finserv Personal Loan.
1. Click on ‘APPLY’ on this page to open our online personal loan application form.
2. Enter your 10-digit mobile number and the OTP sent to your phone.
3. Fill in the application form with your basic loan details, such as your full name, PAN, date of birth, and PIN code.
4. Now, click on ‘PROCEED’ to visit the loan selection page.
5. Enter the loan amount that you need. Choose from our three personal loan variants –Term, Flexi Term, and Flexi Hybrid.
6. Choose the repayment tenure and click on ‘PROCEED’.
7. Complete yourKYCand submit your application.
Our representative will guide you on the next steps. The loan amount will be transferred to your bank account on the successful verification of your documents.
Interest rates and other charges for a personal loan for contractual employees
The interest rates for a personal loan for contractual employees can vary based on the lender and your credit profile. Read about the personal loan charges required for a personal loan from Bajaj Finance.
Conclusion
The availability of personal loans for contractual employees has made it easier for individuals with temporary work contracts to access funds when needed. With flexible repayment options, competitive interest rates, and minimal documentation, these loans offer a viable solution for various financial needs. It is essential for contractual employees to maintain a good credit score and choose a lender that offers favourable terms. With the right planning and timely repayments, personal loans can provide a much-needed financial cushion in times of need.
*Terms and conditions apply.
