Share
Share
Share
Share
Taking a loan in India used to be a long-winded process. Working individuals had to take a half-day off from work to visit a branch and submit documents. These processes, coupled with long queue wait times, created issues for borrowers who needed approvals urgently. Besides the loans, the other options were limited for borrowers; they either had to resort to asking their family or friends for funds, which can be awkward and not always viable.
The advent of digital loans changed the borrowing structure in India. The process went from taking days for approval to simply downloading an app, following a few steps, and receiving funds within a day. An instant loan online became a solution for salaried and self-employed individuals dealing with personal issues. However, choosing the right lending app is equally important, because you are agreeing to many details and terms. Applications such as FlexSalary provide a personal loan for salaried and self-employed professionals with many benefits!
Smart Details Borrowers Should Check When Borrowing
Borrowers can download an app from the Play Store/App Store, provide the requested details, and get approved quickly. The application takes only 10 to 15 minutes, but there are other details borrowers should consider to make the most of their loan.
-
Check if the Loans Come With Instant Approval and Disbursal
Borrowers need to check that the lenders are approving the loans quickly and that disbursal follows the approval. If the application takes days to get approved, it defeats the purpose of choosing an instant loan online and may delay the response for an emergency or urgent need.
-
Check if the Lender is Transparent About Charges
It is important to check whether the lender clearly presents the charges and other details, such as processing fees and other related charges, to avoid any surprises later on. This ensures the borrowers are aware of the details of the loan, including all the associated charges.
-
Check if the Lender Has Flexible Eligibility Criteria
One reason for choosing a personal loan for salaried and self-employed individuals is the relatively simple eligibility criteria. If the eligibility criteria are too strict, it can be time-consuming for the borrower to gather all the documents.
-
Choose a Lender With a Suitable Tenure
It is ideal for borrowers to check the tenure before applying for a loan. There are several issues if the tenure is not checked, such as: Shorter tenures can strain monthly budgets, while longer ones can lead to drawn-out repayments. Checking the tenure options beforehand helps borrowers plan their repayments comfortably.
Documents Needed for a Personal Loan Application
Traditionally, loan applications came with stacks of paperwork and lengthy documentation requirements. A personal loan for self-employed and salaried individuals does not require as many documents, making the application process much quicker. There are no physical documents or queue wait times. Below are the documents which the FlexSalary requires to approve the loans:
- Identity Proof: Aadhaar card, PAN card
- Address Proof: Utility bills, passport, or registered rental agreement, etc.
- Proof of Income: Bank statements or salary slips
The Eligibility Criteria Borrowers Are Required to Meet
Before sending the application to the lender, borrowers should know the eligibility criteria to ensure there are no delays in confirming the information or correcting anything once the process starts. It is also ideal to check online what the eligibility criteria are on the website or via reviews to ensure you fit in, or to gather what is missing from your form. Below are the eligibility criteria of FlexSalary:
- Must be at least 21 years of age
- Must be an Indian Citizen
- Must be Employed
- Must have a minimum income of ₹8,000
How FlexSalary Helps the Salaried and Self-Employed Borrowers
FlexSalary is a digital lending app by Vivifi India Finance Pvt Ltd. to provide a personal loan for self-employed and salaried individuals. Since its launch in 2017, FlexSalary has disbursed several crores to lakhs of borrowers across India. Several factors contribute to its success and make it easier for borrowers with various income backgrounds to qualify with ease.
FlexSalary provides the following benefits to the borrowers:
- No Asset Pledging: FlexSalary requires no collateral to approve the loans, allowing borrowers to keep their valuables when accessing loans.
- Hassle-free Applications: The entire application process is online, eliminating paperwork and branch visits.
- Simple Documentation Requirements: The documents required for loan approval are simple and minimal, which makes the documentation process much easier and quicker to process.
- No Prepayment Penalties: FlexSalary charges zero prepayment penalties on early closure of loans, giving borrowers the freedom to repay early without additional costs.
- Quick Approval and Disbursal: Loan approvals are quick due to the simple application process, and once approved, the funds are disbursed.
Final Thoughts
Borrowing in India has changed drastically in recent years. From long queue wait times to quick online submissions and approvals to disbursal in a day, the transformation has taken over the lending industry. The change also gave rise to new players in the personal finance space. A prominent and growing name, FlexSalary, is offering an instant personal loan online up to ₹3,00,000 to both salaried and self-employed individuals with a variety of benefits such as no collateral, no heavy documentation, online application process, no prepayment penalties, quick approvals and disbursal.
The leadership of our founding members, Anil Pinapala, Srinath Kompella, and Patrick Kishore, together with the strategic guidance of Dr Subrata Das, Uma Shanmukhi Sistla, Tina King Hodges and Vijayraghavan Venugopal, reflects decades of expertise across technology, fintech, strategy, and banking, shaping FlexSalary’s growth and lending capabilities.
