Things that a salaried employee should know before applying for a personal loan


It feels great when you get a confirmation at the end of your probation period. After being confirmed, you are likely to make life better and enhance your lifestyle. It might be a new home, a new car, home appliances, and so on. Being a government employee, it would be easy for you toget bank loans to meet the shortage of funds. But if you are a private sector employee, it may not be too easy for you to get a bank loan. This is where Peerless Finance can help you get quick money through asimplified lending process.

Start with an application for personal loan with salary slips from your current employer. Theloan can help you meet financial emergencies like higher education expenses, medical bills, a sudden tour, house renovation, and many more.

Things to know before applying for a personal loan

Before you visit Peerless’ office, some important factors should be checked to ensure fast loan processing and a guarantee of getting the funds. Let’s have a quick look at the factors:

  1. Company or organisation – As already discussed, not every employee is eligible for a bank loan. Nationalized banks and some commercial banks disburse unsecured personal loans only to those working either in a Government or PSU unit, or a reputable private company. They usually don’t provide easy loans to individuals either working in proprietorship or partnership firms. In that case, Peerless Finance comes as a saviour.
  2. Salary slip/Form 16/Salary certificate – Peerless Financial Services Limited verifies your income and repayment capability throughsome documents:


      • Salary slip –Last three months’salary slip, or wage slip duly stamped or signed by the competent authority.
      • Salary certificate – The certificate must be original and latest. This also should be stamped or signed by the employer.
      • Form 16 – One to three years’ Form 16 may need to be submitted with signed or stamped by the employer.


  1. Take-home pay–Your take-home pay must be 50 percent of your gross salary. The amount should be good enough to live well without any need to borrow further. EMI is set depending on this criterion.
  2. Genuine income – All the earnings,shown in the documents mentioned in item #2 must be verifiable. The loan won’t get approved depending on any unverifiable income.

So, if you need a personal loan in Kolkata, you can apply at Peerless Finance. The process will be even easier if you area salaried employee. All you need is to furnish some basic documents mentioned above and you are done.

Summary – If you have a genuine income source, irrespective of which company you work in, you can get a personal loan from Peerless Finance. Submit the salary slip/salary certificate/Form 16 and become eligible for the loan.

Saptarshi Roy Bardhan