An instant personal loan is offered to salaried millennials. However, the amount must be sent to your account via direct transfer. This is one of the most crucial criteria to tick off to increase the chances of loan approval. The top digital lending company has laid down different salary criteria for different tenure. For instance, the minimum salary eligibility is ₹25,000 for 270 days, ₹40,000 for 360 days and ₹50,000 for 540 days. So, you need to boost your income to be able to borrow a long-term loan in case you opt for a bigger amount.
The minimum amount is ₹15,000 to be able to apply for a personal loan. So cutting back on expenses and considering a budget living is effective. Yet these are not feasible at all times. So below are a few ways to increase the income that you may consider.
Learn a Few New Skills
Additional expertise outside your job is helpful to boost your earnings. There are ample free courses available on the internet. For instance, certification in digital marketing fields like content writing, social media management or graphic design can help uptick your income. Check out the basics like Microsoft office or excel too. You can also browse YouTube tutorials for baking, writing blogs, cooking or handicrafts and then sell your services online and offline. Take these up during weekends to avoid hampering your primary job.
Create a Second Income
This is mainly a side hustle along with your 9-5 job. Consider teaching, virtual assistance, tour guide, yoga instructor, photography, paid internships and social work or data entry. You can either use your hobbies or pick something which will not require you to invest in expensive training. Light-hearted and straightforward jobs are doable and can simultaneously add more money to your account. You can also think of passive income like renting your home or investing in mutual funds. Once you reach a steady monthly income, download the loan app on an Android or iOS phone and apply for the loan.
Ask for a Salary Hike
The right time to do so is after a significant accomplishment. If you have landed a new client or improved the sales of your brand, salary negotiation can be considered. If you have spent a considerable time in your company, say 2-3 years, try to request a salary revision before HR. Get your application approved, gain better qualifications, be a trusted resource, take more responsibilities and be consistent with your performance. Ask for the raise you deserve directly without hesitation.
Conclusion These are a few effective and convenient ways to boost your net income. Try to cut your expenses wherever possible to save to a great extent. Now you can start applying on the loan app for the desired funds.