What is salaried Personal Loan?

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Accepted Answer

A salaried personal loan is a type of loan that is specifically designed for individuals who are employed and receive a regular salary.

Salaried personal loans are offered by banks and financial institutions to individuals who have a stable source of income.
These loans are unsecured, meaning they do not require any collateral.
The loan amount and interest rate are determined based on the borrower's income, credit history, and repayment capacity.
The repayment of the loan is done through fixed monthly installments over a specified period of time.
Salaried personal loans can be used for various purposes such as medical expenses, home renovation, education, debt consolidation, etc.
Example: A bank offers a salaried personal loan to an individual who is employed and earns a monthly salary of $5,000. The loan amount approved is $20,000 with an interest rate of 10%. The borrower repays the loan in 36 monthly installments of $667.

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