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- Salaried Employee
Personal Loan for Salaried Employee
Online Personal Loans for Salaried Person
Last Updated 03rd Jul 2022
- Salaried employees can avail of personal loans from leading banks and NBFCs at a rate starting at 10.25%.
- The rates may vary based on your eligibility, such as age, income, CIBIL score etc.
| Age | 18 years - 65 years |
| Income | ₹ 1,200 |
| CIBIL | 650 or above |
| Loan Amount | ₹ 1,000 - ₹ 75 Lakh |
| Tenure | 72 months |
Apply for Personal Loan @ 10.25%*
Get upto ₹ 1,000* Voucher
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Personal Loan for a Salaried Employee
A personal loan for a salaried employee is an unsecured loan, meaning you do not require to submit any security or collateral. There is no restriction on the usage of funds and can be used to fulfil personal or business requirements such as a medical emergency, planning a vacation, buying any plant or machinery, etc. The personal loan interest rate for salaried employees is much lower than self-employed. Thus you can avail of a personal loan for salaried employees with top banks and NBFCs at the lowest rates starting at 10.25% based on your eligibility.
Bank SBI
Interest Rates @9.60%
Lowest EMI Per Lakh ₹ 1,832 for 72 Months
Customer Rating
3.6/5.0
Bank HDFC Bank
Interest Rates @10.85%
Lowest EMI Per Lakh ₹ 2,167 for 60 Months
Customer Rating
4.5/5.0
Feature and Benefits for Salaried Employees
- While every bank offers personal loans for different amounts, however, in general, you can get funds upto ₹ 75 Lakh.
- You can avail of a personal loan for salaried employees for a flexible tenure ranging from 2 months to 72 months.
- The lending institutions offer special rates based on the organisation you are working . For instance, if you work with HCL,Bank of Maharashtra provides the lowest personal loan starting at 10.25%.
- To avail of a loan for salaried employees, you require minimum documents. In addition, you may also instant pre-approved personal loans if you have a good existing relationship with the banks.
Interest Rates, Processing Fees and Other Charges for Salaried Employees
Below-mentioned is the interest rates of top banks and NBFCs that offer personal loans for salaried employees:
| Bank Name | Interest Rate | Processing Fee | Prepayment/Foreclosure Charges | Penalty Charges |
|---|---|---|---|---|
|
SBI ⊕ Compare |
9.60% - 12.80% | Nil | Prepayment - Nil prepayment charges Foreclosure - 3% |
2% per annum |
|
HDFC Bank ⊕ Compare |
11.00% - 22.00% | Upto 2.50% Min ₹ 999 | Prepayment - 2-4% Foreclosure - 2 - 4% |
2% |
|
ICICI Bank ⊕ Compare |
10.50% - 22.00% | upto 2.25% of the loan amount | Prepayment - Nil prepayment charges Foreclosure - 5% |
24% per annum |
|
Bajaj Finserv ⊕ Compare |
12.99% - 15.50% | Starting from 1.50%, Up to 3% | Prepayment - 2% Foreclosure - 4% |
2% per month |
|
Citibank ⊕ Compare |
10.99% - 18.99% | Upto 0.5% | Prepayment - Nil prepayment charges Foreclosure - In the range of 3% to 4% |
|
|
IDFC Bank ⊕ Compare |
11.50% - 19.50% | Starting from 0.75%, Up to 2% | Prepayment - Nil prepayment charges Foreclosure - 2 - 2.5% |
|
|
IDFC First Bank ⊕ Compare |
10.49% - 22.00% | Upto 2.00% | Prepayment - Nil prepayment charges Foreclosure - 5% foreclosure charges. Can foreclose after 3 months in case of smart personal loan |
2% of the unpaid EMI or Rs 300 whichever is higher |
|
Axis Bank ⊕ Compare |
10.75% - 17.25% | Rs.4,999 | Prepayment - 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2% Foreclosure - For Loan Amt Approved of 10 Lacs and above-- 0% FC charges after 12 EMIs if closure through OWN FUNDS,1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2% |
24% per annum |
|
Tata Capital ⊕ Compare |
10.49% - 17.99% | Upto 2.50% of Loan Amount | Prepayment - Nil prepayment charges Foreclosure - Rs. 1,000 to Rs. 5,000 |
3% per month |
|
Fullerton India ⊕ Compare |
11.99% - 18.99% | 2% | Prepayment - Nil prepayment charges Foreclosure - 1 -17 months: 7%, 18 - 23 months: 5%, 24 - 35 months: 3%, After 36 months: Nil |
|
|
IndusInd Bank ⊕ Compare |
10.49% - 20.00% | Min 0.75% to Max 1.75% | Prepayment - Nil prepayment charges Foreclosure - 4% |
Rs 150/- , Per EMI delay beyond 5 days |
|
Kotak Bank ⊕ Compare |
10.99% - 17.99% | Starting from Rs.999 | Prepayment - Nil prepayment charges Foreclosure - Starting from Rs.999 |
3% per month |
|
RBL Bank ⊕ Compare |
14.00% - 23.00% | Upto 3.5% | Prepayment - Nil prepayment charges Foreclosure - 3%-5% |
|
|
IIFL ⊕ Compare |
32.50% - 28.00% | 2.5%-6% | Prepayment - Nil prepayment charges Foreclosure - 01-06 months-7%+GST, 7-24 months- 5%+GST and After 24 Months-4%+ GST |
24% |
|
Capital First ⊕ Compare |
14.00% - 16.00% | 1.50% | Prepayment - Nil prepayment charges Foreclosure - 5% foreclosure charges |
|
|
HDB Financial ⊕ Compare |
30.00% - 36.00% | Upto 3% of Loan Amount | Prepayment - Nil prepayment charges Foreclosure - Nil foreclosure charges |
3% |
|
Standard Chartered Bank ⊕ Compare |
11.50% - 18.00% | 1.00% | Prepayment - 2% Foreclosure - 5% charges before 12 months, 4% charges after 12 months |
|
|
Canara Bank ⊕ Compare |
12.85% - 14.30% | 0.50% | Prepayment - Nil prepayment charges Foreclosure - Nil prepayment charges |
|
|
IDBI Bank ⊕ Compare |
12.00% - 13.50% | 1.00% | Prepayment - 2% of the outstanding loan amount + applicable taxes Foreclosure - Nil prepayment charges |
2% per month for the overdue amount and overdue period |
|
Bank of Maharashtra ⊕ Compare |
10.35% - 13.70% | 1.00%, Min Rs. 1,000 | Prepayment - Nil prepayment charges Foreclosure - Nil prepayment charges |
|
|
Indian Overseas Bank ⊕ Compare |
10.00% - 11.00% | upto 3% of the loan amount | Prepayment - Nil prepayment charges Foreclosure - Nil prepayment charges |
|
|
Bank of Baroda ⊕ Compare |
8.30% - 16.55% | 2%, Min Rs. 250 | Prepayment - Nil prepayment charges Foreclosure - Nil |
2% |
|
PNB ⊕ Compare |
8.80% - 13.30% | 1.8% + Taxes | Prepayment - Nil prepayment charges Foreclosure - Nil prepayment charges |
|
|
Indian Bank ⊕ Compare |
10.90% - 10.90% | N.A | Prepayment - Nil prepayment charges Foreclosure - Nil prepayment charges |
|
|
Yes Bank ⊕ Compare |
10.50% - 19.99% | Upto 2.50% | Prepayment - 2% charges Foreclosure - Up to 4% |
24% per annum |
|
Allahabad Bank ⊕ Compare |
9.05% - 13.65% | 1.06%, Min Rs. 1068 | Prepayment - 2.25% Foreclosure - 2.25% |
|
|
Karur Vysya Bank ⊕ Compare |
8.70% - 19.00% | 0.40% | Prepayment - Nil prepayment charges Foreclosure - Nil prepayment charges |
|
|
Vijaya Bank ⊕ Compare |
12.50% - 13.50% | 0.25%, Max. Rs. 10000 + ST | Prepayment - Nil prepayment charges Foreclosure - Nil prepayment charges |
|
|
Dena Bank ⊕ Compare |
13.00% - 14.00% | 1% | Prepayment - Nil prepayment charges Foreclosure - Nil prepayment charges |
|
|
Corporation Bank ⊕ Compare |
8.90% - 13.00% | 1.5%, Min Rs. 500 | Prepayment - Nil prepayment charges Foreclosure - Nil prepayment charges |
|
|
Andhra Bank ⊕ Compare |
8.90% - 13.00% | Case to Case | Prepayment - Nil prepayment charges Foreclosure - Nil prepayment charges |
|
|
Union Bank of India ⊕ Compare |
10.20% - 13.90% | 0.5%, Min Rs. 500 | Prepayment - Nil prepayment charges Foreclosure - Nil prepayment charges |
|
|
Syndicate Bank ⊕ Compare |
12.40% - 13.90% | 0.5%, Min Rs. 500 | Prepayment - Nil prepayment charges Foreclosure - Nil prepayment charges |
|
|
Federal Bank ⊕ Compare |
10.49% - 17.99% | 0.5%, Min Rs. 500 | Prepayment - Nil prepayment charges Foreclosure - Nil prepayment charges |
|
|
Muthoot ⊕ Compare |
14.00% - 24.00% | 2.5-3.5% | Prepayment - Nil prepayment charges Foreclosure - Nil prepayment charges |
|
|
InCred ⊕ Compare |
14.99% - 33.00% | Starting at 2%, Upto 5% | Prepayment - Nil prepayment charges Foreclosure - 5% |
24% per annum |
|
Bajaj RSL ⊕ Compare |
14.75% - 18.00% | 1.50% | Prepayment - 2% Foreclosure - 4% |
2% per month |
|
Finnable ⊕ Compare |
18.99% - 25.99% | 4% of loan amount + GST | Prepayment - Nil prepayment charges Foreclosure - 7-12 months =4.5%+ GST, 13-18 months = 4 %+ GST, 19-24 months = 3.5%+ GST & Above 24 months = 3% + GST |
24% per annum |
|
Moneywide ⊕ Compare |
16.00% - 32.00% | Upto 3% of the loan amount | Prepayment - 3% of part principal payment Foreclosure - 4% of outstanding amount |
24% per annum |
|
Cashe ⊕ Compare |
33.00% - 33.00% | 1.50%-2% of loan amount, upto Rs. 1200 | Prepayment - Nil prepayment charges Foreclosure - |
|
|
Axis Finance ⊕ Compare |
13.00% - 18.00% | 2% | Prepayment - Nil prepayment charges Foreclosure - Nil Foreclosure Charges. 2% if foreclosure is done within the lock-in period |
|
|
MoneyTap ⊕ Compare |
13.00% - 36.00% | 2% + GST | Prepayment - Nil prepayment charges Foreclosure - 3%-5% foreclosure charges |
|
|
Paysense ⊕ Compare |
15.96% - 26.00% | Rs. 500 + GST | Prepayment - Nil prepayment charges Foreclosure - 4% |
|
|
Early Salary ⊕ Compare |
24.00% - 30.00% | Rs. 399 | Prepayment - Nil prepayment charges Foreclosure - Nil Foreclosure Charges |
Eligibility Criteria for Salaried Employees to get Personal Loan
To get a personal loan without rejection at the lowest rates, you must fulfil personal loan eligibility for salaried employees. The criteria are listed below:
- Age: Must be between 18 years - 65 years.
- Income: Salaried employees must be earning a minimum monthly income of at least ₹ 1,200 .
- Organisation: Working with top reputed organisations (blue chip organisations) makes you eligible for a personal loan for salaried employees.
- Work Experience: You should also have a current and total working experience of 0 years and 0 years.
- CIBIL: Should have a CIBIL score of 650 or above.
How Can Salaried Employees Apply for a Personal Loan?
- Getting a personal loan if you are a salaried employee is quite simple. All you need is to submit the personal loan application with the required documents.
- You can submit the personal loan application through various online and offline modes.
- The online modes include applying through the bank’s official website or mobile application.
- In addition, you can also apply for a loan through an online marketplace like MyLoanCare, as you can get additional offers.
- To apply for a personal loan offline, you can visit the nearest bank branch or call the customer care team of your bank.
- The lenders will then verify your loan application and documents and approve your loan. Your loan will be disbursed in a few hours to days, depending on your application.
Instant Personal Loan for Salaried Employee of Top companies in India
Get an instant loan for salaried employees with additional benefits if you work with top companies in India. Check Best offers for your company below:
FAQs
✅What is the minimum salary required for a personal loan?
The minimum salary requirement for a personal loan for a salaried employee may vary from bank to bank. However, it would be best if you atleast had an income of ₹ 1,200 .
✅Which are the top banks that offer personal loans for salaried employees?
All the banks and NBFCs offer personal loans for salaried employees. As per the current rate, Bank of Maharashtra offers the lowest personal loan starting at 10.25%.
✅How much loan can I get if my salary is 25000?
The amount of personal loan you can get against your salary will depend on multiple factors, including the current obligations, CIBIL score, work experience, organisation and your credit history. However, you can get a maximum of ₹ 75 Lakh.
✅Can salaried employees take personal loans online?
Yes, banks and NBFCs offer loans for salaried person online. You can apply for a loan through their official website. Along with that, you can also take personal loans online through an online marketplace like MyLoanCare.
✅What is the eligibility criteria for SBI personal loan for salaried employees?
SBI personal loan interest rate for salaried employees ranges between 9.60% to 12.80%. To get the lowest rates, you must fulfil the SBI eligibility criteria for salaried employees. These are related to age, income, work experience, CIBIL etc. and are listed as i) Age : 21 years - 58 years ii) Minimum Income : ₹ 24,000 iii) Total Work Experience : 24 years iv) CIBIL Score : 650 or Above
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Personal Loan News - Jul 2022
- 2022-05-13 : Punjab National Bank Increases Personal Loan Rates
The bank has increased the rates by 40 basis points, and after the revision, the bank offers personal loans starting from 8.85% to 14.85%. - 2022-05-13 : South Indian Bank Posts all-time High Net Profit in Q4
The Bank has posted an all-time high net profit of ₹272 crores for Q4 in FY 22 against ₹6.79 crores during the corresponding period of the previous year. - 2022-05-13 : Ujjivan Small Finance Bank Profit Falls by 7% for Q4
The bank has reported a 7 percent fall in its net profit to Rs 126.5 crore. Earlier, the bank had posted a net profit of Rs 136 crore in the same quarter of the preceding fiscal year 2020-21. - 2022-05-12 : Indian Bank Revises Personal Loan Rates
Indian Bank has increased the rates on personal loans, and as a result, the bank offers the lowest rates starting at 8.90% to upto 9.40%. - 2022-05-10 : Canara Bank Hikes Personal Loan Interest Rates
The bank has increased the lowest personal loan rates from 12.40% to 12.80%.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources.
MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.
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