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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.
Age18 years - 65 years
Income₹ 1,200
CIBIL650 or above
Loan Amount₹ 1,000 - ₹ 75 Lakh
Tenure72 months
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Voucher

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.

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 NameInterest RateProcessing FeePrepayment/Foreclosure ChargesPenalty 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

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. Read More
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