4 Personal Loans Types for Salaried Professionals

August 3, 2018

Personal Loans for Salaried Professionals

Everyone enjoys the luxuries of life. In fact, many work hard to provide their loved ones with the comforts and amenities of modern life. However, for working professionals, luxuries are a distant dream as their income does not allow them to spend on them. When your salary is not enoughr, financial crises are bound to happen. Low salary contributes to low savings. Therefore, low-salaried professionals often compromise their dreams of luxury.

Banks	Interest rate (%)	Processing fee
Allahabad Bank	8.55% – 13.05%	1.06% of loan amount (Minimum Rs. 1068)
Andhra Bank	Clean Loans: 11.70% – 13.20%	Not available
Bank of Baroda	11.55% – 16.55%	2% of Loan amount (Minimum: Rs.1000 to Maximum Rs.10,000)
Bank of India	12.10% – 14.10%	up to 2% of loan amount (Minimum Rs.1000 to Maximum Rs.10,000)
Bank of Maharashtra	11.75% – 12.75%	1% of the Loan Amount (Min.:Rs.1000)
Canara Bank	11% – 14%	0.5% of the loan amount (Minimum Rs.1000 and Maximum Rs. 5000)
Central Bank of India	11.60%	Rs. 500 + S.T
Corporation Bank	12.85% – 13.85%	1.50% (Min. of Rs. 500)
Dena Bank	13% – 14%	1% of loan amount
IDBI Bank Limited	10% – 12.75%	up to 1% of the loan amount + applicable taxes
Indian Bank	10.65% – 11.25%	0.51% on loan amount with a max. of Rs. 510
Indian Overseas Bank	11.95% – 13.70%	0.50% (Upto Rs. 5,00,000) 0.75% (Above Rs. 5.00.000)
Oriental Bank of Commerce	10.25% – 12.25%	0.50% of the loan amount with a minimum of Rs. 500 + Service tax, if any
Punjab & Sind Bank	12.80% – 14.05%	1% of the loan amount
Punjab National Bank	12.05% – 15.05%	1.80% of loan amount (Rs. 270 – Rs. 450)
State Bank of India	11% – 17.05%	up to 1% of the Loan amount
Syndicate Bank	12.65% – 13.65%	0.50% of the Loan amount with minimum of ` 500
UCO Bank	11.40% – 11.65%	1% of loan amount (minimum Rs.750)
Union Bank of India	13.65%	0.50% of the loan amount, subject to minimum of Rs. 500, plus applicable GST.
United Bank of India	13.95% – 14.20%	1% of the loan amount sanctioned
Vijaya Bank	12.55% – 13.55%	Processing charges: up to 0.75% of loan amount + GST.
Axis Bank Ltd.	15.75% to 24%	1.50%-2.00%+GST
Bandhan Bank Ltd.	15%-18.55%	1%+GST
Catholic Syrian Bank Ltd.	12%-19%	1% of loan amount subject to minimum of Rs.250
City Union Bank Ltd.	No Information available on website	No Information available on website
DCB Bank Ltd.	They do not provide PL	They do not provide PL
Dhanlaxmi Bank Ltd.	10.40%-10.90%	Upto 2.5% of loan amount subject to minimum of Rs.1250
Federal Bank Ltd.	11.49%-14.49%	0.50% of loan amount subject to minimum of Rs.500
HDFC Bank Ltd	11.25%-20%	Upto 2.5% of loan amount subject to minimum of Rs.1999
ICICI Bank Ltd.	10.99%-22%	Upto 2.25% of loan amount+GST
IndusInd Bank Ltd	10.50%-30.50%	Upto 2.5% of loan amount subject to minimum of Rs.1000 plus taxes
IDFC Bank Ltd.	Rates not available on website (As per our info- 10.99%-15%)	Upto 2% of loan amount
Jammu & Kashmir Bank Ltd.	They provide Consumer Loans	They provide Consumer Loans
Karnataka Bank Ltd.	12.70%	0.50% of loan amount subject to minimum of Rs.250
Karur Vysya Bank Ltd.	15.90%	0.40% of loan amount
Kotak Mahindra Bank Ltd	10.99%-24%	Upto 2.5% of loan amount+GST
Lakshmi Vilas Bank Ltd.	Do not provide Personal Loan
Nainital bank Ltd.	Website not updated
RBL Bank Ltd.	11%-26.25%	Upto 2.5% of loan amount
South Indian Bank Ltd.	11.55%-14.45%	2% of loan amount
Tamilnad Mercantile Bank Ltd.	14.80%	1% of loan amount
YES Bank Ltd.	11.25%-17.5%	Upto 2.5% of loan amount subject to minimum of Rs.999

Many online financial services cater to professionals, even those with low income. As a result, these professionals can get a Personal Loan with ease. You may be surprised to learn that there are exclusive Personal Loans for Salaried Professionals with Low Income. These online portals provide you with alternatives helping you to reach out to much-needed sources in financial emergencies. They do not consider the income while sanctioning the loan and salaried professionals earning income as low as 10,000 can avail these loans.

Types of Personal Loan

There are various types of Personal Loan that salaried professionals with low income can opt for. Some of these Personal Loans include the following:

1. Wedding Loan

Gone are those days when weddings were celebrations between family members and close friends. Today, people like to celebrate their marriages with a lot of show and grandeur, as it indicates the social standing of the family. If you are a low-salaried individual, you too can have a lavish wedding by applying for a wedding loan.

The loan will help cover wedding-related expenses, like jewelry and clothes shopping, hotel or hall booking, catering service, stage decoration, transport, and invitation card printing.

Banks provide Personal Loans to cover such significant expenses, and as a result, it minimises pressure on you. The interest rate of this Personal Loan will vary from bank to bank but expect the bank to charge a higher rate of interest during wedding season.

2. Holiday Loan

A holiday allows you to get a much-needed break after working hard the whole year. For a low-salaried professional, exploring far-off lands is a pipe dream as it can be expensive. Thankfully, you can depend on a Personal Loan designed for holidays.

When you make use of a holiday loan, you don’t have to dip into your savings. You can get these loans at attractive interest rates, so even the repayment is pocket-friendly and will not be a significant financial burden. Just remember that the rate of interest depends on the chosen financial institution, travel destination, and your credit score.

3. Home Renovation Loan

If you want to renovate your home to make it look great or expand it to accommodate your growing family, you can do so with a Personal Loan designed for this purpose. A home renovation loan lets you take up home repairs and improvements without using your life’s savings.

When you use a Personal Loan for home repairs and improvements, you can avail tax benefits, which you do not get for other types of Personal Loans. So, you enjoy two advantages – you can improve your home and also save on taxes.

4. Consumer Durable Loans

If you are looking to upgrade your mobile phone or household gadgets and appliances, you don’t have to think twice. A consumer durable loan, which is a type of Personal Loan, allows you to buy the perfect consumer durable to suit your needs.

You can easily apply for a consumer durable loan online and purchase electronics, gadgets, and appliances to make your life simpler and more convenient.

If you are a salaried professional with a low income, you can easily apply for Personal Loans that are designed for professionals like you. Just get in touch with the professionals at MyMoneyMantra, who will guide you to the best personal loan options.

Also Read: Is Your Credit Score Affecting Your Loan Eligibility?

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