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Personal Loan for Employees of Non-Categorized Companies

Updated on: 14 Dec 2021 // 16 min read // Personal Loans
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There is hope for those customers looking for personal loans but could not avail them so far because they have been working with companies which are not listed by the banks, otherwise known as Non-listed or Non-Categorized companies. Till now, for employees of such companies, it has been challenging to seek larger size Personal Loans because such Non-listed companies are usually not pre-approved or listed by the banks for purpose of extending loans due reasons including lacking in financial performance, market share or brand name among others.

BanksInterest rate (%)Processing fee
Allahabad Bank8.55% – 13.05%1.06% of loan amount (Minimum Rs. 1068)
Andhra BankClean Loans: 11.70% – 13.20%Not available
Bank of Baroda9.85% – 15.45%2% of Loan amount (Minimum: Rs.1000 to Maximum Rs.10,000)
Bank of India12.10% – 14.10%up to 2% of loan amount (Minimum Rs.1000 to Maximum
Rs.10,000)
Bank of Maharashtra11.50% – 12.50%1% of the Loan Amount (Min.:Rs.1000)
Canara Bank11% – 14%0.5% of the loan amount (Minimum Rs.1000 and Maximum Rs. 5000)
Central Bank of India11.60%Rs. 500 + S.T
Corporation Bank12.85% – 13.85%1.50% (Min. of Rs. 500)
Dena Bank13% – 14%1% of loan amount
IDBI Bank Limited10% – 12.75%up to 1% of the loan amount + applicable taxes
Indian Bank10.65% – 11.25%0.51% on loan amount with a max. of Rs. 510
Indian Overseas Bank11.95% – 13.70%0.50% (Upto Rs. 5,00,000)
0.75% (Above Rs. 5.00.000)
Oriental Bank of Commerce10.25% – 12.25%0.50% of the loan amount with a minimum of Rs. 500 + Service tax, if any
Punjab & Sind Bank12.80% – 14.05%1% of the loan amount
Punjab National Bank12.05% – 15.05%1.80% of loan amount (Rs. 270 – Rs. 450)
State Bank of India11% – 17.05%up to 1% of the Loan amount
Syndicate Bank12.65% – 13.65%0.50% of the Loan amount with minimum of ` 500
UCO Bank11.40% – 11.65%1% of loan amount (minimum Rs.750)
Union Bank of India13.65%0.50% of the loan amount, subject to minimum of Rs. 500, plus applicable GST.
United Bank of India13.95% – 14.20%1% of the loan amount sanctioned
Vijaya Bank12.55% – 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 websiteNo Information available on website
DCB Bank Ltd.They do not provide PLThey 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 Ltd11.25%-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 Ltd10.50%-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 LoansThey 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 Ltd10.99%-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

Whilst some banks like ICICI, HDFC and Kotak have tried to cater to this segment in the past, by providing personal loans to employees of such non listed companies, presently there seems to be a move by reputed multinational banks such as Citibank to offering personal loans to this segment of customers.

Best Personal Loan Offers Online

Very recently, Citibank announced a special offer for providing Personal Loans up to a maximum of 15 Lakhs to employees of such Non-listed companies. While earlier Citibank’s Suvidha account holders from Non -listed companies could avail of personal loans upto 5 Lakhs, which was contingent on such customers having an ongoing saving bank account with Citibank. However, this latest product opens up the offer to employees of non-listed companies who have not maintained any savings account or relationship with Citibank previously.

The rate of interest for Citibank Personal Loan to employees of Non-listed companies is presently 14.99%. Moreover, the facility of instant e-approval has been proposed to ease the process of loan application.

The availability of personal loans to such category of people has come at a time when customers’ needs and aspirations are growing in step with the growth of the economy.

Read also: Impact of Aadhar Card on Personal Loan

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