Personal Loan for Employees of Non-Categorized Companies
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.
|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
|Bank of Maharashtra||11.50% – 12.50%||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|
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 Standard Chartered and Citibank to offering personal loans to this segment of customers.
Very recently, Citibank announced a special offer for providing Personal Loans upto 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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