Most banks and NBFCs offer personal loans for salaried individuals in India as they have a regular and steady income source. Salaried people can avail personal loans online up to Rs. 50 lakhs at attractive interest rates starting from 10.25%. The borrowed amount can be reaped in a tenure of 12 months and 72 months.
Below is the table for key details of personal loan for salaried employees by top lenders in India:
|Name of Lender||Rate of Interest (per annum)||Processing Fee||Maximum Loan Limit|
|Canara Bank||11.25% - 13.90%||0.50% + GST||Rs. 3 Lakhs|
|SBI||9.60% - 15.65%||Nil till 31st January 2022||Rs. 20 Lakhs|
|ICICI Bank||10.50% - 19%||Up to 2. 50% + GST||Rs. 25 Lakhs|
|HDFC Bank||10.50% - 21%||Up to 2.50%||Rs. 40 Lakhs|
|Bajaj Finserv||13% onwards||Up to 4% + GST||Rs. 25 Lakhs|
|IDFC FIRST Bank||10.49% onwards||Up to 3.5%||Rs. 40 Lakhs|
|Tata Capital||10.99% onwards||Up to 2.75% + GST||Rs. 25 Lakhs|
|Yes Bank||10.99% onwards||Up to 2.50% + GST||Rs. 40 Lakhs|
|Axis Bank||10.49% - 24%||Up to 2% + GST||Rs. 15 Lakhs|
The documents mentioned below need to be submitted for personal loan for salaried employee. The documentation requirement may vary from lender to lender, but is mostly the same for most lenders.
When availing a private loan for salaried, low salary can be a serious concern for salaried individuals as it is a key factor in determining their eligibility. Applicants having a low salary might feel that they are not eligible for a personal loan with any lending institution. However, this is not entirely true. Some banks and other financial institutions offer personal loans to salaried individuals with a monthly income of as low as Rs. 10,000. However, the loan amount to be sanctioned, the rate of interest, and the repayment tenure will be in line with the salary of these individuals. Also, the loan features will also vary from one borrower to another, depending on their job profile and income, and the lending institution with which the applicant applies for a private finance for salaried.
Now get Navi personal loan of Rs. 10,000 to Rs. 20 Lakhs at lowest interest rate starting from just 9.99% per annum. Repay in easy instalments of 3 to 72 months. The processing fee ranges from 2.5% to 6% of the sanctioned limit + GST.
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A salaried person can get a personal loan online from MyMoneyMantra or lending cank’s website or offline by visiting the bank. They have to submit the application form along with the required documents to apply for the loan for salaried person. Once the verification is done and the request is approved by the lender, the loan amount is disbursed online directly to the borrower’s bank account.
You must have a good CIBIL score to avail an instant personal loan for salaried with any bank. If you have been a defaulter in your past or do not have a good credit report, you may not be considered eligible for a personal loan. In such cases, you can consider applying for a loan with NBFCs and peer to peer (P2P) lending institutions. However, these alternatives tend to have higher interest rate than banks.