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Personal Loans For Salaried Employees
Many top lenders in the country offer personal loans for the salaried employees as they have a steady source of income. Salaried applicants working with government or PSU entities are highly preferred. This is due to their high job security. Then follow the private sector employees working with top corporates and MNCs. Many lenders also offer preferential interest rates to those working with government or PSUs and top corporates/MNCs.If you are a salaried employee, apply for a personal loan on CreditMantri. We offer a hassle-free and simple application process. From a pool of lenders, you can choose the one which suits your needs the best.
About Personal Loans For Salaried Employees
- Personal Loans For Salaried Employees Features
- Top Lenders For Personal Loans For Salaried Employees
- Eligibility Criteria For Personal Loans For Salaried Employees
- Documents For Personal Loans For Salaried Employees
- How To Apply For Personal Loans For Salaried Employees
- Conclusion
- FAQs of Personal Loans For Salaried Employees
Personal Loans For Salaried Employees Features
- Multipurpose Loan: Personal loans for salaried can be used for all your financial requirements such as holiday expenses, medical expenses, purchasing expensive gadgets, marriage expenditures, debt consolidation, education, etc.
- Collateral not required: Personal loans for salaried do not require collateral or guarantor.
- Minimal Paperwork: You can get high loan amounts with minimal paperwork. Get the benefits of a hassle-free and instant loan approval process.
- Flexible Tenure: Flexible repayment tenure in easy monthly instalments.
- No End Usage Restriction: Personal loans for salaried do not have any end usage restriction.
- Pre-approved instant personal loan offers: Several lenders also offer pre-approved instant personal loans to select customers based on their credit score, monthly income, age, banking history, and other aspects of the credit profile.
- Processing Fee Waivers: Some lenders usually offer processing fee waivers during festive seasons.
Top Lenders For Personal Loans For Salaried Employees
Name of the bank | Interest Rate p.a. | Loan Amount | Loan Tenure | Processing Fee |
|---|---|---|---|---|
Starting from 10.50% | Upto 40 Lakhs | 1 to 5 years | Upto 2.50% | |
Starting from 10.49% onwards | Upto 40 Lakhs | Upto 5 years | Upto 2% of loan amount + GST | |
Starting from 10.49% onwards | Upto 50 Lakhs | Upto 6 years | Upto 2% on loan amount | |
9.60% onwards | Upto Rs. 20 Lakhs | Upto 6 years | 8.85% | |
Canara Bank | 12.05% | At the discretion of the lender | 3 months to 18 months | 0.5% to 1% of loan amount |
Punjab National Bank | 8.95% p.a. to 14.5 p.a. | Upto Rs. 10 Lakhs | 7 years | Upto 1% of the loan amount |
Eligibility Criteria For Personal Loans For Salaried Employees
Listed below is a set of common eligibility criteria
Criteria | Notes |
|---|---|
Age | 21 at the time of applying for the loan and 60 years at the time of loan maturity. |
Nationality | Indian |
Profession | Employees working in a private limited company or public sector undertakings |
Work Experience | At least 1 year |
Minimum monthly income | At least Rs. 15,000 |
Credit Score | A credit score of 750 and above will help you get personal loan approval easily and at lower interest rates. |
Note: The eligibility criteria may vary across lenders.
Documents For Personal Loans For Salaried Employees
- Application form duly filled and signed
- Know your customer documents (KYC) documents - Passport, Aadhaar, driving license, PAN card, Voter’s ID, etc.
- Form 16
- Income tax returns
- Loan agreement duly signed
- Latest salary slips
- Standing instruction request/ECS Forms
Note: The list given below specifies only the general set of documents. Documents may vary across lenders.
How To Apply For Personal Loans For Salaried Employees
Salaried employees can apply for a personal loan through a third-party financial services website like CreditMantri, via the lender’s website, or by directly visiting the lender’s office.
Application Process Through CreditMantri
1. Visit CreditMantri Personal loan for more information2. Choose the lender with whom you want to apply for the loan
3. Click on “Check Eligibility”
4. Enter basic details like email ID, mobile number, full name as per PAN, loan amount requested, date of birth, residence pin code, residence city, gender, and marital status.
5. Click on “Next”
6. Proceed with the rest of the steps to finish the application process.
Application Process Through The Lender’s Website
1. Go to the lender’s website2. Key in certain data to check your eligibility
3. Proceed to fill out the online application form and submit it
4. A representative from the bank or financial institution may contact you
5. Proceed as per their instructions and apply for the loan
Offline Application
Salaried employees can apply for a personal loan by visiting the bank’s branch, through SMS, via ATM kiosks, or by contacting customer care.Conclusion
Personal loans can fulfill all your immediate financial needs like travel, medical, home renovation, etc. Apply for a personal loan on CreditMantri, get quick approval, and fast disbursal of the loan amount.
FAQs of Personal Loans For Salaried Employees
1. What charges should be paid when you apply for a personal loan for salaried employees?
You may be required to pay additional charges on your personal loan based on the situation. These include bounce charges (when there is a bounced cheque or missed EMI), processing fees, prepayment of foreclosure charges, and others.
2. What are the 4 factors that affect your personal loan interest rate?
4 factors that affect your personal loan interest rate are monthly income, credit score, existing debt, and relationship with the lender.
3. What is the tenure for a personal loan for salaried employees?
The tenure for a personal loan for salaried employees varies across lenders. Eligibility criteria such as income and repayment capacity are taken into consideration while deciding the tenure of the loan.
4. Who is not eligible for a personal loan?
The factors that affect your personal loan eligibility are monthly or annual income, age, current debt-to-income ratio (existing debt scenario), credit rating, or credit history.
5. What are the typical reasons for personal loan rejection?
Some common reasons are low credit scores, low income, job instability, too many pending loans, inaccurate details in the application, and not fulfilling the eligibility criteria.
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