Personal Loan For Salaried Employee

Banks and NBFCs prefer lending personal loans to salaried applicants due to their higher income certainty. Salaried applicants working with government or PSU entities are the most preferred due to their higher job security. They are followed by private sector employees working with top corporates and MNCs. Many lenders also offer preferential interest rates to those working with government/PSUs and top corporates/MNC.

Features of Personal Loans Offered to Salaried Employees

• Salaried individuals are offered instant personal loans at 9.99% onwards.
• The maximum loan amount is Rs 50 lakh.
• The loan tenure is generally up to 5 years. Some lenders might offer loans for up to 7 years also.
• There is no end usage restriction on personal loans for salaried, except for speculation.
• The processing fee is usually up to 4%. Some banks/NBFCs also offer processing fee waivers during special festive offers.
• Many lenders also offer pre-approved instant personal loans to select customers based on their monthly income, age, banking history and other aspects of their credit profile.

Eligibility Criteria for Salaried Employees Availing Personal Loan

• Age: 21 years (at the time of loan application) and 60 years or retirement age (at the time of loan maturity)
• Nationality: Indian resident
• Profession: Employees working in private limited company or public sector undertakings with an experience of at least 1 year
• Minimum Monthly Income: At least Rs 15,000
• Credit Score: 700 and above can increase the possibility of availing personal loan for salaried and at lower interest rates