Personal Loan for Salaried

Below is the table for key details of personal loan for salaried employees by top lenders in India:

• Interest Rates: 11.25% to 13.90% p.a.
• Loan Amount: Up to Rs. 3 Lakhs
• Repayment Tenure: 1 to 5 years
• Processing Fee: 0.50% of the loan amount + GST 
• Prepayment Charges: Nil

• Interest Rates: 9.60% to 15.65% p.a.
• Loan Amount: Rs. 24,000 to Rs. 20 Lakhs
• Repayment Tenure: 1 to 6 years
• Processing Fee: Waived of till 31st January 2022
• Prepayment Charges: 3% of principal outstanding

• Interest Rates: 10.50% to 19% p.a.
• Loan Amount: Rs. 50,000 to Rs. 25 Lakhs
• Repayment Tenure: 1 to 6 years
• Processing Fee: Up to 2.50% of loan amount + GST
• Prepayment Charges: 5% on principal outstanding + GST

• Interest Rates: 10.50% to 21% p.a.
• Loan Amount: Rs. 50,000 to Rs. 40 Lakhs
• Repayment Tenure: 1 to 5 years
• Processing Fee: Up to 3.5% of loan amount
• Prepayment Charges: 2% to 4% of principal outstanding

• Interest Rates: 13% p.a. onwards
• Loan Amount: Up to Rs. 25 Lakhs
• Repayment Tenure: 1 to 5 years
• Processing Fee: Up to 4% of the loan amount + taxes
• Prepayment Charges: 4% of principal outstanding + taxes

• Interest Rates: 10.49% p.a. onwards
• Loan Amount: Up to Rs. 40 Lakhs
• Repayment Tenure: 1 to 5 years
• Processing Fee: Up to 3.5% of the loan amount 
• Prepayment Charges: 5% of principal outstanding 

• Interest Rates: 10.99% onwards
• Loan Amount: Rs. 75,000 to Rs. 25 Lakhs
• Repayment Tenure: 1 to 6 years
• Processing Fee: Up to 2.75% of the loan amount + GST
• Prepayment Charges: 4.5% of principal outstanding + GST

• Interest Rates: 10.99% p.a. onwards
• Loan Amount: Rs. 1 Lakh to Rs. 40 Lakhs
• Repayment Tenure: 1 to 5 years
• Processing Fee: Up to 2.50% of the loan amount + taxes
• Prepayment Charges: Up to 4% of principal outstanding

• Interest Rates: 1.49% to 24% p.a.
• Loan Amount: Rs. 50,000 to Rs. 15 Lakhs
• Repayment Tenure: 1 to 5 years
• Processing Fee: 1.5% to 2% of the loan amount + GST
• Prepayment Charges: 2% to 5% of principal outstanding

• Loans against salary can be used by salaried individuals for travel, debt consolidation, medical emergencies, education, weddings, gadget or appliance purchases, and other legitimate purposes.
• Lenders consider the applicant’s monthly income and employer when determining their eligibility.
• These loans do not require any security or collateral.
• An overdraft facility for salaried individuals is also available under a personal loan.
• Many lenders also offer a balance transfer option on personal loans.
• Salaried employees get personal loans at lower interest rates than self-employed professionals and business owners.
• In regards to the loan amount under a personal loan maximum limit is Rs. 50 Lakhs.
• The rate of interest on these loans is generally fixed and the due is reduced with every installment paid because interest is levied on the principal outstanding. This method of interest calculation is called the reducing rate method.
• These loans typically come with a tenure of 12 months to 60 months.
• These loans do not require too many documents. 
• Many lenders offer instant loans for salaried online through mobile-based apps.
• Existing customers of the lending bank can also avail of a pre-approved facility with zero documents.

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.

• Application form: Duly filled and signed personal loan application form along with the recent passport sized photographs.
• Identity proof: A copy of the passport, aadhar card, voter ID card, or driving license.
• Residence proof: A copy of ration card, recent utility bills (electricity, gas, or telephone bills), rental agreement, or passport. 
• Bank statements: Last 3 months’ bank statements or bank passbook of last 6 months. 
• Salary slips: Latest salary slips or current dated salary certificate along with the latest Form 16.

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.