Banks and NBFCs like giving personal loans to people who have a regular salary because it provides more certainty about their income. They especially like lending to those who work for the government or PSU (Public Sector Undertakings) because their jobs are considered more secure. After them, private sector employees working for big companies and multinational corporations are also favored. Some lenders even offer better interest rates to those working with the government/PSUs and top private companies/MNCs.
When deciding on interest rates for salaried applicants, lenders also take into account factors like age, monthly income, job position, employer reputation, and credit score. Some lenders extend pre-approved instant personal loans with speedy disbursal to specific customers. Additionally, they may offer a personal loan overdraft facility to applicants.
Up to ₹40L
10.49% - 22%
1-5 Years
Upto 2%
Up to ₹50L
10.65% - 16%
1 - 6 Years
Up to 3%
Up to ₹1Cr
10.75% - 36%
Upto 5 Years
Upto 3%
Up to ₹40L
10.50%
Upto 6 Years
Up to Rs 4,999
Up to ₹10L
10.99% - 36%
Upto 6 Years
Up to 3%
Up to ₹50L
10.49% - 26%
1-5 Years
Upto 3%
Up to ₹25L
11.49% - 17.99%
Upto 5 Years
Up to 3%
Up to ₹50L
30% - 28%
7 Years
Upto 3%
Up to ₹75L
10.99% - 35%
Upto 6 Years
₹51
Up to ₹40L
11% - 25%
Upto 8 Years
Up to 4%
Up to ₹50L
12.99%
Upto 5 Years
Up to 4%
₹5L to ₹10L
1.33%
Upto 5 Years
2% - 8%
Up to ₹4L
2.25%
90-540 Days
Upto 3%
Up to ₹4L
12.25% - 30%
Upto 2 Years
Up to Rs 1,250
Up to ₹2L
12% - 40%
Upto 5 Years
Up to 4%
| Banks/NBFCs | Interest Rates(p.a.) | |
|---|---|---|
| Axis Bank | 10.49% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.49% onwards | Apply Now |
| HDFC Bank | 10.50% onwards | Apply Now |
| ICICI Bank | 10.50% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| Tata Capital | 10.99% onwards | Apply Now |
| Bajaj Finserv | 11.00% onwards | Apply Now |
| Federal Bank | 11.49% onwards | Apply Now |
| DMI Finance | 12.00% - 40.00% | Apply Now |
| L&T Finance | 12.00% onwards | Apply Now |
| Kreditbee | 12.25% - 30.00% | Apply Now |
| MoneyTap | 12.96% onwards | Apply Now |
| Piramal Finance | 12.99% onwards | Apply Now |
| Aditya Birla | 13.00% onwards | Apply Now |
| MoneyView | 15.96% onwards | Apply Now |
| Cashe | 27.00% onwards | Apply Now |
To be eligible for a personal loan as a salaried individual, consider the following criteria:
1. Age: Between 21 years (at the time of applying) and up to 60 years or the retirement age (at the time of loan maturity).
2. Nationality: Indian resident.
3. Profession: Employees working in private limited companies or public sector undertakings with a minimum experience of 1 year.
4. Minimum Monthly Income: A monthly income of at least Rs 15,000.
5. Credit Score: A credit score of 750 and above can enhance the chances of getting a personal loan for salaried individuals at lower interest rates.
It depends on the bank or NBFC. Some may not approve personal loans for people working in companies not on their list. However, there are lenders who might say yes if the applicant has a good credit history. So, it's a good idea for these applicants to check websites like Paisabazaar.com before applying. These sites let you compare personal loan rates and features from different banks and NBFCs. The offers you see are usually based on how eligible you are, your credit history, and your chances of getting approved.
Many lenders give personal loans to people earning at least Rs 15,000 per month. However, getting the loan depends on other things like your credit score, job, and how much of your income goes to paying EMIs. Lenders usually say yes to personal loans if all your EMIs, including the new one, don't take up more than 50-55% of your monthly income.
Individuals with credit scores of 750 and above generally have a better likelihood of getting their personal loans approved. However, certain banks/NBFCs do consider applicants with credit scores below 750. In such cases, these lenders may approve the personal loan but might set higher interest rates for individuals with lower credit scores.
