- Do you know you must work for a minimum period to get a personal loan from the lender?
- Yes, it’s true! Check out this post that tells the minimum work experience sought by different lenders
You can borrow a loan from a lender if you meet requirements with regards to age, income, etc. But, in all this, you might ignore one important factor which is the work experience. Yes, the personal loan might get rejected if you don’t have the required work experience as stipulated by the lender. As a borrower, you must have worked for at least 1 to 3 years. Plus, your stay in the current company has to be a minimum of 1 year or any other as specified by the lender. Read this post to know about the work experience sought by different lenders when it comes to sanctioning a personal loan.
State Bank of India
To get a personal loan from SBI, you should be an earning individual and must have 2 years of work experience in the current organization. Any applicant who is working in a central, state government, educational institution, selected corporate can get a personal loan. Look at the table below to know about the SBI personal loan details.
|Maximum Loan Amount||INR 20,00,000|
|Minimum Income||INR 15,000|
|Interest Rate||9.60% - 13.60% Per Annum|
|Processing Fee||1.50% of the Loan Amount Plus Applicable GST|
|Foreclosure Fee||3.00% of the Outstanding Balance Plus Applicable GST|
|Tenure||6 to 72 months|
To borrow a personal loan from HDFC Bank, you should be an earning individual and have a minimum work experience of 2 years with 1 year of experience in the current company. Working individuals of selected private companies, central government, PSUs, can apply for the loan. Your age should be between 21 to 60 years to borrow funds from the bank. Plus, the minimum monthly income of INR 25,000 will be required if you are an HDFC customer else the required salary would be INR 50,000 per month. See the table below to know about HDFC personal loan details.
|Maximum Loan Amount||No maximum limit, it will depend on your income, repayment potential and credit score|
|Interest Rate||11.00% - 21.00% per annum|
|Processing Fee||Up to 2.50% of the Loan Amount Plus Applicable GST|
|Prepayment Charges||2%-4% of the balance amount Plus Applicable GST|
|Amortization schedule fee||INR 200 + GST|
You can get a personal loan from ICICI Bank for up to INR 20,00,000. Both the salaried and self-employed can apply for the loan. The age of the applicant should be 21 to 58 years to apply for the loan. The minimum experience should be 2 years where the 1-year experience should be with the current employer. And, if you are self-employed, your business stability should be 5 years or more to get a personal loan from ICICI. Look at the table below and know about the ICICI personal loan details.
|Maximum Loan Amount||INR 40,00,000|
|Interest Rate||10.50% - 18.00% per annum|
|Processing Fee||2.25% of the Loan Amount Plus Applicable GST|
|Prepayment Charges||5% of the Balance Amount Plus Applicable GST|
Kotak Mahindra Bank
To apply for a personal loan in Kotak Mahindra Bank, your age should be between 21 to 58 years and have a minimum experience of 12 months if you are working in an MNC, public or private limited company. And the applicant should have been the resident of the current residing city for 1 year to get quick approval on his/her personal loan application. See the table below to know the details of Kotak Personal Loan.
|Maximum Loan Amount||INR 20,00,000|
|Interest Rate||10.25% Onwards per annum|
|Net Monthly Income||20,000|
|Processing Fee||0.99%-2.50% of the Loan Amount|
Individuals working in a public, private, Public Sector Undertaking (PSU), Central government and local bodies with a work experience of 2 years can apply for the Axis bank personal loan. With a net income of INR 15,000 per month, you can borrow the desired loan and meet your financial needs like medical aid, higher education, wedding, vacation to foreign countries, etc. Look at the table below to know about Axis Bank Personal Loan.
|Maximum Loan Amount||INR 15,00,000|
|Interest Rate||10.50% - 25.00% per annum|
|Processing fee||1.50%-2.00% of the Loan Amount Plus Applicable GST|
To get a personal loan from IndusInd Bank, your age should be above 21 years and less than or equal to 60 years. Applicants with a minimum working experience of 2 years and a minimum monthly income of INR 25,000 can apply for the loan. Employees working in government & private entities, PSUs, MNCs can get a personal loan from IndusInd Bank. Check out the table below to know its loan details.
|Maximum Loan Amount||Upto 15,00,0000|
|Interest Rate||13.99% Onwards per annum|
|Tenure||12 to 60 months|
|Processing Fee||1.00%-3.00%% of the Loan Amount Plus Applicable GST|
|Prepayment Fee||4% of the Loan Balance Plus Applicable GST|
What If My Work Experience is Below 1 year?
If you have just joined your job or have been working for less than a year, it will be hard for you to get the loan. But, it might be possible if your employer is a reputed one and offers great stability to its employees. By taking that information, the lender can rely on you and may sanction your loan even if your work experience is not up to the desired level. An existing relationship, if any, with the lender, can also help get you a personal loan in such a situation. Another option would be to get a loan against securities such as fixed deposits, mutual funds, bonds, etc. This won’t come under the category of a personal loan though. It will be called a secured loan.