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Personal Loan for Salaried Employees

Personal Loan for Salaried Employees

Last Updated : Sept. 23, 2022, 3:38 p.m.

Nothing could stop you from achieving your dreams if you plan your actions correctly. The same goes for salaried employees who may want a glorious wedding of theirs or would like to visit some gorgeous destinations across the globe. Similarly, they could need funds to renovate their homes or to fulfill any other purpose. The wish list is endless…But lack of adequate savings could become a stumbling block for them.

At that time, you should not worry. Instead, look for personal loan offers, compare them and choose the best one for you. Many banks and non-banking financial institutions (NBFCs) provide a personal loan to salaried and help them fulfill their purpose. We can help you in choosing the best one by providing information about various personal loans for salaried employees in this post. Keep reading!

Apply Personal Loan @ 10.75%* Rate

Which Lender Offers the Best Personal Loan to Salaried Employees?

It’s pretty hard to say which lender is the best given the intense competition that exists among the banks and NBFCs. Some could be good on interest rates, some could offer higher loan amounts and some may have lenient eligibility criteria. You need to see which lender fits you better.

HDFC Personal Loan for Salaried Employees

HDFC personal loans for salaried employees is available to all those working in top corporates, as well as people working in various sectors of the economy. It offers a personal loan at interest rates ranging from 10.75% - 14.50% and for a maximum of 5 years. The bank charges a processing fee at 0.99%-2.50% of the loan amount. It charges a minimum fee of INR 1,999. Check out below HDFC personal loans for salaried employees in detail.

Personal Loan Rack Rates

CO CAT/Product CAT NTH Band Segment IRR Processing Fee (Corporate Saving Account) Processing Fee (Non Corporate Saving Account)
All Categories except CAT D, CSA D, GC & NRI (includes ADFC) NTH >=75000 Alpha 15.50%-15.65% 2.25% 2.50%
NTH >=50000 to 75000 Alpha 15.75%-15.90% 2.25% 2.50%
NTH >=35000 to 50000 Alpha 15.75%-15.90% 2.25% 2.50%
NTH >=20000 to 35000 Beta 17.55%-17.70% 2.25% 2.50%
NTH <20000 Beta 17.55%-17.70% 2.25% 2.50%
CAT D/GC All Classic 21.30%-21.45% 2.25% 2.50%
CAT E/CAT NEW NTH >=100000 Alpha 15.75%-15.90% 2.50% 2.50%
NTH >=50000 -100000 Beta 17.55%-17.70% 2.50% 2.50%
NTH <50000 Classic 21.45% 2.50% 2.50%
CAT BBG NTH >=75000 Alpha 15.50% 2.25% NA
NTH >=35000 -75000 Beta 17.00% 2.25% NA
NTH <35000 Classic 21.45% 2.25% NA
Defence (CAT GD/GE/GF)* Indian Army, Navy, AirForce Alpha 15.75%-15.90% 0 0
HDFC Bank Staff/HSL Staff All Alpha 12.25% INR 1,999 NA
NRI (Based on Average remittance taken for Eligibility) >=50000 Alpha 15.75%-15.90% 2.25% 2.50%
<50000 Classic 21.30%-21.45% 2.25% 2.50%

Corporate Offers

Income Interest Rate (In Per Annum) Processing Fee
NTH>50K 10.75%-10.90% INR 1,999 - INR 3,999
NTH>35K 11.00%-11.10% INR 1,999 - INR 3,999
NTH<35K 12.25%-12.35% INR 1,999 - INR 3,999

Government

Government Offer No. of Corporates Income IRR Processing Fee (of the loan amount)
Government Employees CAT A (GA) & CAT B (GB) Working with Central and State Government NTH>=50K 15.49% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C) 1.75%
15.65% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)
NTH>=35K 15.75% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C) 2.00%
15.90% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)
NTH>=24K 17.25% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C) 2.00%
17.35% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)
Maharatna, Navratna & Miniratna 56 NTH>=75K 11.49% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C) 1.50%
11.55% (Non- corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Limited Liability A/C)
NTH>=50K 11.99% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C) 1.50%
12.15% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)
NTH>=35K 13.99% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C) 1.50%
14.15% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)
CRPF, CISF, SSB, ITBP & BSF All 15.75% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C) 1.50%
15.90% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)
Pensioner NTH>=35K 15.49% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C) 1.50%
15.90% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)
Railways All NTH>=50K 14.99% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C) 1.50%
15.15% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)
NTH>=35K 15.49% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C) 1.50%
15.65% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)
NTH>=25K 16.99% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C) 1.50%
17.25% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)

Focus Industry Offer

Focus Industry Offer No. of Corporates Income IRR Processing Fee
Pharma 38 NTH>=35K
14.75% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C) 1.50%
14.85% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)
Automobile & Aviation 61 NTH>=35K 14.75% (Corporate Salary Account Holders i.e. HDFC Bank Salary A/C) 1.50%
14.85% (Non-corporate Salary Account Holders i.e. HDFC Bank Saving A/C or Non-liability A/C)

Focus Cust Segment

Segment Net Loan Amount IRR Processing Fee (of the loan amount)
Golden Edge LA >=20 Lakh
11.49% (Corporate Salary Account Holders i.e. HDFC Salary Account) 0.50% (CSA), 0.75% (Non CSA)
11.60% (Non Corporate Salary Account Holders i.e. HDFC Saving A/C or Non Liability A/C)
Golden Edge LA >=10-19.99 Lakh 11.99% (Corporate Salary Account Holders i.e. HDFC Salary Account) 0.50% (CSA), 0.99% (Non CSA)
12.10% (Non Corporate Salary Account Holders i.e. HDFC Saving A/C or Non Liability A/C)

HDFC Personal Loan Eligibility Criteria

HDFC Bank offers personal loans to salaried employees on meeting the following conditions

  • The age of the salaried applicant at the time of loan application should be a minimum of 21 years.
  • The maximum age of the applicant should not be more than 60 years
  • Salaried must have an overall work experience of 2 years, with a maximum of 1 year with the current employer.
  • If you already have a banking relationship with HDFC Bank, you could get a personal loan on earning a minimum salary of INR 25,000. Else, the minimum salary requirement will be INR 50,000.

ICICI Personal Loan for Salaried Employees

ICICI Bank is also a good option for salaried employees who can get attractive personal loan offers from the Mumbai-headquartered private lender. The loan comes at affordable interest rates of 10.75% - 19.00%. Salaried working in top corporates, and sectors such as BFSI and Pharma can get customized personal loan offers from ICICI Bank.

ICICI Personal Loan Interest Rates & Processing Fee for Salaried Employees Working in Top Corporates

Loan Amount (In INR) Rate of Interest (In Per Annum) Processing Fee
Upto 9.99 Lakh 11.25% INR 4,999 or 0.99% of the loan amount, whichever is lower, subject to a minimum of INR 1,999*
10 Lakh-14.99 Lakh 10.99% INR 4,999*
15 Lakh Onwards 10.75% INR 4,999*

Top corporates include Tata Consultancy Services, Cognizant Technology Services Private Limited, Accenture Solutions Private Limited, IBM India Private Limited, Capgemini, HCL Technologies Limited, among many others.

Personal Loan Rates for Employees of ICICI Group and Infosys

Company Loan Amount (IN INR) Interest Rate Processing Fee
ICICI Group Greater than 15 Lakh 10.75% INR 4,999
10 Lakh-15 Lakh 10.99% INR 3,999
Less than 10 Lakh 11.25% INR 2,999
Infosys Greater than 15 Lakh 10.75% INR 4,999
Less than 15 Lakh 10.99% 0.99% of the loan amount

ICICI Personal Loan Eligibility Criteria for Salaried Employees

ICICI Bank personal loans for salaried employees are available on meeting the following conditions.

  • The age of the applicant should be a minimum of 23 years at the time of loan application. The maximum age should not be more than 58 years.
  • The minimum net monthly income of the applicant should be INR 17,500-25,000.
  • You will need a minimum work experience of 2 years with at least 1 year with the current employer

SBI Personal Loan for Salaried Employees

The country’s largest lender State Bank of India (SBI) offers personal loans to defence personnel, salaried employees having their salary account with it or somewhere else. It offers a personal loan upto INR 20 lakh and for a maximum of 6 years. SBI personal loan interest rates range from 11.00% - 14.00%. But what interest you will get depends on the segment you are in. The rate of SBI Personal loans for salaried employees can be seen below.

Employee Type Interest Rate (In Per Annum)
Defence/Paramilitary/Indian Coast (Salary Package Applicants) 10.60%-11.10%
Defence/Paramilitary/Indian Coast (Other Than Salary Package Applicants) 10.60%-12.60%
SBI Salary Account Holders 9.60%-11.10%
Other Than SBI Salary Account Holders 9.85%-11.35%
Non-permanent Employees 11.50%-13.60%

Who is Eligible for SBI Personal Loan?

SBI disburses personal loans to salaried employees if they meet the following conditions.

  • You should be at least 21 years when applying for an SBI personal loan. The maximum age of the applicant should not exceed 58 years.
  • The minimum monthly income required amounts to INR 15,000.
  • The minimum work experience required is 2 years, with at least a year with the current organization.

Kotak Personal Loan for Salaried Employees

Kotak Mahindra Bank Personal Loans for Salaried Employees are available at interest rates ranging from 10.99% Onwards. How much processing fee do you need to pay? Well, it ranges from 0.99%-2.25% of the loan amount plus GST. The interest rate and processing fee are shown above in range. They can vary based on the type of company you work with, the income you earn and the loan amount you take. You can check all these in detail below.

Product Type Tenure Criteria Super CAT A CAT A CAT B CAT C/Govt Emp CAT D
Fresh Loan Cases Upto 36 months NTH > 75000 10.75% 11.15% 12.49% 11.75% 16.25%
NTH : 50000-75000 10.75% 11.49% 13.49% 13.25% 16.99%
NTH : 35000-50000 11.15% 12.15% 14.49% 14.25% 17.49%
NTH Less than 35000 12.25% 13.49% 15.49% 15.25% 17.75%
Optimus Prime Upto 36 months Loan Amount Less Than 20L 10.75% 10.75% 10.75% 10.75% 10.75%
10 Lakhs - 19.99 Lakh 10.99% 10.99% 11.49% 11.29% 11.99%

Processing Fee Grid Tenure Super CAT A CAT A CAT B CAT C/Govt Emp CAT D
Fresh Loan Cases Upto 36 months 1.49% 1.49% 1.99% 1.99% 2.25%
Loan cases exceeding INR 10 Lakh 0.99% 0.99% 1.25% 1.25% 1.49%

Product Type Tenure Criteria Kotak Group Employee Super CAT A CAT A CAT B CAT C/Govt Emp CAT D
Fresh Loan Cases More Than 36 months NTH > 75000 10.75% 10.85% 11.25% 13.15% 11.99% 16.49%
NTH : 50000-75000 10.75% 10.99% 11.75% 14.25% 13.39% 17.25%
NTH : 35000-50000 11.15% 11.49% 12.25% 15.25% 14.75% 17.75%
NTH Less than 35000 12.25% 12.49% 13.75% 16.25% 15.75% 17.99%
Optimus Prime More Than 36 months Loan Amount Less Than 20L 10.75% 10.75% 10.75% 10.75% 10.75% 10.75%
10 Lakhs - 19.99 Lakh 10.99% 10.99% 10.99% 11.49% 11.29% 11.99%

Processing Fee Grid Tenure Kotak Group Employee Super CAT A CAT A CAT B CAT C/Govt Emp CAT D
Fresh Loan Cases More Than 36 months INR 999 1.49% 1.49% 1.99% 1.99% 2.25%
Loan cases exceeding INR 10 Lakh INR 999 0.99% 0.99% 1.25% 1.25% 1.49%

Super CAT A Company list
1 ACCENTURE
2 CAPGEMINI
3 COGNIZANT
4 HCL TECHNOLOGIES LTD
5 IBM
6 Infosys Ltd
7 ORACLE INDIA
8 TATA CONSULTANCY SERVICES
9 TECH MAHINDRA LTD
10 MIND TREE
11 WIPRO LTD

Kotak Personal Loan Eligibility Criteria

  • The minimum age of the salaried applicant should be 21 years. On the other hand, the maximum age should not be more than 58 years.
  • The minimum net monthly income required is INR 40,000
  • The bank offers personal loans to employees having a minimum work experience of 6 months
  • One must hold a graduate degree to get a personal loan

YES BANK Personal Loan for Salaried Employees

YES BANK, like its private peers, is also a dominant force in the personal loan segment. The reason being its attractive interest rates, less processing fee and lenient eligibility criteria. YES BANK personal loan interest rates are 11.05% - 20.25%. You can get a maximum loan of INR 20 lakh for as long as 5 years. The processing fee accounts for upto 2.50% of the loan amount, subject to a minimum of INR 999 plus taxes.

Who Can Apply for YES BANK Personal Loan?

  • YES BANK offers personal loans to all those working in public and private entities
  • Your age should be between 23 and 60 years
  • The minimum net monthly income of the applicant should be INR 25,000
  • You must have a minimum total work experience of 2 years with at least 6 months with the current employer

IDFC First Bank Personal Loan for Salaried Employees

IDFC First Bank offers a personal loan to salaried employees having a minimum and maximum age of 23 years and 58 years, respectively. But the point where IDFC First Bank beats its competitors is its personal loan offers for salaried employees working in sole proprietorship and partnership firms. Other lenders don’t show interest in lending these individuals. So, if you are working in these firms and want a personal loan from IDFC First Bank , you should have a minimum income of INR 25,000, have job stability of at least 2 years and have your own home.

IDFC Personal Loan Interest Rates range from 10.50% - 25% and vary based on the type of company you work with, the place where you stay, etc. You can check the rates in detail below.

Company Category Rack Rate - Simple Personal Loan (In Per Annum) Rack Rate - Smart Personal Loan (In Per Annum)
Top 14 14% 15%
Top 200 15% 16%

Prime Locations

Company Category Interest Rate - Simple Personal Loan (In Per Annum) Interest Rate - Smart Personal Loan (In Per Annum)
Rest of SA/A 16% 17%
B 17% 19%
C/D 18% 20%

Growth Locations

Company Category Interest Rate - Simple Personal Loan (In Per Annum) Interest Rate - Smart Personal Loan (In Per Annum)
Rest of SA/A 18% 19%
B 19% 20%
C/D 20% 22%

Personal Loan Rates for Salaried Working in Proprietorship and Partnership Firms

Proprietorship/Partnership - CATD Interest Rate - Simple Personal Loan (In Per Annum) Interest Rate - Smart Personal Loan (In Per Annum)
Prime 32% 34%
Growth 34% 36%

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