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Personal Loan for Salaried Employees

Highlights

  • Want to see a list of best personal loan deals for salaried employees in India?
  • Read all those deals here, compare them and choose the best one for you

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% - 21.30% 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 CATNTH BandSegmentIRR Processing Fee (Corporate Saving Account)Processing Fee (Non Corporate Saving Account)
All Categories except CAT D, CSA D, GC & NRI (includes ADFC)NTH >=75000Alpha15.50%-15.65%2.25%2.50%
NTH >=50000 to 75000Alpha15.75%-15.90%2.25%2.50%
NTH >=35000 to 50000Alpha15.75%-15.90%2.25%2.50%
NTH >=20000 to 35000Beta17.55%-17.70%2.25%2.50%
NTH <20000Beta17.55%-17.70%2.25%2.50%
CAT D/GCAllClassic21.30%-21.45%2.25%2.50%
CAT E/CAT NEWNTH >=100000Alpha15.75%-15.90%2.50%2.50%
NTH >=50000 -100000Beta17.55%-17.70%2.50%2.50%
NTH <50000Classic21.45%2.50%2.50%
CAT BBGNTH >=75000Alpha15.50%2.25%NA
NTH >=35000 -75000Beta17.00%2.25%NA
NTH <35000Classic21.45%2.25%NA
Defence (CAT GD/GE/GF)*Indian Army, Navy, AirForceAlpha15.75%-15.90%
HDFC Bank Staff/HSL StaffAllAlpha12.25%INR 1,999NA
NRI (Based on Average remittance taken for Eligibility)>=50000Alpha15.75%-15.90%2.25%2.50%
<50000Classic21.30%-21.45%2.25%2.50%

Corporate Offers

IncomeInterest Rate (In Per Annum)Processing Fee
NTH>50K 10.75%-10.90%INR 1,999 - INR 3,999
NTH>35K11.00%-11.10%INR 1,999 - INR 3,999
NTH<35K12.25%-12.35%INR 1,999 - INR 3,999

Government

Government OfferNo. of CorporatesIncomeIRRProcessing Fee (of the loan amount)
Government Employees CAT A (GA) & CAT B (GB)Working with Central and State GovernmentNTH>=50K15.49% (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>=35K15.75% (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>=24K17.25% (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 & Miniratna56NTH>=75K11.49% (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>=50K11.99% (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>=35K13.99% (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 & BSFAll15.75% (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)
PensionerNTH>=35K15.49% (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)
RailwaysAllNTH>=50K14.99% (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>=35K15.49% (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>=25K16.99% (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)
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Focus Industry Offer

Focus Industry Offer No. of CorporatesIncomeIRRProcessing Fee
Pharma38NTH>=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 & Aviation61NTH>=35K14.75% (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

SegmentNet Loan AmountIRRProcessing Fee (of the loan amount)
Golden EdgeLA >=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 EdgeLA >=10-19.99 Lakh11.99% (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% - 18.49%. 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

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

CompanyLoan Amount (IN INR)Interest RateProcessing Fee
ICICI GroupGreater than 15 Lakh10.75%INR 4,999
10 Lakh-15 Lakh10.99%INR 3,999
Less than 10 Lakh11.25%INR 2,999
InfosysGreater than 15 Lakh10.75%INR 4,999
Less than 15 Lakh10.99%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 9.60% - 13.60%. 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 TypeInterest 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 Holders9.60%-11.10%
Other Than SBI Salary Account Holders9.85%-11.35%
Non-permanent Employees11.50%-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 10.75% - 17.99%. 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 TypeTenureCriteriaSuper CAT ACAT ACAT BCAT C/Govt EmpCAT D
Fresh Loan CasesUpto 36 monthsNTH > 7500010.75%11.15%12.49%11.75%16.25%
NTH : 50000-7500010.75%11.49%13.49%13.25%16.99%
NTH : 35000-5000011.15%12.15%14.49%14.25%17.49%
NTH Less than 3500012.25%13.49%15.49%15.25%17.75%
Optimus PrimeUpto 36 monthsLoan Amount Less Than 20L10.75%10.75%10.75%10.75%10.75%
10 Lakhs - 19.99 Lakh10.99%10.99%11.49%11.29%11.99%
Processing Fee GridTenureSuper CAT ACAT ACAT BCAT C/Govt EmpCAT D
Fresh Loan CasesUpto 36 months1.49%1.49%1.99%1.99%2.25%
Loan cases exceeding INR 10 Lakh0.99%0.99%1.25%1.25%1.49%
Product TypeTenureCriteriaKotak Group EmployeeSuper CAT ACAT ACAT BCAT C/Govt EmpCAT D
Fresh Loan CasesMore Than 36 monthsNTH > 7500010.75%10.85%11.25%13.15%11.99%16.49%
NTH : 50000-7500010.75%10.99%11.75%14.25%13.39%17.25%
NTH : 35000-5000011.15%11.49%12.25%15.25%14.75%17.75%
NTH Less than 3500012.25%12.49%13.75%16.25%15.75%17.99%
Optimus PrimeMore Than 36 monthsLoan Amount Less Than 20L10.75%10.75%10.75%10.75%10.75%10.75%
10 Lakhs - 19.99 Lakh10.99%10.99%10.99%11.49%11.29%11.99%
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Processing Fee GridTenureKotak Group EmployeeSuper CAT ACAT ACAT BCAT C/Govt EmpCAT D
Fresh Loan CasesMore Than 36 monthsINR 9991.49%1.49%1.99%1.99%2.25%
Loan cases exceeding INR 10 LakhINR 9990.99%0.99%1.25%1.25%1.49%
Super CAT A Company list
1ACCENTURE
2CAPGEMINI
3COGNIZANT
4HCL TECHNOLOGIES LTD
5IBM
6Infosys Ltd
7ORACLE INDIA
8TATA CONSULTANCY SERVICES
9TECH MAHINDRA LTD
10MIND TREE
11WIPRO 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 10.45% Onwards. 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 10.99% - 22.00% 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 CategoryRack Rate - Simple Personal Loan (In Per Annum)Rack Rate - Smart Personal Loan (In Per Annum)
Top 1414%15%
Top 20015%16%

Prime Locations

Company CategoryInterest Rate - Simple Personal Loan (In Per Annum)Interest Rate - Smart Personal Loan (In Per Annum)
Rest of SA/A16%17%
B17%19%
C/D18%20%

Growth Locations

Company CategoryInterest Rate - Simple Personal Loan (In Per Annum)Interest Rate - Smart Personal Loan (In Per Annum)
Rest of SA/A18%19%
B19%20%
C/D20%22%

Personal Loan Rates for Salaried Working in Proprietorship and Partnership Firms

Proprietorship/Partnership - CATDInterest Rate - Simple Personal Loan (In Per Annum)Interest Rate - Smart Personal Loan (In Per Annum)
Prime32%34%
Growth34%36%

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  • Personal Loan Interest Rates October 2020
    Fullerton India14.00% - 33.00%
    HDFC Bank10.75% - 21.45%
    ICICI Bank10.75% - 18.49%
    IndusInd Bank11.25%
    Kotak Bank10.99% - 20.99%
    RBL17.50% - 24.00%
    Standard Chartered Bank11.00% - 15.00%
    Tata Capital10.99% - 18.00%