Personal Loan for Salaried Employees
Last Updated : July 16, 2020, 12:57 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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Personal Loan Rates by Top Banks
- HDFC Personal Loan Interest Rates
- ICICI Personal Loan Interest Rates
- Kotak Personal Loan Interest Rates
- IndusInd Bank Personal Loan Interest Rates
- RBL Bank Personal Loan Interest Rates
- YES BANK Personal Loan Interest Rates
- IDFC First Bank Personal Loan
- Tata Capital Personal Loan
- SMFG India Credit Personal Loan
- Standard Chartered Personal Loan Interest Rates
- SBFC Personal Loan Interest Rates
- SBI Personal Loan Interest Rates
- Axis Bank Personal Loan Interest Rates
Personal Loan Calculator by Top Banks
- HDFC Personal Loan EMI Calculator
- ICICI Personal Loan EMI Calculator
- Kotak Personal Loan EMI Calculator
- IndusInd Bank Personal Loan EMI Calculator
- RBL Bank Personal Loan EMI Calculator
- YES Bank Personal Loan EMI Calculator
- IDFC First Bank Personal Loan EMI Calculator
- Tata Capital Personal Loan EMI Calculator
- SMFG India Credit Personal Loan EMI Calculator
- Standard Chartered Personal Loan EMI Calculator
- SBFC Personal Loan EMI Calculator
- SBI Personal Loan EMI Calculator
- Axis Bank Personal Loan EMI Calculator