Certain banks such as HDFC Bank, ICICI Bank, Kotak Mahindra Bank, and Axis Bank offer personal loans to salaried individuals working in public as well as private limited companies. However, there is a good chance the interest rate charged by these companies are comparatively higher for the employees of private limited companies or non listed companies than it is for public companies. In such cases, you can visit an NBFC that offers personal loan at lower interest rates for employees of non listed companies.
Public sector banks may deny loans to employees working in non-listed companies. However, some banks such as HDFC and ICICI have come up with loan products designed specifically for such applicants. But it is to be noted that there are certain terms and conditions applicable to personal loan offers for employees of non-listed companies, which may include higher interest rates, a lesser loan amount, or a shorter loan tenure.
The best way to avail a loan if your company is not listed with banks is by approaching NBFCs for the same. The loan amount offered by banks is comparatively less and it is subject to certain conditions.
NBFCs, on the other hand, evaluate the repayment capacity based on your monthly income and also your relationship with the firm. NBFCs, too, have their set of rules to determine the eligibility criteria, which includes background verification, credit history, and length of employment in the present company.
Your loan eligibility also depends on your place of residence, monthly salary, number of years of job experience, etc. For example, if you live in a Tier 1 city and earn the same income as that of someone living in a Tier 3 city, then your loan amount is likely to be lesser than the amount offered to him. Generally, NBFCs verify your career track record and job stability, if not necessarily the employing organization.
Given below are the details of personal loan products from leading NBFCs like Bajaj Finserv and Fullerton India:
Bajaj Finserv offers loans up to Rs.25 lakh to eligible individuals. The loan tenure options range from 12 months to 60 months. No collateral is required, and the loan is disbursed in about 24 hours.
|Name of the city/cities||Minimum salary (per month)|
|Bangalore, Chennai, Mumbai, Delhi, Hyderabad, Ghaziabad, Pune, Noida, Thane||Rs.35,000 p.m.|
|Kolkata, Ahmedabad||Rs.30,000 p.m.|
|Chandigarh, Cochin, Jaipur, Surat, and Nagpur||Rs.28,000 p.m|
|Goa, Baroda, Lucknow, Indore, Vizag, Bhubaneshwar, Nasik, Madurai, Aurangabad, Mysore, Jamnagar, Bhopal, Kolhapur, Trichy, Raipur, Trivandrum, Vijayawada, Vapi, Jodhpur, Rajkot, Calicut||Rs.25,000 p.m|
Fullerton offers personal loans up to Rs.20 lakh for salaried employees and up to Rs.30 lakh to self-employed individuals. It provides flexibility in terms of the loan tenure ranging from 12 months to 48 months. The NBFC provides an advantage of quick disbursal of the loan amount and hassle-free documentation.
|Age||21 years to 58 years|
|Minimum Income||Rs.12,500 and above|
|Years in employment||3 years|
|Years in current residence||1 year|
Credit score is a financial tool that determines your creditworthiness. According to a survey, more than 80% of loans are approved for individuals who maintain a steady score of above 750. To achieve a healthy credit score, you must have an understanding of its core areas. Banks and NBFCs depend on the credit report to gauge the potential risks associated with each and every loan they offer. Therefore, it is advisable that you maintain a decent credit report in case you are employed in small to medium range companies.
For more insights on personal loans for employees of non-listed firms, visit the concerned NBFC and ask for offers and discounts. Just because you are employed in a non-listed firm does not imply that you should opt for any of the easily available loans. Always keep in mind that personal loan negotiations are based on your monthly income and the credibility of information you provide at the time of application. Also, make sure that you do a comparative study of the available financing options before approaching the lender.
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