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  • Personal Loan for Salaried Persons

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  • Most top lenders in the country offer personal loans to salaried individuals as they have a steady source of income. Salaried individuals can avail personal loans up to Rs.40 lakh at interest rates starting from 10.4%. The repayment tenure on these loans ranges between 12 months and 60 months.

    Interest Rates Offered by Top Lenders on Personal Loans for Salaried Individuals

    Name of the Bank Interest Rate (p.a.) Loan Amount
    HDFC Bank 15.50% to 21.50% Rs.50,000 to Rs.40 lakh
    ICICI Bank 11.25% onwards Up to Rs.20 lakh
    Axis Bank 15.75% to 24% Rs.50,000 to Rs.15 lakh
    State Bank of India 10.90% to 15.30% Up to Rs.20 lakh
    Canara Bank 10.90% to 13.90% Up to Rs.3 lakh
    Punjab National Bank 10.4% to 14.95% Up to Rs.10 lakh
    Bajaj FinServ 12.99% onwards Up to Rs.25 lakh
    Yes Bank 10.99% onwards Up to Rs.40 lakh
    Union Bank of India 12.55% onwards Up to Rs.10 lakh
    DCB Bank - Rs.1 lakh to Rs.5 lakh

    HDFC Bank Personal Loan for Salaried Persons – Features

    • The organization you work for and your monthly salary is taken into consideration while offering a loan.
    • There is no need for you to provide security or collateral.
    • Salaried individuals working in government and private organisations are eligible for availing this loan.
    • Balance transfer option from other lenders is available on HDFC Bank personal loan.
    • Option to secure your personal loan with Sarv Suraksha Pro, a credit shield cover and accidental hospitalisation cover.
    Processing Fee Lowest EMI Pre-payment Charges Overdue EMI Interest Cheque Bounce Charges
    Rs.3,999 Rs.2,187 per lakh
    • 13 to 24 months – 4% of principal outstanding
    • 25 to 36 months – 3% of principal outstanding
    • More than 36 months – 2% of principal outstanding
    2% per month on EMI/Principal Overdue Rs.550 per cheque bounce

    ICICI Bank Personal Loan for Salaried Persons – Features

    • There will be no increase in the interest rate throughout your loan tenure.
    • Top-up facility is available after you have made 12 EMI payments.
    • You can choose repayment tenures ranging between 12 months and 60 months.
    • Existing ICICI Bank customers can get the loan amount in their accounts within 3 seconds.
    • Repayment of the loan can be done through auto debit or NACH (National Automated Clearing House) mandate.
    Loan Processing Charges Prepayment Charges Additional Interest on Late Payment Loan Cancellation Charges EMI Bounce Charges
    Up to 2.25% 5% + GST 24% p.a. Rs.3,000 + GST Rs.400 per bounce + GST

    Axis Bank Personal Loan for Salaried Individuals – Features

    • Zero charges on foreclosure and part-prepayment.
    • Offers the facility of balance transfer.
    • Repayment can be made through standing instruction (SI), Electronic Clearing Service (ECS), and post-dated cheques (PDCs).
    • The documentation required to avail the loan is minimal.
    • Existing customers of Axis Bank can enjoy even more attractive interest rates.
    Penal Interest Swap Charges Repayment Instruction/Instrument Return Charges Duplicate NOC Duplicate Statement Issuance Charges
    24% p.a. Rs.500 per instance + GST Rs.500 + GST Rs.500 per instance + GST Rs.250 + GST

    SBI Personal Loan for Salaried Persons – Features

    • Salaried individuals can avail personal loans under 2 categories – Xpress Credit Loan and Xpress Power.
    • The interest is calculated on daily reducing balance.
    • You don’t have to provide a guarantor or security to avail the loan.
    • Offers an option to avail a second loan provided that you make regular EMI payments on your first loan.
    • There are no hidden costs associated with the loan.
    Processing Fee Penal Interest Prepayment Charges Minimum Repayment Period Minimum Loan Amount
    1% of the loan amount plus applicable tax 2% per month over and above the applicable interest rate on overdue amount 3% on prepaid amount 6 months Rs.25,000 for term loans and Rs.5 lakh for overdraft facility

    Canara Bank Personal Loan for Salaried Persons - Features

    • Salaried individuals having a salary account with Canara Bank are eligible to avail this loan.
    • Also known as Canara Budget, the loan can be repaid in a maximum of 60 months.
    • Co-obligation is required to avail this loan.
    • You need to provide the latest salary slip and Form 16/ITR/ITAO for the last 3 years to avail this loan.
    • You should earn a minimum monthly salary of Rs.10,000 to avail this loan.
    Processing Charges Foreclosure Prepayment Loan Tenure Maximum Loan Amount
    Rs.1,000 to Rs.5,000 - - 60 months Rs.3 lakh

    Punjab National Bank Personal Loan for Salaried Persons - Features

    • All employees of government and private companies, doctors, defense personnel, etc., are eligible to avail this loan.
    • You will need to provide a suitable third-party guarantee to avail this loan.
    • The loans are available in the form of term loan and overdraft.
    • You can repay the loan in a maximum of 60 months.
    • There is no penalty charged on loan prepayment.
    Processing Charges Documentation Charges Prepayment Charges Margin Loan Tenure
    1.80% of loan amount Rs.270 to Rs.450 Nil Nil Up to 60 months

    Bajaj FinServ Personal Loan for Salaried Individuals – Features

    • You need not provide any security or collateral to avail this loan.
    • The loans are disbursed within 24 hours after the loan has been approved.
    • You can choose to repay the loan in the range between 12 months and 60 months.
    • You need to submit minimal documents to avail this loan.
    • There are no hidden charges associated with the Bajaj FinServ personal loan.
    Processing Fees Penal Interest Foreclosure Charges Part-prepayment Charges Bounce Charges
    Up to 3.99% 2% of EMI amount per month plus applicable taxes or Rs.200, whichever is higher 4% + applicable taxes on principal outstanding 2% + applicable taxes on part-payment amount paid Rs.600 to Rs.1,200 per bounce

    Yes Bank Personal Loan for Salaried Persons – Features

    • You can apply for the loan online and once the paperwork is complete, you can expect approval within 5 days from the date of receipt of application.
    • The bank offers doorstep banking services while also offering netbanking and mobile banking facilities.
    • Balance transfer facility is available on the personal loan from Yes Bank.
    • You can use the Yes Bank mPower Bot to receive 1-minute in-principle loan approval.
    • Part-prepayment option is available on the Yes Bank personal loan.
    Loan Processing Charges Foreclosure Charges Pre-partpayment Charges Charges for Late EMI Payment Loan Cancellation Charges
    Rs.999 onwards
    • 13 to 24 months – 4% of principal outstanding
    • 25 to 36 months – 3% of principal outstanding
    • 37 to 48 months – 2% of principal outstanding
    • More than 48 months - Nil
    2% plus applicable taxes 24% p.a. on amount outstanding from the date of default Rs.1,000 + taxes

    Union Bank of India Personal Loan for Salaried Persons – Features

    • Salaried individuals should be at least 18 years of age to avail this personal loan.
    • The interest rate on this personal loan from Union Bank of India is floating.
    • The loan has to be repaid within 5 years or one year before retirement.
    • You need to provide the guarantee of one co-employee and your spouse to avail this loan.
    • Mobile number and PAN card are mandatory to avail this loan.
    Processing Charges Margin Loan Tenure Foreclosure Charges Prepayment Charges
    Rs.500 onwards Nil Up to 60 months - -

    DBS Bank Personal Loan for Salaried Persons – Features

    • The documentation to avail this loan is easy and the loan processing is speedy.
    • The interest rate on the personal loan from DBS Bank is attractive.
    • At the moment, the bank offers personal loan only in the Greater Mumbai Region, Hyderabad, and Delhi NCR.
    • No collateral is required to avail this loan.
    • Repayment of the loan can be done through ECS, SI/NACH, and PDCs.
    Processing Charges Foreclosure Charges Minimum and Maximum Age Criteria Loan Tenure Margin
    2% + GST 5% + GST 25 to 65 years 12 to 60 months -

    Documents Required by Salaried Persons for Availing Personal Loan

    Though the documents required by salaried applicants for a personal loan may vary from lender to lender, below we have given a list of the basic documents that are required:

    Application Form Duly filled and signed
    Know-Your-Customer (KYC) Documents Passport, Aadhar, Driving License, Voter’s ID, PAN Card, etc.
    Loan Agreement Duly signed
    Salary Slips Latest salary slips
    Form 16
    Income Tax Returns
    Standing Instruction Request/ECS Forms

    Those who can get a personal loan the most easily are the salaried persons. No bank or Non-Banking Financial Company (NBFC) is ever likely to refuse you a loan if you have a regular income, especially a secure one as monthly salary. The higher your salary, the better your chances of getting a personal loan. Personal loans being unsecured loans – ones that don’t ask for any guarantee or collateral security – are quite risky from a financial institution’s perspective. Recovery of a personal loan becomes difficult if you do not have a regular income. So it is important for institutions to determine that you have a regular income, and a good repayment capacity.

    The best part about personal loans is that you can take them for any reason. It could be for your wedding, a foreign holiday, a medical emergency, debt consolidation, interior decoration of your house, or education of yourself, spouse or child. No reason is too insignificant for a personal loan, as long as you have a good credit score and can convince the bank that you have the repayment capacity. You also need to ensure that you are providing all the required documents – PAN, identity proof, address proof, income proof, and income tax payment proof.

    Let us look at personal loans from different financial institutions for a clearer idea.

    SBI Personal Loans for Salaried Persons

    SBI Saral Personal Loans for tenures of up to 4 years. The loan amount you can get depends on the city you live in and your salary. For metro and urban centres, the minimum amount you can borrow is Rs.24,000, while in semi-urban and rural centres, you can take as low as Rs.10,000 as loan. The maximum loan amount is 12 times your net monthly salary, up to Rs.10 lakh. The bank charges a processing fee of 2% to 3% of the loan amount in addition to service tax and the rate of interest is 3.95% more than the 2-year MCLR. The interest rate as on January 6, 2017, is 12.95%.

    The bank also has the SBI Xpress Credit Personal Loan, which gives you up to Rs. 15 lakh over a repayment period of a maximum of 5 years. The processing fee is 1% of the amount and the interest rate is between 12.45% and 14.95% – that is, 345 base points to 595 base points higher than the 2-year MCLR.

    BOI Star Personal Loan for Salaried Persons

    With the Star Personal Loan from Bank of India, you can get both unsecured and secured loans. The minimum amount you can borrow is Rs.10,000 in urban and metro centres, and any amount in semi-urban and rural centres. The unsecured personal loan comes with an upper limit of Rs.5 lakh, while by providing a collateral security will allow you to take loans of up to Rs.10 lakh. The assets you can provide as security include mortgage of an owned house or commercial property, hypothecation of items bought with the loan, gold coins or ornaments, Bonds, LIC policies, National Savings Certificate and Indira Vikas Patrika.

    The tenure of the loan is 3 years for unsecured personal loan and 5 years for secured personal loan. The bank will, however, consider a 5-year repayment schedule for unsecured loans as well, if you have a genuine reason. The bank charges a processing fee of 2%. The interest rate for the loan is as follows:

    Loan type Interest rate Current interest
    Secured personal loan 4% + 0.3% (Business Strategy Spread) + 1-year MCLR 13.55%
    Unsecured personal loan 5% + 0.3% + 1-year MCLR 14.55%

    ICICI Bank Personal Loan for Salaried Persons

    ICICI Bank personal loan comes with quick approval and disbursement within 3 working days. The loan is unsecured in nature, and can be repaid in periods of 1 to 5 years. The maximum loan amount is Rs.20 lakh. You can also take an All Safe insurance on your loan to protect your family from liability in case you die before the loan is closed. The bank charges a processing fee of up to 2.25% of the loan amount in addition to service tax. The interest rate for ICICI Bank personal loans ranges from 11.59% to 22% p.a., depending on the company you work in, your salary, and the loan amount. You can negotiate a good rate if your credit score is high, and you’ve had an account in the bank for several years.

    Bajaj Finserv Personal Loan for Salaried Persons

    Bajaj Finserv is an NBFC, and the key benefit of getting a loan from an NBFC is instant approval and higher loan amount. You can borrow up to Rs.25 lakh, and repay it in 2 to 5 years. You have to pay a processing fee of 2.25% to 3% of the loan amount, and interest rates start from 11.99%.

    One thing to remember about personal loans is that most banks and NBFCs charge pre-payment fees if you want to pay off your loan partially or fully. This fee may be up to 4% of the outstanding amount. Check with your bank about foreclosure charges before taking the loan.

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