Edelweiss Salaried Personal Loan is designed exclusively for salaried individuals above the age of 18 with a minimum net salary of Rs.18,000 per month. Depending on your income and other factors, you can avail loan amounts of up to Rs.20 lakh. The maximum tenure for repayment of the loan is 4 years. There is no additional cost for transferring existing debts for easier consolidation and lower interest rates. Processing fees is up to 2% of the loan amount plus taxes. Prepayment charges are 4% of the outstanding principal amount plus taxes.
Edelweiss Retail Finance offers various products such as housing loans, SME finance, salary advance loans, etc., as part of its product suite. The loans offered by Edelweiss Retail Finance are catered to both salaried and self-employed individuals. The lender also offers a personal loan called the Edelweiss Salaried Personal Loan, which has been specifically designed for salaried employees.
How Does It Work?
The Edelweiss Salaried Personal Loan is a type of personal loan that is exclusively available to salaried employees. Individuals who wish to apply for this loan can do so through BankBazaar.com in a convenient and hassle-free manner. Once the applicant submits the application form and the required documents online, the lender will verify the submitted documents. If the application gets approved, the applicant will receive the loan amount. After the loan amount has been disbursed, the repayment will have to be done via Equated Monthly Installments or EMIs as per the repayment schedule provided by the lender.
How to Apply for the Edelweiss Salaried Personal Loan?
Individuals who wish to apply for the Edelweiss Salaried Personal Loan can do so through BankBazaar.com. The steps that you will need to follow to apply for this loan are as follows:
Navigate to the official website (www.bankbazaar.com).
Check your eligibility by keying in the required details.
Once you do this, you will be able to view a list of loans that you are eligible to apply for.
You will need to click on the ‘Apply Now’ option, which you will find beside the loan name and particulars.
Once your loan application is verified and approved, you will receive the loan amount.
Eligibility to get Edelweiss Personal Loan
Individuals who wish to apply for the Edelweiss Salaried Personal Loan will need to meet the lender’s pre-specified eligibility criteria, which are as follows:
You should be a salaried employee – permanent, third-party, or contractual (subject to certain terms and conditions).
Applicants should be between the ages of 23 years and 55 years.
You should earn a minimum monthly income of at least Rs.20,000.
Applicants should have a total work experience of 3 years and a work experience of at least 1 year in their current organisation.
Residents of Mumbai, Nagpur, Pune, Ahmedabad, Indore, Vadodara, Delhi NCR, Udaipur, Chandigarh, Kolkata, Lucknow, Bengaluru, Jaipur, Hyderabad, and Chennai can apply for this loan.
Applicants should have a CIBIL score of at least 700.
Documents Required to apply Personal Loan in Edelweiss
To apply for the Edelweiss Salaried Personal Loan, prospective borrowers will need to submit the following documents:
Photo ID proof - applicants can submit their PAN cards as ID proof
Proof of address or residence - applicants can submit their driving licence, Aadhaar card, rental agreement, utility bills, bank statement, or passport as proof of address
Bank statements for the last 6 months
Salary slips for the last three months
Recent passport-size photographs
Features and Benefits of Edelweiss Salaried Personal Loan
Certain important features and benefits of the Edelweiss Salaried Personal Loan are as follows:
Prospective borrowers can apply for this loan online.
Salaried employees who are eligible can apply for this loan for funds to meet any financial requirement of theirs.
The loan amount will be disbursed in a timely manner if your loan application gets approved.
Prospective borrowers can opt for a repayment tenure of up to 2 years.
Salaried employees who are in need of funds can avail the Edelweiss Salaried Personal Loan. The lender offers this loan at an affordable interest rate and charges a minimal processing fee, which helps lessen the financial burden on borrowers. Once you receive the loan amount, ensure that you pay the applicable EMIs in a timely manner to have a good borrowing experience. Keep in mind that if you skip or default on repayments, your CIBIL score may be affected, which might, in turn, make it more difficult for you to avail a loan in the future. Ensure that you do your research, familiarise yourself with the lender’s terms and conditions, and apply for the loan, if it matches your requirements.
FAQs on Edelweiss Salaried Personal Loan
What is the minimum and maximum amount of money that I can avail as a loan in Edelweiss?
You can avail a minimum loan of Rs.1 lakh and a maximum of Rs.10 lakh. The actual loan amount that you will be able to borrow will vary based on your income, repayment capacity, and other factors.
Can I apply for the Edelweiss Salaried Personal Loan if I am a business owner?
No, this loan is only available to salaried employees who have an overall work experience of 3 years.
Can I close the loan before the completion of the Edelweiss loan repayment tenure?
Yes, you can pre-close the loan by paying off the outstanding loan amount. However, you should know that the lender levies a pre-closure fee of 4% on the amount that is prepaid.
Can borrowers opt for a floating rate of interest at the time of taking the loan?
No, the lender charges a fixed rate of interest for the Edelweiss Salaried Personal Loan.
My employer pays my salary in cash at the end of the month. Am I eligible to avail the Edelweiss Salaried Personal Loan?
Individuals who receive their salary in cash are not eligible to apply for this loan. To be eligible for this loan, you should receive your salary via cheque or as a transfer to your salary account.
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I have applied for personal loan with Edelweiss Retail Finance Private Ltd .The loan got very quickly and the rate of interest was very less and the processing fee was very high.The loan process was clearly explained as well told after 8 months can apply for another loan .I am paying the emi basis premium is paid .Auto debit faciltiy is not working that is the issue.
I have taken a personal loan through Edelweiss Retail Finance Limited through online. The due date was 1st of every month this should be changed after 10th of every month then it will be helpful. The loan was got sanctioned on time and I am satisfied with the service .
I had applied Edelweiss personal loan through online. The interest rate is bit high. I have opted of 1L and paying the monthly EMI of Rs.5,497 for 2 years of tenure. I want to reach out the branch directly for part payment or pre closure. It is not useful as I need to pay all EMI together there is no reduction.
I applied for Edelweiss personal loan through online. The interest rate is little bit high. I have opted for Rs.1,50,000 with the interest rate 18%. The processing fee is 2%. I want to reach out the branch directly for part payment or pre closure.
I have taken the personal loan with Edelweiss for the home renovation purpose. Already I have a mutual fund with them hence I have selected the same company. I'm un happy with an interest rate provided by them because they have provided me 23%. They took too much of time to sanctioned the loan.
I have taken a personal loan from EDELWEISS and the loan amount was Rs. 1,00,000. The rate of interest was 22% it is very high interest need to decrease and i am paying EMI of Rs. 9700. Documentation process was simple executive collected at my place and i received this loan within 15 days. Preclosure charges are not applicable, customer service was good.
I have opted for Edelweiss personal loan as the interest was normal compared to other bank. The loan got processed with in a week. Bank executive came for verification and collected the documents. Part payment cannot be done online, I should go to bank directly. The charge are normal.
I applied for Edelweiss personal loan through online. The executive came for verification and collected all the required documents. The loan got processed with in 5 days. I have taken a loan amount of 1L with the rate of interest around 22 to 23%.
I have applied for Edelweiss Retail Finance Limited personal loan through Online ,I have got this loan on stipulated time without any hassles.I have chosen Edelweiss since got offer.The loan process was clearly shared by the agent.There was no difficulties faced when applied for this loan.The rate of interest and the processing fee was quite nominal.
I have taken a personal loan from EDELWEISS and the loan amount was Rs. 1,50,000. The rate of interest was 23% it is very high interest need to decrease. Documentation process was simple executive collected at my place and i received this card in 15-20 days. Preclosure charges are not applicable, customer service is not bad just happy.
I have applied for Edelweiss Retail Finance Limited personal loan through Online .I have got the loan amount on time and it was sufficient as well.The rate of interest and the processing fee was quite nominal and there was no issues faced when applied for this loan .I have submitted the required documents also.
I have received a call on time for further verification from EDELWEISS RETAIL FINANCE LIMITED. As per my eligibility they offered for a loan tenure period of 2 years. The rate of interest and processing fee are nominal. Monthly EMI paying for around 4000 rupees. There is an option for a pre closure.
I applied personal loan from EDELWEISS RETAIL FINANCE LIMITED. There was a delay from the bank's end. I had submitted my documents to their executive on time. I received sufficient loan amount. Rate of interest is little higher than other banks.
EDELWEISS RETAIL FINANCE LIMITED, the loan process is time consuming. The rate of interest is very higher, every 2days they were asking different document and the process was so lengthy. The loan duration is 24months. I took 1.20L and have to pay EMI around 6,400. The processing fee is included.
I had been applied for EDELWEISS SALARIED PERSONAL LOAN where it was been disbursed to my account within one week, documentation process was hassle free, rate of interest was very high compare to other Banks, customer service was good and supportive.
I have applied for Edelweiss Retail Finance Limited personal loan through Online.I have got the loan amount on time and the agent gave all the required details about the loan process very clearly.While submitting the documents there was no difficulties faced as well.
I had applied personal loan from EDELWEISS RETAIL FINANCE LIMITED online. They disbursed the loan on time. The amount is not sufficient, I was expecting more. Rate of interest is ok even though it's a little high. Verification was hassle free.
I have applied for Edelweiss Retail Finance Limited Personal loan through Online .I have got this loan on delay basis and got the reason for the delay .I have got the loan amount on time and it was sufficient as well .The rate of interest and the processing fee was nominal.I have uploaded documents as well as submitted the documents.
I had applied personal loan from EDELWEISS RETAIL FINANCE LIMITED online. Loan amount is not sufficient, I was expecting more. I had to submit documents and their executive collected some of my documents. Their rate of interest is very high.
From EDELWEISS RETAIL FINANCE LIMITED I have taken a personal loan through an online process. I received a call from their end on time itself. The amount sufficient of 1 lakh for the tenure of 2 years. To sanctioned the loan took by 8-10 days. I have provided cheque and documents to them. But still they have not intimate about any details of post loan process.
