Personal Loans for Salaried Employees – Loans up to Rs 30 Lakhs

Personal Loans for Salaried Employees

Looking for a Personal Loan for Salaried Employee? LoanSumo is a Loan platform that provides quick personal loans for salaried employees and self employed professionals from NBFC and Banks with fast online approvals and easy disbursal process.

Unsecured personal loan:

In the case of unsecured personal loans, you do not need to pay collateral to obtain the money. You get approval simply based on your creditworthiness. The lender cannot repossess your car or home or any other valuable asset if you fail to repay the loan. In that sense, unsecured loans carry a high risk for the lenders. Unsecured personal loans often carry higher interest rates than secured loans. You may also need to provide a guarantor to qualify for an unsecured personal loan. Remember, if you fail to repay the loan, the guarantor will be liable to pay the sum.

Secured personal loan:

A secured personal loan requires you to pay a valuable asset such as your car or house as collateral. It acts as a security deposit that the lender can later use to acquire the money if you fail to repay the sum. The value of the asset provided as collateral should be equal to or more than the sum you have borrowed.

Personal Loans for Salaried Women

There are some exclusive programs run by banks and NBFCs to help salaried working women better access financial products. By giving special rates, better terms, and some added benefits, some banks and NBFCs are trying to target working women to their personal loan products.

Loan Processing – Documents Needed for Salaried Personal Loan:

Our online application requires some basic items for the lender to make a better decision on the customer profile. To complete the online application, below items will need to be submitted:

  • Copy of Aadhar Card
  • PAN Card Copy
  • Bank Statements for last 6 month
  • Address Proof
  • Last 3 months’ Salary Slips
  • Proof of Employment

Online Application Process with LoanSumo

LoanSumo provides a super easy online application process to help customers apply for quick personal loans. We have a secure application process that is easy to complete. Additionally, our technology allows us to have quick approval and disbursal process of Personal loan from private finance companies, NBFC and Banks. Below is the 3-step process for borrowers to apply online:

Apply Online in 2 minutes: Our instant online loans application takes basic data of the customer to match the borrower with the right type of lender. Filling in the online application will include details like Name, Aadhar, PAN, etc.

Instant Personal Loan Approval: As soon as we receive a customer application, based on customer requirements and the profile of borrower, we match them with a lender. Once matched with a lender, the lender will get back with a fast online approval within 1 hour to 24 hours.

Loan Amount in Bank Account: Once the approval is given, lenders will deposit money in the bank account of the borrower within 24 hours. In the meantime, the lender completes all loan processing and verification. LoanSumo is not responsible for any lending decisions of disbursal process of the lender. We just help borrowers connect with the right lenders.

Interest Rates – Personal Loans for Salaried Employees

If you have decided to go for the personal loan for salaried, the only thing remaining would be to choose the best personal loan deal from a bank. Before applying, you must carry out a comparison of all the different rates offered by the mainstream banks. Here’s a quick list that should help you out:

Bank

Interest Rate

Processing Fee

PNB Personal Loan 3.10%-6.10% + MCLR Rs.270+ ST & Edu.Cess as documentation charges of loans up to Rs. 2 lakhsRs.450+ST & Edu.Cess as documentation charges for loans over Rs. 2 lakhsDefense personnel need not provide any documentation charges, only the upfront fee

 

Tata Capital Personal Loan 11.99% Starts at Rs. 999 with upfront fees of 1.80%+ST+Edu Cess
ICICI Personal Loan 11.29%-22.00% Up to 2.50% of the total loan amount plus Service Tax, as applicable
Axis Bank Personal Loan 11.25%-24% 1.50% to 2.00% of the total loan amount plus Service Tax, as applicable
SBI Personal Loan 12.55%-17.65% 1% to 3% of the total loan amount plus Service Tax, as applicable
Bajaj Finserv Personal Loan 14.75% 2.25% to 3% of the total loan amount
Fullerton Personal Loan 14% Up to 6.5% of the total loan amount
IndusInd Personal Loan Starts at 11.49% Up to 2.5% of the total loan amount
Citibank Personal Loan 10.99% to 17.99% 0.50% to 3%
HDFC Personal Loan 11.29%-20% Up to 2.5% of the total loan amount, subject to 25,000 INR as maximum and 1,000 INR as the minimum
Kotak Personal Loan Starting at 11.29% Up to 2% plus ST and other levies
HSBC Personal Loan 11.99% Up to 2.5% of the amount of the disbursed loan
Bank of Baroda Personal Loan 11.35%-14.35% Rs.1,000 to Rs.10,000
Central Bank Personal Loan 11.50% Min Rs. 500
Dena Bank Personal Loan 13.00% – 14.00% 1.00% of the loan amount
Corporation Bank Personal Loan 12.75% – 13.75% 1.50% of the disbursed loan amount and subject to a minimum of Rs.500
UCO Bank Personal Loan 11.35% – 11.60% 1% or minimum Rs. 750)
Union Bank Personal Loan 14.40% 0.50% of the disbursed loan amount or a minimum of Rs. 500+service tax
Bank of India Personal Loan 12% – 14.5% Rs. 1,000 to 10,000 + S.T.
RBL Personal Loan 14% 3% of the disbursed loan amount
Allahabad Bank Personal Loan 13.10% 1.22% (minimum 1228)
Canara Bank Personal Loan 12.75% (Floating) Rs. 1,000 to Rs. 5,000
IDBI Personal Loan 12.45% (3 months MCLR plus 3.90%) 1% plus service tax
Bank of Maharashtra Personal Loan 12.75% 1.00% of the disbursed loan amount or Rs. 1000 minimum
Andhra Bank Personal Loan 13.05% – 14.30% Nominal
Yes Bank Personal Loan 11.49% Up to 2%
Syndicate Bank Personal Loan 14.20% p.a. 0.5% with minimum Rs.500 plus Service Tax
Vijaya Bank Personal Loan 12.5% – 13.5% 0.25% of the disbursed loan amount, a maximum of Rs. 10000 plus service tax
Indian Bank Personal Loan 12.65% – 13.65% Rs. 508 – 0.508%
Federal Bank Personal Loan 17.25%-35% Up to 6.5% of the disbursed loan amount
Capital First Personal Loan 12% Up to 1.5%
IDFC Personal Loan 11.50% Up to 1.5%

*Please remember that the figures provided here are subject to change depending on market fluctuations.