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:
|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.