Personal Loan for Salaried Employees

1. The organization you work for and your monthly salary is taken into consideration while offering a loan.
2. There is no need for you to provide security or collateral.
3. Salaried individuals working in government and private organisations are eligible for availing this personal loan.
4. Balance transfer option from other lenders is available on HDFC Bank personal loan.
5. Option to secure your personal loan with Sarv Suraksha Pro, a credit shield cover and accidental hospitalisation cover.

Turbo Loan for Salaried Employees by Cholamandalam

1. TTenure ranging between 1 year and 4 years.
2. The application process is paperless.
3. You don't need any guarantor and security.
4. Nil documentation process.
5. Application approved instantly.
6. Amount disbursed on the same day as the day loan is sanctioned.

Axis Bank Personal Loan for Salaried Individuals - Features

1. Zero charges on foreclosure and part-prepayment.
2. Offers the facility of balance transfer.
3. Repayment can be made through standing instruction (SI), Electronic Clearing Service (ECS), and post-dated cheques (PDCs).
4. The documentation required to avail the loan is minimal.
5. Existing customers of Axis Bank can enjoy even more attractive interest rates.

SBI Personal Loan Options for Salaried Employees

1. Salaried individuals can avail personal loans under 2 categories - Xpress Credit Loan.
2. The interest is calculated on daily reducing balance.
3. You don't have to provide a guarantor or security to avail the loan.
4. Offers an option to avail a second loan provided that you make regular EMI payments on your first loan.
5. There are no hidden costs associated with the loan.

Canara Bank Personal Loan for Salaried Employees - Features

1. Salaried individuals having a salary account with Canara Bank are eligible to avail this loan.
2. Contact the bank for more information regarding the personal loan offered.
3. The loan can be repaid in a maximum of 60 months.
4. Co-obligation is required to avail this loan.
5. You need to provide the latest salary slip and Form 16/ITR/ITAO for the last 3 years to avail this loan.
6. You should earn a minimum monthly salary of Rs.10,000 to avail this loan.

Punjab National Bank Personal Loan for Salaried Employees - Features

1. All employees of government and private companies, doctors, defense personnel, etc., are eligible to avail this loan.
2. You will need to provide a suitable third-party guarantee to avail this loan.
3. The loans are available in the form of term loan and overdraft.
4. You can repay the loan in a maximum of 60 months.
5. There is no penalty charged on loan prepayment.

Yes Bank Personal Loan for Salaried Employees - Features

1. 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.
2. The bank offers doorstep banking services while also offering netbanking and mobile banking facilities.
3. Balance transfer facility is available on the personal loan from Yes Bank.
4. You can use the Yes Bank mPower Bot to receive 1-minute in-principle loan approval.
5. Part-prepayment option is available on the Yes Bank personal loan.

Union Bank of India Personal Loan for Salaried Employees - Features

1. Salaried individuals should be at least 18 years of age to avail this personal loan.
2. The interest rate on this personal loan from Union Bank of India is floating.
3. The loan has to be repaid within 5 years or one year before retirement.
4. You need to provide the guarantee of one co-employee and your spouse to avail this loan.
5. Mobile number and PAN card are mandatory to avail this loan.

DBS Bank Personal Loan for Salaried Employees - Features

1. The documentation to avail this loan is easy and the loan processing is speedy.
2. The interest rate on the personal loan from DBS Bank is attractive.
3. At the moment, the bank offers personal loan only in the Greater Mumbai Region, Hyderabad, and Delhi NCR.
4. No collateral is required to avail this loan.
5. Repayment of the loan can be done through ECS, SI/NACH, and PDCs.

Documents Required by Salaried Employees 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:

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 Xpress Credit Loan for tenures of up to 6 years. For term loans, you can avail an amount ranging between Rs.25,000 to Rs.20 lakh, and for an overdraft facility, you can avail a loan amount ranging between Rs.5 lakh and Rs.20 lakh. The interest rate is 9.60% p.a. onwards.

BOI Star Personal Loan for Salaried Employees

With the Star Personal Loan from Bank of India, you can get both unsecured and secured loans. The unsecured personal loan comes with an upper limit of up to Rs.10 lakh. For secured personal loan, the maximum amount you can avail is Rs.20 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 interest rate for the loan can go up to 12.75% p.a. depending on the loan scheme availed by you and the eligibility criteria met by you. The processing fee charged is 2% of the loan amount subject to a minimum and maximum of Rs.1,000 and Rs.10,000 respectively. The maximum repayment tenure offered is 60 months.

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