Salaried personal loans are customised for individuals earning a regular monthly income through employment. A personal loan for salaried employees offers quick access to funds for your unexpected emergencies and provides a flexible financial lifeline without requiring collateral. To secure the best personal loan for salaried, choose Buddy Loan as your trusted partner.
Buddy Loan provides easy access to personal loans from reputable, verified lenders. You can enjoy competitive interest rates starting at just 9.99% p.a., along with flexible tenures up to 5 years.
Get an instant online personal loan for salaried individuals through Buddy Loan’s hassle-free and seamless loan process!
Instant Personal Loan for Salaried
Employed individuals often rely on instant loans to swiftly address their unexpected financial emergencies. These unsecured loans offer speedy access to funds for medical emergencies, debt consolidation, and flexible spending.
An instant salary loan caters to various needs while potentially improving creditworthiness. Here’s a brief outline of an instant online personal loan for a salaried person:
| Interest Rates | Starts at 9.99% p.a. |
| Loan Amount | ₹10,000 to ₹35 Lakhs |
| Loan Tenure | Starts from 6 months to 5 years |
| Minimum Income Requirement | ₹15,000/- |
| Document Requirement | PAN, Aadhaar, income proof, address proof |
Salaried Loan Interest Rates
Interest rates for salaried personal loans depend on factors like credit score, income, loan amount, tenure, and market conditions. A good credit score, higher income, and favourable market conditions typically result in lower interest rates. Borrowers should compare offers to secure competitive rates.
Below is the overview of the interest rates and extra fees associated with personal loans for salaried individuals:
| Interest Rate | Starting at 9.99% p.a. |
| Processing Fee | starts at 2% of the loan amount |
| Pre-closure Charges | As per the lender |
| Penalty Charges | usually starts at 2% of the due loan amount |
Eligibility Criteria for Salaried Personal Loans
Get acquainted with the eligibility criteria for acquiring a personal loan as a salaried employee. Ensure that you meet the personal loan eligibility required for a salaried person to facilitate a seamless application process and gain swift access to the funds you require.
- Age Range: Eligible applicants should be of age between 21 and 60.
- Creditworthiness: A minimum credit score of 750 is required.
- Citizenship: Indian citizenship is a prerequisite.
- Minimum Income: Applicants must earn a minimum monthly income of ₹15,000.
- Employment Status: Salaried applicants must have a minimum of 1 year of continuous employment.
Documents Required for Salaried Personal Loans
When applying for a personal loan as a salaried employee, you will need to provide specific documents to support your application. Each document serves a crucial purpose in assessing your eligibility and creditworthiness.
- Identity Proof: Your PAN, Aadhaar card, or passport.
- Address Proof: Aadhaar or documents like electricity bills, bank statements, or rental agreements.
- Salary Slip: Recent salary slip showing your monthly income.
- Latest ITR: Income Tax Return filed for the most recent financial year.
- Bank Statement: Recent bank statement showing your account balance and transaction history.
- Photograph: Recent passport-sized photograph of the applicant.
Can I get a personal loan without a salary slip?
Lenders offer personal loans to salaried employees based on their income proof. So, submit your income proof to get a loan. However, you can look forward towards these solutions:
- Have a Good Credit Score
- Show an alternate income source
- Apply with a co-applicant
- Have a Good Relationship With the Lender
Besides that, you can also consider applying for a secured loan instead of applying for an unsecured personal loan.
EMI Calculation for Salaried Personal Loans
Use Buddy Loan’s EMI calculator to accurately determine your monthly loan payment for a personal loan as a salaried individual. Input your loan amount, interest rate, and tenure to receive precise EMI information swiftly.
The formula for calculating EMI is:
EMI = [Principal Loan Amount (P) x Monthly Interest Rate (R) x (1+R)^N] / [((1+R)^N) – 1]
Where:
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Loan Tenure in Months
For example: Let’s consider a loan of ₹50,000 at an annual interest rate of 10.25% for a 5-year tenure (60 months):
Now,
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
EMI = [50,000 x (0.00854) x (1+0.00854)^60] / [(1+0.00854)^60-1]
EMI = [₹50,000 x 0.00854 x 1.58605] / [1.58605-1]
EMI = ₹1,069
So, for a loan of ₹50,000 at an annual interest rate of 10.25% for a 5-year tenure (60 months), the Equated Monthly Installment (EMI) would be approximately ₹1,069 per month.
Comparison of Loan Lenders for a Salaried Loan
Explore financial institutions that offer personal loans for salaried employees. These lenders provide attractive interest rates and flexible repayment terms, allowing you to select the best salaried personal loan that suits your specific financial requirements.
| Lenders | Interest Rate (p.a.) | Processing Fee |
| Indian Bank | 9% onwards | Up to 1% |
| Central Bank of India | 9.85% onwards | Up to ₹500 |
| Axis Bank | 9.99% onwards | Up to 2% |
| IDFC Bank | 9.99% onwards | Up to 3.5% |
| ICICI Bank | 9.99% onwards | Up to 2.5% |
| State Bank of India | 10% onwards | Up to 1.5% |
| Bank of Baroda | 10.15% onwards | Up to 2% |
| Indian Overseas Bank | 10.25% onwards | Up to 0.4% |
| IndusInd Bank | 10.35% onwards | Up to 2.5% |
| IDBI Bank | 11% onwards | Up to 2% |
| Federal Bank | 12% onwards | Up to 3% |
| Bajaj Finserv | 10% onwards | Up to 3.93% |
| Loanbaba | 10.5% onwards | Up to 2% |
| Pocketly | 24% onwards | Up to 4.2% |
Note- The interest rates mentioned are subject to change. Do visit the website for more information.
Types of Loans Offered to Salaried Employees
Salary-based loans offer financial flexibility for meeting immediate needs; such as unexpected medical expenses, home renovations, debt consolidation, or even planning a dream vacation. Personal loans for salaried individuals provide a versatile solution to address a wide range of financial requirements without the need for collateral.
Take a peek at the types of personal loans available for salaried individuals:
- Personal Loan For Salaried: These are salary-based loans, collateral-free personal loans provided by banks and NBFCs. Interest rates and loan terms for salaried personal loans vary depending on the lender and your credit score.
- Instant Loan For Salaried: If you’re a salaried employee, you can opt for instant loans for salaried. These loans are offered by banks, NBFCs, and fintech agencies. These instant salary loans are often approved and disbursed swiftly.
- Secured Loan For Salaried: This type of loan is backed by collateral. This means that the lender can seize the collateral if the borrower defaults on the loan. Secured loans typically offer lower interest rates since they involve less risk for the lender.
- Debt Consolidation Loans: Debt consolidation loans are for combining all your debts into one. It’s a way to make your finances easier to handle. It also cuts your interest expenses.
Features & Benefits of Instant Salary Loans
Instant salary loans are a convenient and quick way to get the money you need. These salary-based loans typically do not require collateral, making them easier to qualify for, and you can choose the loan amount, tenure, and repayment terms that best suit your needs.
- Quick Loan Approval: Get your loan approved within minutes.
- Collateral Free: Secure your loan amount without putting your assets as a security.
- Competitive Interest Rates: Interest rates starting at 9.99% p.a.
- Multi-purpose Loan: Utilise the loan amount for a variety of purposes.
- Flexible Repayment Terms: Choose your repayment tenure up to 5 years.
- Zero Additional Charges: Zero hidden charges and penalties
Steps to Apply Online for a Salaried Personal Loan
- Step 1: Visit buddyloan.com or download & install the Buddy Loan app (Android or iOS)
- Step 2: Open the personal loan application page. Provide the mobile number and enter the received OTP.
- Step 3: Specify the desired loan amount. Next, choose the Personal Loan option
- Step 4: Choose the employment type (salaried or self-employed) and the salary mode (bank or cash).
- Step 5: Enter your work details (including company name, years of service and designation)
- Step 6: Enter your personal details (including full name, PAN, address, DOB & gender)
- Step 7: Provide your communication address and income details, and click the ‘Submit’ button.
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