Salaried personal loans are customized 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 RBI-approved lenders. You can enjoy competitive interest rates starting at just 11.99% 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!
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 11.99% p.a.|
|Loan Amount||Starting from ₹10,000 to ₹15 Lakhs|
|Loan Tenure||Starts from 6 months to 5 years|
|Document Requirement||PAN, Aadhaar, Income proof, Address proof|
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 favorable 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 11.99% p.a.|
|Processing Fee||Up to 4% of the loan amount|
|Pre-closure Charges||2% to 5%|
|Penalty Charges||2% of the due loan amount|
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.
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.
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 CIBIL 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 a unsecured personal loan.
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.
|Year||Month||Principal (A)||Interest (B)||EMI (A+B)||Balance||Loan Paid to Date (%)|
The formula for calculating EMI is:
EMI = [Principal Loan Amount (P) x Monthly Interest Rate (R) x (1+R)^N] / [((1+R)^N) - 1]
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):
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 = ₹1,145.47
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 ₹1,145.47 per month.
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|
|State Bank of India||11% onwards||Up to 1.5% + GST|
|Axis Bank||10.49% onwards||1.5%-2% of the loan amount|
|Bank of Baroda||10.90% onwards||2% of the loan amount|
|Kotak Bank||10.99% onwards||Up to 3% of the final loan amount|
|IDFC Bank||Starts at 10.49%||Up to 3.5% of Loan Amount|
|ICICI Bank||10.50% onwards||Up to 2.50% of loan amount|
|Indian Bank||10.49% onward||1% of the approved loan amount|
|Induslnd Bank||10.49% onwards||2.5% onwards|
|Bajaj Finserv||11.00% onwards||Up to 3.93% of the loan amount|
|Federal Bank||11.49% onwards||Up to 3% of the loan amount|
|Standard Chartered Bank||11.49% onwards||Up to 5% of the principal amount|
|IDBI Bank||11% onwards||1% -2% of the loan amount|
|Indian Overseas Bank||12.50% onwards||0.40% of the loan amount|
|Central Bank of India||10.95% onwards||Rs.500 + GST|
|Ambit Finvest||As per the business requirements||Up to 2% of the loan amount|
|Loanbaba||10.99% onwards||Up to 2% of the loan amount|
|Pocketly||12% onwards||4.2% + service tax|
|Fullerton||11.99% onwards||3% - 6% of the loan amount|
Read LessNote- The interest rates mentioned are subject to change. Do visit the website for more information.
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 salary-based loans are 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 that 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.
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.
Get your loan approved within minutes.
Secure your loan amount without putting your assets on line.
Interest rates starting at just 10.49% p.a.
Utilize the loan amount for a variety of purposes.
Choose your repayment tenure up to 5 years.
Zero hidden charges and penalties
Follow these steps to apply for a personal loan as a salaried employee:
Step 2 - Fill out the application form, including the loan amount, the tenure in months, and contact details.
Step 3 - Fill out the following personal details where required:
Step 4 - Submit the details & wait for the loan confirmation.
With competitive interest rates starting at just 11.99% p.a. and flexible repayment tenures of up to 5 years, Buddy Loan ensures that you can comfortably manage your finances. Our hassle-free and seamless online loan process further simplifies the borrowing experience. So, if you're a salaried individual looking for a dependable source of financial support, Buddy Loan is your go-to solution for personalized and accessible loans from reputable RBI-approved lenders.
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A personal loan for salaried is a type of loan that is offered to individuals who have a regular income and can provide proof of employment. Salaried individuals can get a salaried personal loan, even with a low CIBIL score.
Personal loan eligibility is calculated based on the borrower's salary, credit score, and debt-to-income ratio. Lenders typically look for a credit score of at least 750 and a debt-to-income ratio of less than 50%.
Gather your documents like PAN card, Aadhaar card, salary slip, and bank statement. Provide your details and the amount you need and apply online or through a bank branch.
Some of the benefits of a personal loan for salaried employees include flexibility, convenience, eligibility, loan amount, and repayment terms.
The maximum amount a salaried employee can borrow as a personal loan varies depending on the lender and the borrower's credit score.
The tenure of a personal loan for salaried employees typically ranges from 1 to 5 years. The exact tenure will depend on the lender and the borrower's circumstances.
Some of the most common documents required for a personal loan as a salaried employee include identity proof, address proof, employment proof, bank statement, and credit report.
The time it takes to get a personal loan for a salaried employee can vary depending on the lender and the borrower's circumstances.
Personal loans can be used for any purpose, but they are typically used for consolidating debt, paying for a major expense, or making home improvements.
No, in most cases, you do not need to provide collateral to take a personal loan as a salaried employee. However, some lenders may require collateral, such as a car or house, to secure the loan.
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