A personal loan is offers by banks for salaried employees who is working in an organizations. The Personal loan is a Unsecured loans because of no need to provide property, gold, etc with pledge with Banks or Financial Institutions. A borrower can use the personal for Marriage, Medical, Property purchase, etc. The rate of interest of the Personal loan is applicable based on the salary drawn from the Company. Rate of interest is low when getting salary more, interest will be high in case of getting salary low. Many of the Banks will not offers Personal for employees working the Proprietors, Partnership Concern. The bank will consider the salary, Cibil Score for sanction the Personal loan. Any default in previous loan, cant be eligible to apply Personal loan. A borrower should repay the loan monthly upto the loan tenure completed. Non payment of Personal loan or late payment of loan, or payment with check bounce will make credit default that you cannot apply any loan in future. HDFC bank is a leading Bank to provide Personal loan to salary employees in India. HDFC bank offers Personal loan @ 11.50%* per annum.
|Bank/NBFC||Rate of Interest||Loan Processing Charges||Prepayment/ Forclosure Charges||Cheque Bounce Charges|
|Axis Bank||15.50% to 24%||1.50% to 2.00% + GST as applicable||Nil||Rs. 500 per cheque bounce + GST as applicable|
|SBI||Personal Loans Scheme (SBI Saral): 8. 50% above Base Rate floating||2.02%-3.03% of the loan amount.||Nil||NA|
|HDFC Bank||15.75% to 20%||Up to 2.50% of the loan amount subject to a minimum of Rs. 1,000/- & Maximum of Rs. 25000/- for Salaried Customers.||Salaried - 13-24 Months - 4% of Principal Outstanding, 25-36 Months - 2% of Principal Outstanding >36 Months - NIL||NA|
|Bajaj Finserv||16%||2% - 3% of the loan amount||Nil||Rs. 1,000 for every bounce|
|ICICI Bank||13.99% to 18.00%||Up to 2.25% of loan amount plus GST||The lower of the two amounts given below: 1) 5% of principal outstanding or 2) Interest outstanding for the unexpired period of the loan.||NA|