Banks and NBFCs like giving personal loans to people who have a regular salary because it provides more certainty about their income. They especially like lending to those who work for the government or PSU (Public Sector Undertakings) because their jobs are considered more secure. After them, private sector employees working for big companies and multinational corporations are also favored. Some lenders even offer better interest rates to those working with the government/PSUs and top private companies/MNCs.
When deciding on interest rates for salaried applicants, lenders also take into account factors like age, monthly income, job position, employer reputation, and credit score. Some lenders extend pre-approved instant personal loans with speedy disbursal to specific customers. Additionally, they may offer a personal loan overdraft facility to applicants.
To be eligible for a personal loan as a salaried individual, consider the following criteria:
1. Age: Between 21 years (at the time of applying) and up to 60 years or the retirement age (at the time of loan maturity).
2. Nationality: Indian resident.
3. Profession: Employees working in private limited companies or public sector undertakings with a minimum experience of 1 year.
4. Minimum Monthly Income: A monthly income of at least Rs 15,000.
5. Credit Score: A credit score of 750 and above can enhance the chances of getting a personal loan for salaried individuals at lower interest rates.
Note: Check the complete Personal Loan Eligibility Criteria before applying
Note: Check the complete Documents Required for Personal Loan before applying