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Pre-loan Eligibility checker
Last updated on: July 22, 2025
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Read BioIf you are a salaried person and in need of financial assistance, a personal loan may be a viable option for you. Here, we will discuss personal loans in detail and how they can benefit salaried individuals.
There are several benefits of availing a personal loan for salaried individuals. Some of them are:
As mentioned earlier, personal loans are unsecured loans that do not require any collateral or security. This makes it easier for salaried individuals to avail of a loan without risking any of their assets.
Personal loans are usually processed quickly, and the funds are disbursed within a few days of approval. This makes it an ideal option for those who need funds urgently.
Personal loans come with a flexible repayment tenure, which ranges from 1 to 5 years. This makes it easier for borrowers to plan their repayment schedule and manage their finances accordingly.
Personal loans are offered at competitive interest rates, which makes it an affordable option for salaried individuals. The interest rates are usually fixed, which means that the EMI amount remains the same throughout the loan tenure.
Personal loans can be availed for various purposes, and there is no restriction on the end use of the loan amount. This gives salaried individuals the freedom to use the loan amount as per their requirements
Comparison of Personal Loan Interest Rates of Banks (2025)
Bank Interest Rate Loan Amount Processing Fee Processing Time Apply DBS Bank 10.99% – 30.00% ₹25,000 to ₹15 Lakhs 1%–3% + GST 24–48 hrs Apply HDFC Bank 10.90% – 24.00% ₹50,000 to ₹40 Lakhs Up to ₹6,500 + GST (~1–3%) 24–48 hrs Apply Axis Bank From ~11.25% ₹50,000 to ₹15 Lakhs 1.5%–2% + GST 24–72 hrs Apply ICICI Bank 10.80% – 16.65% Up to ₹50 Lakhs 0.5%–2% + GST 24–48 hrs Apply Bank of Baroda 10.49% – 18.75% ₹30,000 to ₹20 Lakhs Up to 2% + GST 48–72 hrs Apply SBI 10.30% – 15.30% ₹10,000 to ₹35 Lakhs Up to 1.5% + GST 2–3 working days Apply IndusInd Bank From 10.49% ₹30,000 to ₹50 Lakhs Up to 3.5% (2% online) + GST 24–48 hrs Apply Yes Bank 10.99% – 21% ₹100,000 to ₹40 Lakhs Up to 2.5% + GST 24–48 hrs Apply Standard Chartered 11.49% – 17% ₹1 Lakh to ₹50 Lakhs Up to 2.25% + GST 48–72 hrs Apply IDFC FIRST Bank 9.99% – ~10.75% ₹1 Lakh to ₹50 Lakhs Up to 3.5% + GST 24–48 hrs Apply Kotak Mahindra Bank From 10.99% ₹50,000 to ₹40 Lakhs 1%–2.5% + GST 24–48 hrs Apply Punjab National Bank 11.50% – 17.05% Up to ₹20 Lakhs Up to 1% + GST 2–3 days Apply Bandhan Bank 10.50% – 12.55% ₹50,000 to ₹25 Lakhs Up to 3% + GST 48–72 hrs Apply Comparison of Personal Loan Interest Rates of NBFCs (2025)
NBFC Interest Rate Loan Amount Processing Fee Processing Time Apply Piramal Finance From 12.99% Up to ₹35 Lakhs 2%–3% + GST 24–72 hrs Apply Shriram Finance From 14% Up to ₹35 Lakhs Up to 3% + GST 2–3 days Apply Tata Capital From 10.99% Up to ₹35 Lakhs Up to 2.5% + GST 24–48 hrs Apply InCred From 18% Up to ₹10 Lakhs 2%–4% + GST Instant to 24 hrs Apply Finnable From 16% Up to ₹10 Lakhs Up to 3% + GST 24–48 hrs Apply Poonawalla Fincorp From 9.99% Up to ₹30 Lakhs 1%–2% + GST 24–72 hrs Apply Fullerton India From 11.99% Up to ₹25 Lakhs Up to 3% + GST 1–2 working days Apply Axis Finance From 13% Up to ₹25 Lakhs Up to 2.5% + GST 1–2 days Apply Mahindra Finance From 10.99% Up to ₹10 Lakhs Up to 3% + GST 2–3 days Apply Aditya Birla Finance From 11.99% Up to ₹50 Lakhs Up to 2.5% + GST 48–72 hrs Apply Bajaj Finance From 11% Up to ₹50 Lakhs Up to 4% + GST 24–72 hrs Apply
To avail of a personal loan, you need to fulfill certain eligibility criteria. These criteria may vary from lender to lender, but some of the common requirements are:
| Feature | Salaried Individuals | Self-Employed |
|---|---|---|
| Eligibility | Easier to qualify, requires regular employment and proof of income (salary slips) | Can be more challenging, requires proof of business income and stability |
| Interest Rates | Generally lower interest rates due to perceived lower risk | Generally higher interest rates due to perceived higher risk and income fluctuation |
| Loan Amount | Can borrow higher loan amounts depending on salary and credit score | May face lower loan limits due to income verification complexity |
| Documentation | Requires basic documents like salary slips, bank statements, and ITR | Requires more extensive documentation like business income proof, tax returns, and financial statements |
| Processing Time | Faster processing with streamlined verification of salary and credit history | Slower processing due to in-depth income verification and documentation requirements |
| Collateral | Usually not required (unsecured loans) | May be required depending on lender and loan amount |
| Repayment Flexibility | Fixed monthly installments (EMIs) based on loan term | May have more flexible repayment options based on business income fluctuations |
| Additional Benefits | May offer salary advance facilities, overdraft protection, etc. | May offer loan against property or business assets |
Written by Prem Anand, a content writer with over 10+ years of experience in the Banking, Financial Services, and Insurance sectors.
Prem Anand is a seasoned content writer with over 10+ years of experience in the Banking, Financial Services, and Insurance sectors. He has a strong command of industry-specific language and compliance regulations. He specializes in writing insightful blog posts, detailed articles, and content that educates and engages the Indian audience.
The content is prepared by thoroughly researching multiple trustworthy sources such as official websites, financial portals, customer reviews, policy documents and IRDAI guidelines. The goal is to bring accurate and reader-friendly insights.
This content is created to help readers make informed decisions. It aims to simplify complex insurance and finance topics so that you can understand your options clearly and take the right steps with confidence. Every article is written keeping transparency, clarity, and trust in mind.
Based on Google's Helpful Content System, this article emphasizes user value, transparency, and accuracy. It incorporates principles of E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness).
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