Best low-interest personal loans for salaried employees in India
Comparison Table for Quick Reference
| Bank | Loan Amount | Interest Rate | Tenure | Processing Fee | Minimum Salary |
|---|---|---|---|---|---|
| SBI | Up to ₹30L | Competitive | Up to 6 years | 1.50% | ₹25,000 |
| HDFC | Up to ₹40L | 10.85% - 21% | 12-72 months | 2.50% | ₹25,000 |
| ICICI | Up to ₹50L | 10.85% - 16% | 12-72 months | 2.50% | ₹30,000 |
| Axis | Up to ₹40L | 11.49% - 21% | 12-60 months | 2% | ₹15,000 |
| Kotak | Up to ₹40L | 11.99% - 16.99% | 12-60 months | 2.50% | ₹25,000 |
| Bajaj | Up to ₹40L | 11% - 23% | Up to 84 months | 3.99% | ₹25,000 |
| Tata Capital | Up to ₹35L | 12.99% - 18% | 12-72 months | 2.75% | ₹20,000 |
| IDFC FIRST | Up to ₹40L | 10.99% - 23% | 12-60 months | 3% | ₹25,000 |
Introduction
Personal loans are a great financial tool for salaried employees who need quick access to funds for various needs like medical emergencies, weddings, education, or debt consolidation. Finding a personal loan with a low-interest rate can help reduce the overall repayment burden. In this article, we explore some of the best low-interest personal loans available for salaried employees in India.
SBI Xpress Credit Personal Loan
Key Features:
- Loan Amount: Up to ₹30 lakhs
- Interest Rate: Competitive rates on a daily reducing balance
- Tenure: Up to 6 years
- Processing Fee: 1.50% of the loan amount (minimum ₹1,000, maximum ₹15,000)
- Eligibility:
- Salaried individuals with a minimum monthly income of ₹25,000
- Must have a salary account with SBI
- Employees of Central/State government, PSUs, educational institutions, and reputed corporates
HDFC Bank Personal Loan
Key Features:
- Loan Amount: Up to ₹40 lakhs
- Interest Rate: 10.50% - 21% p.a.
- Tenure: 12 to 72 months
- Processing Fee: Up to 2.50% of the loan amount
- Eligibility:
- Salaried employees of private/public sector and MNCs
- Minimum monthly income of ₹25,000 in metro cities
- Minimum employment history of 2 years
ICICI Bank Personal Loan
Key Features:
- Loan Amount: Up to ₹50 lakhs
- Interest Rate: 10.65% - 16% p.a.
- Tenure: 12 to 72 months
- Processing Fee: Up to 2.50%
- Eligibility:
- Salaried individuals with a monthly income of ₹30,000 or more
- Age between 23 and 58 years
- Minimum 2 years of work experience
Axis Bank Personal Loan
Key Features:
- Loan Amount: Up to ₹40 lakhs
- Interest Rate: 10.49% - 21% p.a.
- Tenure: 12 to 60 months
- Processing Fee: Up to 2% of the loan amount
- Eligibility:
- Salaried individuals working in government, private companies, and MNCs
- Minimum monthly salary of ₹15,000
Kotak Mahindra Bank Personal Loan
Key Features:
- Loan Amount: Up to ₹40 lakhs
- Interest Rate: 10.99% - 16.99% p.a.
- Tenure: 12 to 60 months
- Processing Fee: Up to 2.50%
- Eligibility:
- Salaried employees earning a minimum ₹25,000 per month
- Should have at least 1 year of work experience
Bajaj Finserv Personal Loan
Key Features:
- Loan Amount: Up to ₹40 lakhs
- Interest Rate: 11% - 23% p.a.
- Tenure: Up to 84 months
- Processing Fee: Up to 3.99%
- Eligibility:
- Minimum monthly salary of ₹25,000
- Minimum 2 years of work experience
Tata Capital Personal Loan
Key Features:
- Loan Amount: Up to ₹35 lakhs
- Interest Rate: 10.99% - 18% p.a.
- Tenure: 12 to 72 months
- Processing Fee: Up to 2.75%
- Eligibility:
- Salaried employees with a minimum salary of ₹20,000 per month
- Minimum 1 year of work experience
IDFC FIRST Bank Personal Loan
Key Features:
- Loan Amount: Up to ₹40 lakhs
- Interest Rate: 10.49% - 23% p.a.
- Tenure: 12 to 60 months
- Processing Fee: Up to 3%
- Eligibility:
- Salaried employees earning ₹25,000 per month
- Minimum 1 year of work experience
Conclusion
Choosing the right personal loan depends on factors like interest rate, repayment tenure, and eligibility criteria. If you’re a salaried employee, compare different lenders and apply for the one that best fits your financial needs.
💡 Tip: Before applying, check your credit score, as a higher score (750+) can help secure lower interest rates.
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