Personal Loan for Salaried Individuals

Personal Salary Loan FAQs

• 1. Do I need to be employed to get a salaried employee personal loan?

  Yes, being employed is part of the eligibility criteria if you want to qualify for an instant personal loan online for salaried professionals on KreditBee. You will be required to submit proof of employment and income proof as part of your application process.

• 2. What is a personal loan for salaried employees?

  A personal loan for salaried employees is a type of loan designed especially for employed individuals who receive a salary regularly. This unsecured loan is perfect for providing financial assistance to a salaried person for various personal expenses, such as a medical emergency, higher education, home renovation, debt consolidation, dream wedding expenses, travel, or other personal financial requirements.

• 3. What is the repayment tenure offered for personal loans for salaried employees?

  The repayment tenure for personal loans for salaried employees ranges from 3 months to 36 months.

• 4. How quickly can I get a personal loan for salaried professionals?

  If you are eligible for a personal loan for salaried employees, you can get your loan amount transferred directly into your bank account within minutes.

• 5. Is there a minimum monthly salary that is required to avail of a KreditBee personal loan for salaried?

  Yes. Your monthly net salary should be greater than ₹10,000. While a salary above ₹10,000 is a key factor in our loan assessment, eligibility for an instant personal loan also depends on additional criteria. Meeting the minimum salary requirement does not automatically guarantee loan approval, as we consider a range of factors in our evaluation process.

• 6. What are the loan amounts I can apply for as a salaried employee?

  Your approved loan amount will depend on your individual circumstances and your monthly salary. However, we can share ranges of loan amounts broken down based on salary amounts in typical situations, which are listed below.

  • How much can I borrow on a ₹10,000 salary?
    You can get a loan amount up to ₹40,000 with a monthly salary of ₹10,000.
  • What loan amount can I apply for on a ₹15,000 salary?
    If you make ₹15,000 per month, then you can get a personal loan amount up to ₹60,000.
  • What loan amount am I eligible for on a ₹20,000 salary?
    You can possibly avail of a loan of up to ₹80,000 with a salary of ₹20,000 per month.
  • What is the maximum personal loan amount I can qualify for with a monthly salary of ₹30,000?
    On a ₹30,000 salary, you can get a loan for salaried for an amount up to ₹1,20,000.
  • How much personal loan can I get on a ₹40,000 salary?
    You can avail of a personal salary loan amount ranging from ₹32,000 to ₹1,60,000 with a salary of ₹40,000 per month.
  • How much personal loan can I get on a ₹50,000 salary?
    On a salary of ₹50,000 per month, you can get a loan approved for an amount up to ₹2 lakh.
  • How much personal loan can I get on a ₹60,000 salary?
    You can avail of a loan for salaried employees up to ₹2,40,000 with a monthly salary of ₹60,000.
  • How much can I borrow as a loan on a ₹1 lakh salary?
    You can get a personal loan amount up to ₹4 lakh if you are making ₹1 lakh per month.
  • If I make a ₹1.3 lakh salary, how much loan can I get?
    The possible loan amount, if you are making a salary of ₹1.3 lakh monthly, can be up to ₹5,20,000.

  Disclaimer: The above loan amounts are for representation purposes only. Your actual loan eligibility is dependent on various factors, such as your age, financial position, credit score, credit history, and other financial liabilities.

• 7. Is it possible to get a loan amount that is higher than my salary amount?

  Yes. You can get a KreditBee personal loan for salaried professionals for up to 200% of your monthly net salary.

• 8. How should I account for the variable pay component (if any) while entering my monthly salary details?

  You can take an average indicative of the incentive amount and add it to your fixed income. However, the personal loan for salaried employees will only be approved if it is reflected in your salary statement.

• 9. Can I take a salaried personal loan from KreditBee if I’m serving a notice period at my current company?

  Since the personal loan for salaried employees is provided against your current salary statement, we prefer providing loans to employees who will remain with their current company during the tenure of the loan.

• 10. Can I apply for a personal loan for salaried employees if I don’t have a company-provided ID?

  Yes, of course. As long as you have valid salary slips and can validate your salary details (either through net banking or by uploading your bank statements in PDF format), you can avail of a personal loan for salaried employees.

• 11. What are the various charges that I can expect to pay when I borrow a personal loan?

  The charges may vary depending on the specific loan you choose. Your repayment tenure and loan amount are taken into consideration, and the charges are updated regularly in real-time.

• 12. Can I get a personal loan without a salary slip?

  Yes, you can get a personal loan without a salary slip. Just upload your latest 6-month bank statement that reflects your income while applying. KreditBee will determine your personal loan amount based on the details you upload.

• 13. Can I get a personal loan if I’m getting a salary in cash?

  If you do not have the required documents for a personal loan, you will still be eligible for a Flexi personal loan without any hassles. The loan will be considered a personal loan against your cash salary, and you can still get your funds disbursed to your account in minutes.

• 14. Is a CIBIL score necessary for a personal loan for a salaried government employee?

  A good CIBIL score will help you get a higher credit limit. However, a high credit score is not the only determining factor, as KreditBee considers a wide range of information and details before disbursing a personal loan for salaried employees. This applies to government employees as well as the private sector.

• 15. How do I avail of a personal loan for a salaried employee if my company is not listed?

  If your company is not listed when applying for a personal loan for salaried individuals, you will have the option to add it to our list when you create your KreditBee profile.

• 16. What happens if I miss an EMI payment?

  Late EMI payments will incur a daily penalty charge on the outstanding loan amount. This may also affect your credit score, making it harder to obtain loans from banks or financial institutions in the future. Maintaining a good credit history is important for various financial needs, including employment opportunities at some companies.

• 17. What is the interest rate of KreditBee’s personal loan for salaried professionals?

  The annual interest rate for KreditBee's salaried personal loan is between a minimum of 17% and a maximum of 29.95% p.a.

• 18. Can I apply for a salaried personal loan without any collateral?

  Yes, a personal loan for salaried individuals is unsecured, so you can apply without worrying about putting anything up as collateral.

• 19. What happens if I can’t repay my personal loan as a salaried employee?

  Apart from incurring penalties and charges, if you can't repay your personal loan for salaried individuals, your credit score can be heavily affected, making it difficult for you to get loans in the future.

• 20. Are there any special personal loan options for salaried government employees?

  KreditBee offers a personal loan for salaried professionals. These salaried employees include everyone who draws a regular salary, like those working in the government sector.

• 21. Can I get a personal loan with a low salary?

  You can apply for our salaried personal loan if you have an income above ₹10,000. If you want to apply for a personal loan with a salary lower than that, you can apply for our personal loan for low-salary individuals.

• 22. Does a credit score affect personal loan eligibility for salaried employees?

  Yes. If you have a high credit score, your loan application has a higher chance of getting accepted. But along with your credit score, there are other factors, like credit limit, salary, and more, taken into consideration when checking eligibility for a salaried personal loan.

• 23. What’s the difference between a salary loan and a personal loan?

  A salary loan is a short-term credit facility designed to help you manage cash shortages until your next paycheck. The loan amount is typically deducted from your next month's salary, and repayment terms are set accordingly.
  
  On the other hand, a personal loan is available to both salaried and self-employed individuals. It is an unsecured loan that can be used for various purposes and must be repaid according to the agreed tenure and interest rate. Personal loans usually have stricter credit score requirements and other prerequisites compared to salary loans.
  
  The difference between our standard personal loans and our personal loan for salaried employees lies in the tailored terms and benefits specifically designed to meet the needs of salaried individuals, making the borrowing process more convenient and accessible for them.

• 24. How is the loan amount determined for salaried employees?

  The loan amount you are eligible for is calculated based on several factors, including:

  • Income
  • Credit score
  • Existing debt
  • Loan tenure
  • Interest rate
  • Company and job profile

  Lenders analyse these factors to assess your repayment capacity and offer a loan amount appropriate for your financial situation.

• 25. Can salaried individuals apply for a loan online?

  With KreditBee, you can apply online for a personal loan for salaried individuals if you earn a stable monthly income. You simply need to download the app and upload the required documents. If your loan application is accepted, the loan will be disbursed to your bank account within ten minutes.

• 26. Can a salaried employee apply for multiple loans?

  No, it's unlikely to secure multiple personal loans at the same time from the same lender. Further, even if you are eligible to get different loans from different lenders simultaneously, it's not advisable to take them.

• 27. What are the penalties for late payments or defaulting on a salary loan?

  If you are late in paying your Personal Loan for Salaried or if you default for up to 15 months on loan amounts ranging from ₹10,000 up to ₹5 Lakhs, you will be charged a one-time overdue charge of ₹500 and a per-day penalty charge of 0.15% of the instalment principal amount for each and every instalment that is overdue.
  
  Additionally, overdue interest will be charged on the principal outstanding of the instalment for each day that the instalment is overdue. Late payment charges are to be paid in addition to the regular and overdue interest payments.
  
  To avoid late payment charges and reportings of delayed payments to credit bureaus, you are highly advised to repay on or before the due date.

• 28. What is the processing fee for a salary loan?

  Processing fees start at 5.5% of the loan amount, with a minimum fee of ₹500 and a maximum of ₹13,750.