Quick Approval
Our Personal Loans are approved within minutes when you apply online.
Personal Loan for Salaried Employees
Need quick funds with simple documentation? Hero FinCorp, an RBI-registered NBFC, provides Personal Loans for salaried individuals with immediate access to funds for various financial purposes. We offer a transparent, digitized lending process.
No Hidden Charges
Minimum Salary Required Rs 15K
No Cancellation Fees via App
Calculate Personal Loan EMI
Get Personal Loan For Salaried Employees Up to 5 Lakh
Everyone faces unexpected expenses from time to time. For salaried individuals with a fixed monthly income, handling financial emergencies can be tough, especially when most earnings go toward essentials like household bills, education, and insurance. That’s where Hero FinCorp Personal Loans can help.
We provide instant Personal Loans for salaried individuals employed in private and government sectors to meet their personal and professional expenses. With competitive interest rates, flexible repayment tenures, and instant approval within 10 minutes, you can get the required funds when needed. What’s more, there’s no collateral required, and applicants with a minimum monthly income of Rs 15,000 can apply for a loan up to Rs 5 Lakh with ease.
Why Choose Hero FinCorp for Personal Loan for Salaried Employees?
A Personal Loan can be a real support for salaried individuals, helping them manage expenses with ease. Since salaried individuals often face unexpected financial needs, opting for a loan with a lower interest rate can make repayments more affordable. Here are a few reasons why a Personal Loan designed for salaried individuals can be the right choice.
- Transparent Process: The loan process is entirely transparent. There are no hidden costs, and the online application process is quite simple. All applicable fees and charges are clearly disclosed in the loan agreement, compliant with RBI's Fair Practices Code.
- Fast Disbursement: Receive instant approval within 10 minutes when you apply for an instant Personal Loan online. The disbursal is done directly into your bank account.
- Special Loan Offers: Specifically designed for salaried individuals, these loans offer instant approval and quick disbursal.
- Flexible Repayment: Choose a repayment tenure between 12 and 36 months that best fits your budget and ensures comfortable monthly repayments.
Features and Benefits
Personal Loan for low salaried individuals offers many benefits. These include the following
Higher Loan Amount
You can avail an instant unsecured loan of up to Rs 5 Lakh online.
Paperless Documentation
You only need to provide your KYC (PAN and Aadhaar) details.
Collateral Free
No security, collateral, or guarantor is needed for approval.
Eligibility Criteria
You do not need to meet stringent criteria to obtain an Instant Personal Loan online for salaried professionals. Here are the personal loan eligibility criteria for salaried applicants.
| Eligibility Criteria | Details |
|---|---|
| Age | 21 - 58 years |
| Citizenship | Indian citizen |
| Work Experience | Minimum 1 year for salaried employees |
| Monthly Income | Minimum Rs 15,000 |
| Credit Score | A score of 700 or above is generally preferred for instant approval. |
Documents Required
Documentation is essential for part of the Personal Loan application process. However, we keep the process simple with a paperless process. For the instant verification with smooth process you need to handy below documents for basic details:
- PAN Card
- Aadhaar Card
Interest Rate and Charges
It is better to know the loan interest rates for salaried employees, processing fees and any other fees or charges related to instant loan before applying. Our personal loan interest rates are competitive and all other charges are nominal. We adhere to the RBI's Fair Practices Code for transparent fee disclosure. Check out the table below for exact charges for salaried individuals.
| Fees & Charges | Amount Chargeable |
|---|---|
| Interest Rate | Starting from 19% p.a. |
| Loan Processing Charges | Minimum 2.5% + GST |
| Prepayment Charges | N.A. |
| Foreclosure Charges | 5% + GST |
| EMI Bounce Charges | Rs 350/- |
| Interest on Overdue EMIs | 1–2% of the loan/EMI overdue amount per month |
| Cheque Bounce | Fixed nominal penalty |
| Loan Cancellation | 1. Online loan app does not charge any cancellation charges |
| 2. Interest amount paid is non-refundable | |
| 3. Processing charges are also non-refundable |
How to Apply for a Personal Loan for Salaried Employees?
You can apply for a Salaried Loan online based on salary via our website for quick approval and instant disbursal.
- 01
Visit the website.
- 02
In the Instant Personal Loan section page, click 'Apply Now'.
- 03
Enter your mobile number and register yourself with the OTP received.
- 04
Enter the loan amount.
- 05
Complete your KYC verification and verify your income eligibility.
- 06
Press 'Submit to finalise your online application and get instant approval for your loan.
Purpose of Taking Loan for Salaried Employees
Salaried individuals take a loan for various planned and unplanned purposes. Let’s look at some of the most common reasons you can use a Personal Loan:
- Paying for own or a family member's higher education or professional certification courses
- Covering medical treatment or emergency health care requirements
- Paying for renovation work at home
- Managing costs for weddings or family events
- Paying for a holiday or leisure plans
- Buying electronics or appliances
- Managing sudden financial obligations
- Buying a premium smartphone
- Upgrading the kitchen or home appliances
Steps to Download a Salaried Employees Loan App
Using the salaried loan app, you can avail and manage a loan from your smartmobile. Downloading the app is easy and secure, and the loan application process is simple for users. Don’t know how to download the app? Here is a stepwise procedure:
- Access the Apple App Store or Google Play Store on your mobile.
- Type Hero FinCorp in the search field.
- Choose the official app from the search results.
- Click Install to begin the downloading process.
- Wait for the configuration to finish.
- Clicking on the app icon will open the application.
- Allow app permissions for smooth performance.
- Sign up or log in with a mobile number.
After you have downloaded the app, it serves as your one-stop Personal Loan solution.
How to Apply for a Loan via Salaried Employee Loan App?
When applying for a loan using the salaried loan app, there is no need to submit bunches of paperwork or visit any branch. Follow these steps to apply:
- Open the loan app on your smartphone.
- Choose the loan amount and preferred EMI.
- Input the required details.
- Complete your e-KYC process.
- Enter your bank account details.
- Get real-time approval of the loan.
- Sign the e-Mandate and loan agreement online.
- Get the loan amount directly in your account.
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Frequently Asked Questions (FAQs)
We let you choose a Personal Loan repayment period ranging from 12 to 36 months based on your affordability and needs.
Yes, you only need a monthly income of Rs 15,000 to apply for a Personal Loan. However, when determining your eligibility, we may consider a variety of other factors, such as your debt-to-income ratio, employer status, credit profile, and so on.
Your credit report reflects your repayment history and existing debts. Lenders use it to assess your creditworthiness and debt-to-income ratio. A healthy score (typically 700 or above) is crucial for better loan offers.
You can add a financially stable co-applicant, such as your spouse or parent, to improve approval chances. Final approval depends on the lender’s assessment.
As a salaried person, your Personal Loan qualification is based on the following parameters:
- Your monthly earnings
- Your debt-to-income ratio
- Your credit score Your emp
The EMI or equated monthly instalment of a Personal Loan depends on a variety of factors like the loan amount, repayment tenure and rate of interest. You can use a Personal Loan EMI Calculator online.
No, salary slips act as a proof of income for a Personal Loan application. It helps lenders assess your repayment capacity. You can provide alternate proof of income like bank statements, Form 16 or income tax returns.
Salaried applicants should have a minimum monthly income of Rs 15,000 to be eligible for an instant Personal Loan.
To get a Personal Loan on an urgent basis, you can apply through a loan app or website to get approval in 10 minutes.
Some lenders may provide you a Personal Loan even with a low credit score, but you may be offered a smaller loan amount or a higher interest rate.
Instant loan apps can provide you a Personal Loan at a competitive rate of interest with approval in 10 minutes.
No, documentation is necessary for the Personal Loan application process. However, when you apply online, you do not have to submit physical copies of your document.
Yes, it's possible to get quick approval for a Personal Loan for emergency. Salaried persons can apply either on the website or loan app and get the loan approval within 10 minutes.