Salaried individuals always have a struggle juggling around between work and family responsibilities. There are several occasions when we want to make savings, but we are unable to do so due to some sudden expected expenditure that has come up. Many Salaried employees take support from borrowed funds in the form of Credit Cards or Personal Loans to fulfill such ad hoc and sudden requirements. Taking Personal Loans for Salaried Employees have also become easier these days ever since banks have opened up online application system. One can easily go to the bank’s website, check about that bank’s Personal Loan details like interest rates, eligibility, documentation, etc. and also apply online through the same website. Several banks also issue Pre-approved Loans to people who are existing account holders of the bank or who have a salary account with the bank. They give these pre-approved loans on the basis of their credit history and their financial transactions with the bank and outside. These pre-approved loans really come in handy to salaried professionals as they are issued with minimal or zero documentation and with lesser interest rates as well.
Let’s now look at what are the interest rates on such Pre-approved Personal Loans given to customers having their salary account in a bank:
HDFC Bank Personal Loan: HDFC bank issues pre-approved Personal Loans to people who have their salary account with them at very competitive rates. This loan comes with minimal or no documentation at all sometimes and with a superfast disbursal process. They give instant loans to account holders in less than 10 seconds as well if you have a pre-approved one. If you are an existing customer of the bank, you don’t need to give any documents as well. The interest rate of such pre-approved loans start at 11.25% per annum and you can take the loan for maximum 5 years term.
ICICI Bank Personal Loan: ICICI bank Pre-approved Personal Loan comes at interest rate starting at 11.25% per annum. If you have a salaried account with ICICI, and you have a pre-approved Personal Loan, then that amount will be transferred into your account in less than 3 seconds. You can take up to Rs. 20 Lakhs as a maximum loan amount and maximum tenure could be 24 months to 60 months. The application procedure is also very simple and you can do that online within seconds and your loan would be disbursed within no time.
Citibank Personal Loan: Citibank also offers pre-approved Personal Loans to its existing customers who have their salary account with the bank. These Personal Loans can be taken up to 5 years term and the prevailing interest rate starts at 10.99%. Minimum documentation, instant cash and easy processing are some features of the Citibank Personal Loan
Standard Chartered Bank Personal Loan: Standard Chartered bank also provides pre-approved loans to people who have their salaries coming into their bank. They provide the loan to people between the age of 23 and 58 years old and their interest rate also starts at 10.99% per annum. The maximum loan amount could be up to Rs. 30 Lakhs; however, it depends completely on the individual’s credit history.
Conclusion: The above details are for pre-approved Personal Loans that banks are providing; however you can also take up a loan by applying for it without being pre-approved. Banks give first preference to their existing customers as they have complete assurance and clarity about their payment pattern and financial stability. Hence if you have a salaried account in some bank, the probability if that same bank giving you the loan is much higher than any other bank.