Higher Loan Amount
You can avail an instant unsecured loan of up to Rs 5 Lakh online.
Personal Loan for Salaried Employees
Loan up to ₹5 Lakhs
Minimum Salary Required ₹15K
Instant Approval
Personal Loan EMI Calculator
Get Personal Loan For Salaried Employees Up to 5 Lakh
Everyone needs funds for major expenses from time to time. During a financial emergency, managing these can be challenging, especially for salaried individuals with a fixed monthly income. Much of your earnings are often allocated to essentials like household expenses, children's education, and insurance premiums, leaving little room for large, unexpected costs. In such situations, Hero FinCorp can provide the financial support you need.
We provide instant Personal Loans of up to Rs 5 Lakh for salaried employees in both private and public sectors. Our loans feature competitive interest rates, and flexible repayment tenures, and require no collateral.
Features and Benefits of Personal Loan For Salaried Employees
Hero FinCorp's personal loan for low salaried employees offers many benefits. These include the following
Easy Documentation
Our loans require minimal documentation, including proof of income and KYC details.
Collateral Free
No security, collateral, or guarantor is needed for approval.
Quick Approval
Our Personal Loans are approved within minutes when you apply online.
Eligibility Criteria for Personal Loan for Salaried Employees
At Hero FinCorp, you do not need to meet stringent criteria to obtain an instant Personal Loan for salaried professionals. Here are the eligibility requirements for a Personal Loan based on salary.
Citizenship
You must hold Indian nationality
Age
You must be at least 21 years old and not older than 58 years.
Work Experience
You must be employed for at least six months with your present organisation.
Minimum Salary
Your salary proof must show a minimum monthly income of Rs 15,000.
Documents
PAN Card, Identity Proof, Address Proof, Salary slip/ bank account statement (last six months) and Passport size photograph.
Documents Required for Personal Loan for Salaried Employees
At Hero FinCorp, we offer instant Personal Loan for salaried to both salaried and self-employed individuals with minimal documentation. Here are the documents required:
Loan Application
Duly filled form and passport-sized photo.
Identity Proof
Driving Licence, Passport, PAN Card (mandatory), or Aadhaar Card.
Residence Proof
Driving Licence, Passport, Aadhaar Card, Ration Card, or Utility Bill.
Residence Ownership Proof
Electricity Bills, Maintenance Bills, or Property Documents.
Income Proof
Last 3 months’ salary slips, 6 months’ bank statement, Form 16.
Job Continuity Proof
Appointment letter or Experience certificate.
Interest Rate and Charges for Personal Loan for Salaried Employees
Here's a table outlining the typical interest rates and charges for Personal Loans offered to salaried employees:
How to Apply for a Personal Loan for Salaried Employees?
As Hero FinCorp, you can apply for a Personal Loan based on salary in two ways: online via our website and offline by visiting our branch or outlet.
Online Process
- 01
Visit the Hero FinCorp website or install the loan app
- 02
Go to the Personal Loan page and click ‘Apply Now’
- 03
Enter your mobile number and verify with the OTP received
- 04
Choose the loan amount you need
- 05
Verify your KYC details to check income eligibility
- 06
Click ‘Submit’ to complete your application
Offline Process
- 01
Visit a Hero FinCorp branch or a DSA office.
- 02
Describe your requirements.
- 03
Complete the offline application form..
- 04
Complete the required paperwork.
- 05
If your information is found to be satisfactory, you will receive an instant approval within minutes.
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Frequently Asked Questions (FAQs)
Hero FinCorp lets 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 at Hero FinCorp. 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.
A credit report consists of details of your existing and past debts. It helps us determine your debt-to-income ratio while also providing information about your previous debt management patterns. If there are any negative entries on the report, such as EMI skips, default, or loan settlement, you may fail to obtain a personal loan.
You may add a co-applicant to your personal loan application to get loan approval if you have an average credit score. However, the co-applicant must be financially stable. You can introduce your spouse, parents, or friends as a co-applicant. Also, remember that the co-applicant’s repayment obligation would be similar to yours. Even then, it is still up to your lender's discretion whether to approve or deny your loan application.
BAs a salaried employee, your personal loan qualification is based on the following parameters:
- Your monthly earnings
- Your debt-to-income ratio
- Your credit score Your employer's reputation
- Your work experience