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Personal Loan for Salaried Employees

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Loan up to ₹5 Lakhs
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Minimum Salary Required ₹15K
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Instant Approval
Personal Loan EMI Calculator

Monthly EMI

₹ 0

Interest Payable

₹ 0

  • Document Required

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

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Higher Loan Amount

You can avail an instant unsecured loan of up to Rs 5 Lakh online.

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Easy Documentation

Our loans require minimal documentation, including proof of income and KYC details.

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Collateral Free

No security, collateral, or guarantor is needed for approval.

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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.

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Citizenship

You must hold Indian nationality

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Age

You must be at least 21 years old and not older than 58 years.

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Work Experience

You must be employed for at least six months with your present organisation.

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Minimum Salary

Your salary proof must show a minimum monthly income of Rs 15,000.

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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:

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Loan Application

Duly filled form and passport-sized photo.

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Identity Proof

Driving Licence, Passport, PAN Card (mandatory), or Aadhaar Card.

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Residence Proof

Driving Licence, Passport, Aadhaar Card, Ration Card, or Utility Bill.

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Residence Ownership Proof

Electricity Bills, Maintenance Bills, or Property Documents.

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Income Proof

Last 3 months’ salary slips, 6 months’ bank statement, Form 16.

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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:

Interest Rate

Starting from 1.58% per month

Loan Processing Charges

Minimum Processing fee is 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?

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.

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