Rs. 40000 - Rs. 55 lakh
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Getting a personal loan for proprietorship or non-listed company employees involves understanding specific eligibility criteria and employment tenure. Many lenders view proprietorship firm employees as higher risk, but with proper planning, you can still check your pre-approved loan offer in just 2 steps and get funds in 24 hours*.
Personal loan for salaried employees in proprietorship company
If you work in an unlisted company, you can apply for an employee loan either from a private sector bank or a non-banking financial company (NBFC). While some prominent private sector banks offer a personal loan for salaried employees in a proprietorship company, their terms and conditions are often quite stringent.
On the other hand, NBFCs carefully evaluate the loan repayment capacity of salaried individuals primarily based on their monthly income.
They also take into consideration other abstract factors, such as the applicant’s relationship and tenor with the company, so they can determine if their job will remain stable or not. This evaluation ensures that loans are disbursed only to eligible candidates who can repay them without any trouble.
Additional Read: 5 ways to apply for a Personal Loan if you receive your salary in cash
Eligibility criteria and documents for personal loan for proprietorship employees
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Eligibility criteria
The criteria for getting a NBFC personal loan are slightly different from those of private banks. For Bajaj Finserv Personal Loan, the criteria are:
- Nationality: Indian
- Age: 21 years to 80 years.
- Employed with: Public, private, or MNC.
- CIBIL Score: 685 or higher.
- Customer profile: Self-employed or Salaried
*You should be 80 years or younger, at the end of the loan tenure.
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Documents required
- KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
- PAN card
- Employee ID card
- Salary slips of the last 3 months
- Bank account statements of the previous 3 months
- Piped gas bill
- Pension order
- Letter of Allotment of Accommodation Issued by Employer
- Property / Municipal tax receipt
- Utility bill
- Phone bill
- Real-time image / photograph
- Ration card
Check your eligibility for personal loan using just mobile number and OTP – 100% online process
How to apply for personal loan for proprietorship employees
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Step-by-step guide to apply for a personal loan
- Click on ‘CHECK ELIGIBILITY’ on this page.
- Enter your 10-digit mobile number and the OTP sent to your phone.
- Check if you have an offer. If not, fill in the application form with your basic loan details, such as your full name, PAN, date of birth, and PIN code.
- Now, click on ‘PROCEED’ to visit the loan selection page.
- Enter the offer or loan amount that you need. Choose from our personal loan variants.
- Choose the repayment tenure and click on ‘PROCEED’.
- Complete your KYC and submit your application.
Our representative will contact you for further steps.
Getting a personal loan depends on specific eligibility criteria such as your age, salary and the nature and tenor of your employment. If you have a stable job and meet the personal loan eligibility criteria, you can conveniently opt for an employee loan from a private sector bank or an NBFC.
How to calculate the EMI on a personal loan for employees in proprietorship companies
- The overall calculation of the EMI depends on the sanctioned loan amount, the applicable personal loan interest rates, and the tenor of the loan.
- Apart from these points, private banks and NBFCs also consider the individual’s net income of, their job stability, and CIBIL score to determine the rate of interest.
- Employees with high reliability and CIBIL score have a better chance of getting a loan at lower interest rates.
- You can also use the EMI Calculator to plan your repayment journey before you opt for a personal loan.
Personal loan for other purpose
Personal Loan for Medical Expenses | Personal Loans for Travel | Personal Loan for Wedding |
Personal Loan for Home Expenses | Personal Loan for Higher Education | Personal loan for Agriculture Expenses |
Key offerings: 3 loan types
Personal loan interest rate and applicable charges
Type of fee |
Applicable charges |
Rate of Interest per annum |
10% to 31% p.a. |
Processing fees |
Up to 3.93% of the loan amount (inclusive of applicable taxes). |
Flexi Facility Charge |
Term Loan – Not applicable Flexi variant - A fee will be deducted upfront from the loan amount (as applicable below)
*All the Flexi facility charges above are inclusive of applicable taxes *Loan amount includes approved loan amount, insurance premium, and VAS charges. |
Principal Holiday Facility Fees |
Above charges are inclusive of applicable taxes & will be deducted upfront from loan amount *(Loan amount includes approved loan amount, Insurance Premium & VAS Charges) |
Bounce charges |
Up to Rs. 1,200 per bounce. |
Pre-payment charges |
Full pre-payment
Part pre-payment
*Foreclosure will be processed post clearance of first EMI |
Penal charge |
Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount. |
Stamp duty (as per respective state) |
Payable as per state laws and deducted upfront from loan amount. |
Annual maintenance charges |
Term Loan: Not applicable Flexi Term Loan (Flexi Dropline): Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount (as per the repayment schedule) on the date of levy of such charges. Flexi Hybrid Loan: Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount during the initial tenure. Up to 0.295% (inclusive of applicable taxes) of total withdrawable amount during subsequent tenure. |
Broken period interest / Pre-monthly Instalment interest |
Method of recovery of "Broken Period Interest/Pre monthly instalment Interest" would be as follows:
Scenario 1: If Loan is disbursed on 1st or post 10th of the month: |
Note: Additional cess if any, will be applicable to all charges according to state law.
*Terms and conditions apply.
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Disclaimer
Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.