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Indian banks tend to give personal loans to the employees of private and public companies, of which they maintain a list. But, some companies are not included in this list. As a result, the employees of such companies are either denied a personal loan or are given the same at unfavourable repayment terms. To avoid such a scenario, employees can take a personal loan from a Non-Banking Finance Company (NBFC). This article will take its reader through everything they need to know about loans for employees working with private companies not listed by banks.

Why Non-listed Companies Should Choose NBFCs

The best way to avail of a personal loan for Non-Listed Companies is by approaching NBFCs for the same. The loan amount offered by banks is comparatively low, and it is subject to certain conditions, which makes opting for an NBFC quite convenient. These public sector banks may deny loans for individuals working in a non-listed company.


By applying for a loan at an NBFC, you can evaluate the repayment capacity based on your monthly income and your relationship with the firm. Also, there is a set of rules to determine the loan eligibility criteria, which includes background verification, credit history, and the length of employment in your present company.

Personal Loan Eligibility for Employees of Non-Listed Companies

Instead of looking at the name of the company that the applicant is working for, lenders take things such as the applicant’s career track record and job stability into account. Additionally, the applicant working for an unlisted firm will have to fulfil the following eligibility to get a personal loan:


21 years minimum and 58 years maximum

Minimum monthly income criteria

₹12,500 or above

Years spent as an employee of the current firm

3 years

Years spent in current residence

1 year

How can an Employee of an Unlisted Firm Apply for Personal Loan

An employee working with an unlisted company can apply for a personal loan from Bajaj Markets by following the below mentioned steps.

  • Step 1: The applicant must first fill up the personal loan application form online on the portal with personal and professional details.

  • Step 2: Next, the applicant will be shown a list of personal loan options along with the maximum amount they can avail and the maximum loan repayment tenure. He or she must select one such option to proceed. One must note that the maximum amount one can avail will depend on their personal eligibility.

  • Step 3: The applicant must then choose the loan amount he or she desires and select the loan repayment tenure of their choice.

  • Step 4: Next, the applicant will need to provide all the required documents along with the application form for verification purposes.

  • Step 5: Once the personal loan application is approved, the amount will be credited into the bank account of the applicant within 24 hours.

Personal Loan Documents Required for Non-Listed Company's Employee

The employee of the non-listed company will have to submit the following documents to get a personal loan from one of Bajaj Markets lending partners:

  • A duly-filled application form along with a passport size photograph.

  • An identity proof, an age proof and an address proof.

  • Bank statements going back at least 6 month as well as salary slips of the past 3 months.

  • The latest copy of Form 16 from the current employer.

  • Income tax returns going back at least 3 years.

  • A cheque for the payment of the processing fees.

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