Contractual employment, often marked by limited tenure and unique pay structures, can pose challenges when it comes to accessing financial resources. Despite these constraints, personal loans tailored for contractual employees provide an excellent solution for managing unexpected expenses, consolidating debts, or achieving personal goals.
Most lenders in India offer flexible terms and conditions to suit the needs of such professionals. This includes the variable pay structure and unique cash flow needs. Let’s delve into how as a contractual employee, you can secure a personal loan in detail.
Lender |
Starting Interest Rate |
Processing Fee |
Loan Amount |
Tenure |
Bajaj Finance |
10.00% p.a. |
Up to 3.93% of the loan amount (Inclusive of applicable taxes) |
₹50,000 to ₹35 Lakhs |
12 months to 96 months |
CASHe |
34.00% p.a. |
Up to 5.5% of the loan amount + GST |
₹50,000 to ₹3 Lakhs |
9 months to 18 months |
Federal Bank |
11.00% p.a. |
0.70% to 2.80% of the loan amount + 18% GST |
₹50,000 to ₹5 Lakhs |
Up to 12 months |
Fibe |
14.00% p.a. |
Up to 2% of the loan amount |
₹50,000 to ₹5 Lakhs |
Up to 36 months |
Finnable |
15.95% p.a. |
Up to 3% of the loan amount |
₹20,000 to ₹10 Lakhs |
Up to 60 months |
IIFL Finance |
16.50% p.a. |
2% to 6% of the loan amount + GST |
₹70,000 to ₹5 Lakhs |
Up to 24 months |
InCred |
16.00% p.a. |
2% to 5% of the sanctioned amount |
₹10,000 to ₹10 Lakhs |
Up to 72 months |
Kissht |
14.00% p.a. |
3% to 5% of the loan amount |
₹5,000 to ₹4 Lakhs |
6 months to 24 months |
Kotak Mahindra Bank |
10.99% p.a. |
Up to 1.50% of the loan amount + GST |
₹50,000 to ₹40 Lakhs |
24 months to 72 months |
KreditBee |
15.00% p.a. |
Up to 3% of the loan amount |
₹1,200 to ₹5 Lakhs |
Up to 24 months |
L&T Finance |
12.00% p.a. |
Up to 2% of the loan amount + GST |
₹50,000 to 7 Lakhs |
Up to 48 months |
MoneyTap |
18.00% p.a. |
5% to 10% of the loan amount |
₹5,000 to ₹5 Lakhs |
3 months to 36 months |
moneyview |
16.00% p.a. |
Starts from 2% of the approved loan amount |
₹30,000 to ₹10 Lakhs |
Up to 60 months |
mPokket |
24.00% p.a. |
₹50 to ₹200 + 18% GST (maximum APR of 48%) |
₹500 to ₹45,000 |
Up to 90 days |
Muthoot Finance |
14.50% p.a. |
2% to 4% of the loan amount |
₹50,000 to ₹10 Lakhs |
Up to 60 months |
Olyv |
18.00% p.a. |
2% to 12% of the loan amount |
₹1,000 to ₹1 Lakh |
2 months to 12 months |
PaySense |
14.00% p.a. |
2% to 2.5% of the loan amount + GST or ₹500 + GST (whichever is higher) |
₹5,000 to ₹5 Lakhs |
Up to 60 months |
Privo |
9.99% p.a. |
1% to 3% of the loan amount + GST |
₹2 Lakhs to ₹5 Lakhs |
6 months to 60 months |
SMFG India Credit |
12.00% p.a. |
0% to 6% of the loan amount |
₹50,000 to ₹25 Lakhs |
Up to 60 months |
Upwards |
18.00% p.a. |
Up to 4% of the loan amount |
₹25,000 to ₹5 Lakhs |
Up to 36 months |
YES BANK |
12.50% p.a. |
1.15% to 2.75% of the loan amount |
₹1 Lakh to ₹50 Lakhs |
12 months to 72 months |
Zype |
18.00% p.a. |
2% to 6% of the loan amount |
₹3,000 to ₹5 Lakhs |
6 months to 12 months |
*Disclaimer: The mentioned details are subject to change at the lender’s discretion.
Personal loans for contractual employees offer customised solutions to address your unique financial needs. Here’s what makes these loans an excellent choice:
Access funds of up to ₹50 Lakhs to manage your financial goals, even with a contractual employment status.
Enjoy competitive interest rates starting at 9.99% p.a., making repayment manageable and cost-effective.
Utilise the loan amount for a variety of needs, such as medical expenses, travel, education, weddings, or debt consolidation.
Get the required personal loan amount easily without having to pledge any of your assets as collateral.
Apply online with minimal effort, and get your loan application reviewed and approved within minutes.
The process involves limited paperwork, making it convenient and hassle-free.
Once approved, the funds are transferred directly to your bank account, ensuring you can meet your urgent requirements without any delay.
Benefit from complete transparency and clear communication about all the relevant charges.
To qualify for a personal loan as a contractual employee, you may need to meet the following requirements:
Age: 18 years and above
Minimum Monthly Income: ₹10,000 or more (varies by lender)
Work Experience: Minimum of 1 year, with at least 6 months in the current role
CIBIL Score: A score of 600 or higher is preferred to enhance approval chances
Note: Specific criteria may vary depending on the lender. Always check the detailed requirements before applying.
Here’s the list of essential documents required:
Identity Proof: Aadhaar card, PAN card, or Passport
Address Proof: Aadhaar card, utility bill, or rental agreement
Income Proof: Bank statements (last 6 months) and payslips
Employment Proof: Offer letter or work contract
Photographs: Recent passport-sized photographs
Additional Documents: Loan application form and credit score report (if required)
You may be asked to submit some additional documents by the lender. Be sure to provide the required paperwork promptly to avoid delays in the processing of your loan application.
Follow these easy steps to apply for a personal loan for contractual employees online on Bajaj Markets:
Click on ‘Check Eligibility’ on this page
Enter your personal, professional, and income-related details
Choose your preferred loan amount and tenure
Review the information and submit your application online
Once submitted, the lender will verify your application and contact you for further steps. On approval, the loan amount will be disbursed to your bank account within a few business days.
Personal loans for contractual employees are designed to offer financial flexibility to individuals with temporary employment arrangements. These loans come with competitive interest rates, simple eligibility criteria, and a hassle-free application process. They are a reliable way to manage various financial needs, ranging from emergencies to personal aspirations. By understanding the requirements, benefits, and application process, make an informed decision.