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.

Personal Loan Lenders available on Bajaj Markets

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.

Features and Benefits of Personal Loans

Personal loans for contractual employees offer customised solutions to address your unique financial needs. Here’s what makes these loans an excellent choice:

High Loan Amounts

Access funds of up to ₹50 Lakhs to manage your financial goals, even with a contractual employment status.

Attractive Interest Rates

Enjoy competitive interest rates starting at 9.99% p.a., making repayment manageable and cost-effective.

Multi-purpose Usage

Utilise the loan amount for a variety of needs, such as medical expenses, travel, education, weddings, or debt consolidation.

No Collateral Requirement

Get the required personal loan amount easily without having to pledge any of your assets as collateral.

Simple Application Process

Apply online with minimal effort, and get your loan application reviewed and approved within minutes.

Minimal Documentation

The process involves limited paperwork, making it convenient and hassle-free.

Quick Disbursal

Once approved, the funds are transferred directly to your bank account, ensuring you can meet your urgent requirements without any delay.

No Hidden Charges

Benefit from complete transparency and clear communication about all the relevant charges.

Eligibility Criteria for Personal Loans

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.

Documents Required for Personal Loans

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.

How to Apply for a Personal Loan on Bajaj Markets

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.

Conclusion

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.

Avail Instant Personal Loans ✓ Loan up to 50 Lakhs ✓ Quick Disbursal ✓ Minimum Documentation! Apply Now
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