Can I get a Personal Loan in India if I have recently joined my job?

Nowadays, applying for personal loans are as easy as a breeze. There are plenty of new schemes and methodologies which have been introduced in the financial market over the years. This has made availing for personal loans even for the newly employed quick and efficient.

Now before you can proceed, you need to submit certain documents to check your eligibility for availing personal loans. All the necessary information are laid down below:

Salaried or Self-employed

This is the most important factor in determining your eligibility for availing personal loans. The interest rate which you will receive also varies greatly between salaried or self-employed status. To match the eligibility criteria, salaried and self-employed people also require different documentation.

As an example, if you are self-employed, your business needs to have hold of increasing revenues over the years. Also, your business needs to possess a minimum of three years of stability. If you are salaried, you should have a job experience of at least six months.

Age

During applying for personal loans, you should have a minimum age of 21 years. When the loan matures, your age should not exceed 58 years. This is done since a person’s age helps to determine the repayment tenure of all personal loans.

The retirement age of the individual is considered. For example, if you are to retire at the age of 50, and you decide to apply for personal loans at the age of 48, you will only be eligible for a loan tenure of 2 years.

Type of residency

Are you living as a paying guest? Do you rent an apartment or own one? Giving proper details about your type of residency enables the lenders to find out about your stability in paying off personal loans. This allows them to determine whether or not you are able to keep up with your living expenses.

Residing in your parent’s house or your own apartment will give better chances of approval. If you’re currently residing in a bachelor’s accommodation, the banks or lenders will look at a lot of other factors before they decide to approve your personal loans applications.

Duration of residency

Generally, the majority of banks look for a residency from 6 months to a year. If you check these parameters, it tells them that you have stability.

Simply put, the longer you have stayed in your residency, the better are your chances of getting the approval of your availed personal loans.

CIBIL score

Although now it is very clear to you that you can easily get approval for personal loans even when you have just recently joined your job, your CIBIL report is an important factor. A good CIBIL report will set all the differences in place, offering lower interest rates and longer tenure. However, there are other options to avail for a personal loan without a CIBIL score as well.

So to conclude, availing for personal loans now is an easy maneuver and there are not a lot of challenging requirements coming in the way of it.

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Created on Jul 24th 2019 02:47. Viewed 545 times.

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