How to Qualify for a Personal Loan with your first job


Presentation Description

Are you in the early days of your first job? Do you have some urgent and short-term financial requirements? Then a personal loan can be your best friend here. But, is it easy to qualify for a personal loan with your first job? Yes, you heard it right!


Presentation Transcript

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Are you in the early days of your first job Do you have some urgent and short-term financial requirements Then a personal loan can be your best friend here. But is it easy to qualify for a personal loan with your first job Yes you heard it right There are some lenders who might not be willing to grant the personal loan if you are barely a couple of months old at your first job. But options do exist and we will tell you about these here.

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• Offer security: When you apply for personal loan opt for a secured one. It is deemed less risky by a lender. You may be asked to offer some collateral but your chances of getting the best personal loan approved will be higher in this case. • Apply for a lower loan amount: Request only for the minimum amount you need as it will enhance your chances of approval. Lower is the amount less hesitant the lenders will be to grant the loan as they will be that much assured of your possibility of paying the money back.

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• Meet the other requirements Many lenders have a list of minimum requirements that a borrower needs to meet when they apply for personal loan. Make sure to meet as many of them as possible other than the minimum employment requirement so that you stand a good chance of getting your best personal loan approved. If your credit score does not meet the minimum requirement you can use a colleague/family member having a good credit history/credit score as a guarantor. • Wait a little longer Think about whether you need the personal loan urgently. If not you may wait a couple of months at least till your probationary period is over in your current organization. This way your lender may get assured of the stability of your job and the ‘steady’ source of your income. This will increase the chance of having your best personal loan approved.

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• Inform your employer Some lenders may confirm your employment with your employer. Informing your employer beforehand may save some of the processing time required when you apply for personal loan. Also your employer may have a tie-up with any of the lenders and you may get lucky with a special scheme the lender may have in place for the employees of the company. • Have a ‘one-to-one’ with the lender Before you apply for personal loan do a proper ‘market survey ‘to get comparative insights and choose a lender that ‘fits the bill’ perfectly for you. Have a front-end communication with the lenders to get a proper idea of the exact requirements.

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 Income statements  Latest Income-Tax Returns  Salary slips and Form 16  Bank statements  Qualification proof or registration proof for practicing doctors architects CA CS ICWA MBA consultants engineers  Credit report  Age proof Passport Aadhaar PAN etc.  Address proof Aadhaar Passport electricity bill telephone bill ration card etc.  Photo identification proof Aadhaar Voter Id PAN Passport driving license etc.

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 Procedure for it is very simple you have to follow some simple steps  Fill simple application form - Apply For Personal Loan  with 30+ banks / NBFCs to get your application  they get the best rates for you.  Loan is approved and amount credited.  Maximum Loan Amount - ₹ 30 Lakhs  Loan Term - 1 Year to 2 Years  Interest Rates - 10 – 15

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