How to Qualify for a Personal Loan with your first job - PowerPoint PPT Presentation

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How to Qualify for a Personal Loan with your first job

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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! – PowerPoint PPT presentation

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Title: How to Qualify for a Personal Loan with your first job


1
How to Qualify for a Personal Loan with Your
First Job?
2
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.
3
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.
4
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.
5
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 lender(s)
to get a proper idea of the exact requirements.
6
Documents Required For Personal Loan
  • 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.)

7
How Do You Apply For Personal Loan
  • 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

8
Thanks
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