Yes, there are a number of lenders who offer personal loans to freshers and new employees.
Your eligibility shall be determined based on your income and current liabilities. Your credit score will also be taken into account provided you have a considerable credit history.
There are unique personal loan products for freshers from a few banks that you can look into. Like ICICI Banks Fresh Personal Loans - Fresher Funding, City Union Bank’s Personal Loan for Salaried Individuals, SBI’s Xpress Credit Personal Loan are some of them.
Some of the factors that will help a new employee to get a personal loan are:
- Income
- Age
- Employer Organization and Employment Type
- Total years of experience
- Current liabilities
- Assets, if any
- Credit score and history
How to check if I am eligible for a Personal Loan for a fresher?
That is very simple! Most banks and NBFCs have a ‘Personal Loan Eligibility Calculator’ on their official website. You should make use of that.
This calculator will ask for your age, income, total years of experience and a few other details. Once you fill these up, it will show the loan amount you are eligible for and the approximate interest rate you may get.
You can then approach the bank for further loan processing.
Tips to increase your personal loan eligibility:
- Add a co-applicant who is also employed. Their income increases the eligibility on your application.
- Go for secured personal loans.
- Opt for a credit card instead of a personal loan if the expense is not major.