Personal Loan for Freshers

Starting a career comes with new opportunities and financial responsibilities. Whether it is settling in a new city, managing daily expenses, or fulfilling your goals, a personal loan for freshers can provide financial assistance. However, getting a loan without prior credit history or job stability can be challenging. Fortunately, there are personal loans designed for freshers, ensuring quick access to funds with minimal requirements.

In the case of a Bajaj Finserv Personal Loan, the eligibility criteria for getting a personal loan are:

• Nationality: Indian
• Age: 21 years to 80 years*.
• Employed with: Public, private, or MNC.
• CIBIL Score: 685 or higher.
• Customer profile: Self-employed or Salaried

*You should be 80 years* or younger, at the end of the loan tenure.

Features and benefits of a personal loan for freshers

• Loan of up to Rs. 55 lakh: With a Bajaj Finserv Personal Loan, you can manage your expenses with loans ranging from Rs. 20,000 to Rs. 55 lakh.
• Instant approval: You can get your personal loan application quickly, allowing you to get the funds on time.
• Disbursal in 24 hours*: Getting the funds in your bank account in such a short time can help you manage emergency expenses.
• No guarantor or collateral needed: You do not need to provide any collateral such as gold ornaments, property papers, or have someone stand as a guarantor.

Factors that will help a new employee to get a personal loan

Lenders evaluate several factors before approving a personal loan for freshers. A few key factors to keep in mind include:

• Employment status: A stable job with a reputed organisation improves approval chances.
• Salary: A higher income increases the likelihood of securing a loan.
• Company profile: Working with an established firm enhances credibility.
• Credit history: While freshers may lack credit scores, maintaining financial discipline helps in long-term creditworthiness.
• Existing debts: Low or no outstanding loans make approval easier.

By meeting these criteria, freshers can boost their chances of securing a personal loan.

4 ways to get a personal loan as a fresher

1. Unsecured personal loan

An unsecured personal loan does not require collateral. Lenders approve such loans based on income and employment stability. Since freshers may not have a strong credit history, their loan amount and interest rate depend on salary and employer reputation. Applying with a lender that offers loans specifically for freshers increases approval chances.

2. Secured loan

Freshers with savings, fixed deposits, or other financial assets can apply for a secured loan. Pledging these securities as collateral reduces risk for lenders, making loan approval easier. Secured loans often come with lower interest rates and higher loan amounts. This option is ideal for freshers who need urgent funds and have financial assets.

3. Personal loan with a co-signer

A co-signer with a good credit history can improve approval chances. Freshers who apply with a parent or guardian as a co-signer are more likely to secure a personal loan at better interest rates. The co-signer guarantees loan repayment, reducing the lender's risk. However, failure to repay may affect both the fresher and the co-signer’s credit score.

4. Loan from employer or salary advance

Some companies offer salary advances or employer-backed loans for freshers. These loans come with lower interest rates and flexible repayment terms. Employers deduct repayments directly from the salary, ensuring timely payments. This is a great option for freshers who need small amounts for short-term financial needs.

Checklist for first-time applicants of personal loans

Freshers applying for a personal loan should prepare the following:

• Employment proof: Salary slips.
• Bank statements: Usually for the last 3-6 months.
• Other KYC documents: Including, but not limited to - Aadhaar card, PAN card, or passport.
• Credit score check: Even with no history, checking for errors is useful.
• Compare lenders: Choose one that offers the best interest rates and minimal documentation.

Conclusion

Getting a personal loan for freshers is possible with the right approach. Lenders consider salary, employer reputation, and creditworthiness before approval. Freshers can explore unsecured loans, secured loans, co-signer-backed loans, or employer-backed advances to meet their financial needs.

*Terms and conditions apply.