Personal Loan for Freshers: Getting a First Loan in Your First Job

Personal Loan for Freshers: Getting a First Loan in Your First Job

As a fresher, your record is short: under a year of salary credits and little or no credit history. Lenders weigh these, so a small loan on a record you have built is the way in.
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In summary

A fresher can get a Bajaj Finance Personal Loan if they meet the criteria, including a CIBIL score of 650 or higher. With no credit history, there is no score yet, so the first step is a credit card used lightly and paid in full. After 6 to 12 months of on-time payments, a small first loan becomes realistic.


  • No history means no score yet. 
  • A card paid in full builds one. 
  • Salary credited to one account helps. 
  • Start with a small, short loan. 

Starting out? Check your loan offer with your phone number and a one-time password (OTP) → apply online → receive funds within 24 hours* of approval.

What does a lender see on a fresher's record?

A lender deciding on a loan wants to know 2 things: whether you can repay and whether you will. With an experienced borrower, years of records answer both. With a fresher, the record is short, so each part carries more weight. The table shows what a lender checks, where a typical first-jobber stands and what strengthens the case.


What the lender checksA typical fresherWhat strengthens it
Credit historyThin or noneA credit card or small loan repaid on time for 6 to 12 months
Salary creditsUnder 12 monthsSalary credited to one bank account each month
Time in the jobUnder a yearConfirmation letter after probation
Existing loan repaymentsNone in most casesKeep it that way before applying

Last updated: 26th October, 2026


Most of these improve with time alone: every month in the job and every salary credit adds to your case. Credit history is the exception. It does not build itself, and without action you can reach your second year at work with no score at all.

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How does a credit score form for the first time?

With no loans or cards, your CIBIL report shows no score, marked as NH (no history) or NA. A score forms only once a lender reports an account in your name. That is why a fresher with no card or loan has no score, however good the salary. The record builds in stages:

  • No credit at all: The report shows no score, so a lender has nothing to assess your repayment behaviour on. 
  • First card or loan, under 6 months old: A score may not show yet, as there is too little history to calculate one. 
  • 6 to 12 months of on-time payments: A score forms from your record, and on-time payments push it up. 
  • A year or more of clean history: You have a record that lenders can assess with confidence. 
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How do you build a credit record from zero?

The steps are simple, but they need to be followed every month for the score to form well. For a fresher starting with no credit:

  • Get a credit card, or a card against a fixed deposit: This opens a credit record in your name. If a bank will not issue an ordinary card, a card against a fixed deposit works the same way, with the deposit setting the limit. 
  • Use it for 1 or 2 regular bills a month: A phone bill or a streaming subscription shows regular use without building a balance. 
  • Pay the full statement amount by the due date: Paying in full avoids interest and builds an on-time history, the factor that counts most for a fresher. 
  • Check your CIBIL report after 6 months: Confirm that a score has formed and that the account details are correct. 

Keep the balance low, ideally below 30% of the limit. A card used up to its limit hurts the record you are trying to build, even if you pay it off.

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Why does a small first loan work?

A first loan sized to your salary keeps the equated monthly instalment (EMI) low and the approval case simple. The lender takes less risk on a short record, and you take less risk on a budget that has not yet been tested by a full year of bills. A small loan repaid on time also adds a closed, clean account to your report, which helps with larger borrowing later. Borrow for a clear need and a short tenure, as a fresher, rather than the largest amount on offer.


Ananya's first loan

Ananya is 23, 10 months into her first job as a salaried software tester in Pune, earning Rs. 32,000 a month. She has used a credit card for a year, paid in full each month, and her CIBIL score is 712. As a fresher relocating for a new project, she borrowed Rs. 60,000 for a rental deposit and furniture at an illustrative 17.5% per annum and compared the EMI at 1 year and 18 months.


EMI = P × R × (1 + R)^N ÷ [(1 + R)^N − 1]. Here P = Rs. 60,000, R = 17.5 ÷ 1,200 and N = months.


TenureMonthly EMI (Rs.)Total interest (Rs.)EMI as share of salary (%)
12 months (1 year)5,4875,83817.1
18 months (1.5 years)3,8148,65311.9

Last updated: 26th October, 2026


Over 18 months she would pay Rs. 1,673 less per EMI and Rs. 2,815 more interest. The processing fee caps at Rs. 2,478. Ananya chose 12 months to close her first loan within a year.


What can delay approval: a CIBIL score below 650 or existing EMIs that take up a large share of your income. Names or addresses that do not match across documents, and more than one loan application in the same month, can also slow it down.


A fresher with a need to fund? With a Bajaj Finance Personal Loan, you can borrow Rs. 40,000 to Rs. 75 lakh, subject to eligibility. Check your loan offer with your phone number and a one-time password (OTP) → apply online → receive funds within 24 hours* of approval.

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What are the criteria for a first loan?

As a fresher, check the criteria first. A Bajaj Finance Personal Loan asks that you meet the criteria listed below:


CriterionRequirement
NationalityIndian
Age21 years to 80 years.
Employed withPublic, private, or multinational companies (MNCs).
CIBIL Score650 or higher.
Customer profileSelf-employed or Salaried

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

Last updated: 26th October, 2026


Meeting these criteria does not guarantee approval, which depends on eligibility, verification and credit assessment. No collateral or guarantor is required.


You may need the following documents, subject to your profile and application:


Document categoryAccepted options
KYC proofAadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
Identity proofPAN card, Real-time image / photograph
Employment proofEmployee ID card, Letter of Allotment of Accommodation Issued by Employer
Income proofSalary slips — last 3 months, Bank account statements — last 3 months
OthersPension order, Utility bill, Phone bill, Piped gas bill, Property / Municipal tax receipt

Not every applicant needs every document. Confirm the final list of required personal loan documents during your application.

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What mistakes should you avoid in your first year?

Early habits set your record for years, and the slips that hurt a fresher most are the ones that look harmless:

  • Paying only the minimum on a card: The rest of the balance carries interest at card rates, and a growing balance raises your utilisation. Pay the full statement amount. 
  • Applying to 3 lenders after a refusal: For a fresher, each application adds a hard enquiry, so a refusal followed by a rush of applications makes the next one harder. Wait and fix the reason first. 
  • Buy-now-pay-later on every small purchase: Each plan can show as a separate credit account, and missed instalments are reported like any other. Keep credit to 1 or 2 accounts. 
  • Changing salary accounts each year: Lenders read your bank statements for salary credits, and a fresh account shows a short history. Keep salary in one account. 

A clean first year makes every later loan simpler and cheaper.

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What are the other ways to cover a first expense?

A loan is one route, and not always the right one for a fresher. Weigh these first:

  • Salary advance from your employer: It suits an amount under a month's pay, is recovered from your next salary and involves no credit check. 
  • Savings over 3 to 6 months: If the need can wait, saving costs nothing and keeps your record untouched. 
  • Card instalments on a single purchase: For one item, such as a laptop, an instalment plan on your card spreads the cost, but it covers only that purchase. 

Choose the option that keeps your first year's record clean and your monthly budget comfortable.

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Key offerings: 3 loan types

  • Flexi Hybrid Loan
  • Flexi Dropline Loan
  • Term Loan

  • Withdraw and prepay – no extra charges
    You can withdraw from your limit and prepay as many times as you want, without extra charges.

  • Instalment pattern
    You can pay interest-only EMIs for up to 36 months, after which, the EMI will consist of both, the principal and the interest. EMI is applicable only on the withdrawn amount.

  • Flexi facility charges
    Flexi facility charges applicable based on your loan amount.

  • Withdraw and prepay – no extra charges
    You can withdraw from your limit and prepay as many times as you want, without extra charges.

  • Instalment pattern
    Fixed EMIs that cover both the principal and interest on the loan amount you withdraw.

  • Flexi facility charges
    Flexi facility charges applicable based on your loan amount.

  • Amount disbursed in one go
    The entire loan amount is disbursed at the start.

  • Instalment pattern
    Fixed EMIs that cover both the principal and interest.

  • Flexi facility charges
    No Flexi facility charges.

Personal loan interest rate and applicable charges

Type of fee

Applicable charges

Rate of interest per annum

10% to 30.5% p.a.

Processing fees

Up to 4.13% of the loan amount (inclusive of applicable taxes).

Flexi Facility Charge

Term Loan – Not applicable

Flexi Loans –Up To Rs 1,999 To Up To Rs 18,999/- (Inclusive Of Applicable Taxes)

Will be deducted upfront from loan amount.

Bounce charges

Rs. 700 to Rs. 1,200/- per bounce

“Bounce charges” shall mean charges for (i) dishonor of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonor of payment mandate or non-registration of the payment mandate or any other reason.

Part-prepayment charges

Full Pre-payment:

  • Term Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount as on the date of full pre-payment

  • Flexi Term (Dropline) Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount, as on the date of full prepayment.

  • Flexi Hybrid Term Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount, as on the date of full prepayment.

Part Pre-payment

  • Up to 4.72% (Inclusive of applicable taxes) of the principal amount of Loan prepaid on the date of such part Pre-Payment.

  • Not Applicable for Flexi Term (Dropline) Loan and Flexi Hybrid Term Loan.

Penal charge

Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount.

Stamp duty (as per respective state)

Payable as per state laws and deducted upfront from loan amount.

Annual maintenance charges

Term Loan: Not applicable

Flexi Term (Dropline) Loan:

Up to 0.295% (Inclusive of applicable taxes) of the Dropline limit (as per the repayment schedule) on the date of levy of such charges.


Flexi Hybrid Term Loan:

Up to 0.472% (Inclusive Of Applicable Taxes) Of The Dropline Limit During Initial Tenure. Up to 0.295% (Inclusive Of Applicable Taxes) Of Dropline Limit During Subsequent Tenure

Credit guarantee scheme feeUp to 1.18% p.a. (pro-rated daily till 31st March) (inclusive of all applicable taxes) of the loan amount
Credit guarantee scheme renewal feeUp to 1.18% p.a. (inclusive of all applicable taxes) on the outstanding loan amount as on April 01 of the subsequent Financial Year.
*Renewal Fee to be collected only for 3 subsequent financial years.
 
**If the Remaining Tenure is less than 12 months, the CG Fee in subsequent years shall be charged prorated.

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Frequently asked questions

Eligibility

Borrowing well

Can a fresher get a personal loan?

Yes, if you meet the lender's criteria. You need a CIBIL score of 650 or higher for a Bajaj Finance Personal Loan, along with the age and nationality criteria. If you have no credit history, you have no score yet, so build one first with a credit card paid in full. Then apply as a fresher for a small amount.

In most cases, yes, as lenders use the score to judge how you are likely to repay. With no credit history, your report shows no score. A credit card or card against a fixed deposit, used lightly and paid in full for 6 to 12 months, builds the history a fresher needs.

It depends on your salary, existing EMIs and credit record. Keep the EMI to a modest share of your take-home pay, so rent and daily costs are covered. In this example, Ananya's 12-month EMI took 17% of her salary. Start small as a fresher, and repay on time to qualify for more later.

Lenders look at employment stability as well as salary. Employment with a public company, private company or multinational company is the usual basis. Completing probation and having salary credited to one account each month strengthen your case as a fresher. Keep your offer letter and confirmation letter ready, as they show how long you have been in the role.

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Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.
For customer support, call Personal Loan IVR: 7757 000 000