Can I get a personal loan if I just started a job?

Asked by: Dejon Osinski  |  Last update: October 19, 2023
Score: 4.6/5 (31 votes)

Perhaps the most important factors that qualify an applicant for a loan are employment and income. Lenders value employment so much that you can qualify for a loan if you just started a new job or even if you only have an offer letter and haven't started yet.

How long do you have to be at your job to get a personal loan?

In a handful of cases, you might be required to work for your current employer for a certain amount of time — usually six months to a year. Other lenders like LendingPoint might require you to have a job for at least a year, regardless of where you worked.

What disqualifies you from getting a personal loan?

The most common reasons for rejection include a low credit score or bad credit history, a high debt-to-income ratio, unstable employment history, too low of income for the desired loan amount, or missing important information or paperwork within your application.

Which bank gives personal loan easily?

HDFC Bank customers can get Personal Loans with minimal or no documentation. In fact, if they are pre- approved for a Personal Loan, they can easily apply for it. Lower interest rates: Interest rates on Personal Loans are lower than other sources.

How much personal loan I can get on my salary?

In most cases, individuals are eligible for a personal loan amount of up to 30 times their monthly income. Additionally, to minimise the risk of default, lenders keep the EMIs of the loan to about 45-60% of your monthly income.

Personal Loans : How to Get a Personal Loan Without a Job

20 related questions found

Can you get a personal loan without proof of income?

If you don't have proof of income, you could ask someone with a reliable earnings history and good credit to co-sign with you. Be aware, though – co-signing on a loan program isn't just vouching for you. The co-signer is putting his or her name on the loan.

How do personal loans verify income?

Evidence of income may include recent tax returns, monthly bank statements, pay stubs and signed letters from employers; self-employed applicants can provide tax returns or bank deposits.

Can a unemployed person get a loan?

But, can you get a loan if you are unemployed and have no regular income? Yes, you can get a loan even without a job. Many lenders in India offer loans to applicants who do not have a job. Of course, the terms and conditions for such loans are different from loans than the loans provided to income earners.

Do personal loans contact employers?

Even if your loan is flagged for verification, lenders are extremely limited in what they can ask your employer or bank. From an employer, lenders are only allowed to ask if you are currently employed and your hire date. They aren't allowed to ask about your income or how well you're doing as an employee.

Do personal loan companies check your bank account?

Bank statements are just one of many factors lenders look at when you apply for a mortgage. Almost all areas of your personal finances will be under scrutiny; including your credit score and report, your existing debts, and any source of income you'll use to qualify for the loan.

Do banks call your employer for loans?

Yes, loan companies usually contact your employer during the application process to verify both your income and the date you started working. This is necessary because even though employment information does appear on your credit report, it may be out of date or incomplete.

Do I have to tell the bank what my personal loan is for?

For most lenders, you can use your personal loan for just about anything. Some lenders base your personal loan rate on your loan purpose, like LightStream mentioned above. Some lenders have restrictions on how you can use your loan.

How can I get an immediate personal loan without a job?

If you're applying for a personal loan without a job, lenders might still require proof of income. But it doesn't necessarily have to be income from an employer. So if you're wondering how to get a loan without a job, you might want to think about whether your alternative sources of income can support a loan payment.

How can I get personal loan without salary slip?

How to Get a Personal Loan Without a Salary Slip in India?
  1. Provide proof of an alternate source of income.
  2. Maintain a good CIBIL score.
  3. Offer collateral as security.
  4. Apply for the loan with a co-applicant.
  5. Maintain a good rapport with the lender.
  6. What are the documents required to get a personal loan without salary slip?

How can I get money urgently?

Need Money Urgently know 7 Ways to Get Instant Cash
  1. Borrow From Chit Fund. ...
  2. Get a Personal Loan. ...
  3. Take Loan from P2P Lending Platform. ...
  4. Cash in on Unwanted Clutter. ...
  5. Borrow Money From Friends or Family. ...
  6. Withdraw Cash From Your Credit Card. ...
  7. Sell your Gold or Stocks.

Do loans require pay stubs?

Answer provided by

Pay stubs are a normal part of getting a car loan because they fulfill the lender's requirement that you show proof of income. W-2s, 1099s, tax returns, and sometimes bank statements can count as proof of income. (Just ask your lender what they accept.)

Do you need pay stubs for a personal loan?

Proof of income

Many lenders have a minimum income requirement. If you fall below it, you won't qualify for a personal loan with that lender. If you're an employee, you can show your personal loan lender any of these documents: Pay stubs.

Can I get personal loan if my salary is 15000?

Personal loan has been commonly accepted by borrowers belonging to different salary slabs. Those earning a salary of Rs 15,000 belong to the starting range of a personal loan eligibility criteria. It means a minimum of 15,000 salary is mandatory to avail a personal loan.

Can I get personal loan if my salary is 12000?

So, if your salary is less than Rs. 12,000, assure the lender that you have other sources of income to repay your personal loan on time. However, ensure that you meet the rest of the eligibility parameters and submit the basic documents required to increase your chances of being approved for a personal loan.

What is the easiest loan to get approved for?

The easiest loans to get approved for would probably be payday loans, car title loans, pawnshop loans, and personal installment loans. These are all short-term cash solutions for bad credit borrowers in need. Many of these options are designed to help borrowers who need fast cash in times of need.

What are the 4 types of loans?

Types of secured loans
  • Home loan. Home loans are a secured mode of finance that give you the funds to buy or build the home of your choice. ...
  • Loan against property (LAP) ...
  • Loans against insurance policies. ...
  • Gold loans. ...
  • Loans against mutual funds and shares. ...
  • Loans against fixed deposits.

Can a 20 year old get a loan?

For young people, it can be difficult getting approved for a loan without a parent's co-signature, but it's not impossible. A bank's goal is to make money on a loan's interest payments and to determine whether or not loan applicants will be able to pay back their debt.

What is the eligibility criteria for personal loan?

You should be aged between 21 years and 67 years* You need to be a resident of India. You should be working for an MNC, private or a public limited company. You should have a minimum CIBIL score of 750.

Is it hard to qualify for a personal loan?

It's not hard to get a personal loan in general, but some personal loans are much more difficult to get than others. Unsecured personal loans often require a credit score of 660+, and some are only available to people with scores of 700+.