A personal loan can come to your rescue if you don’t have sufficient funds to meet any planned or unplanned expenditure. Some examples include going on vacation to an exotic destination, meeting the cost of your destination wedding, a sudden tour, an unexpected health emergency, and so on.
If you too are facing a cash crunch, or require urgent cash, then chances are that you must have deliberated on how to get a personal loan? Well, there is no doubt about the popularity and simplicity of this credit instrument. But do you know that getting a personal loan is contingent upon several key factors, including your employment status?
The Reason why Lending Institutions Consider your Employment Status
Merely deliberating on how to get a personal loan is never sufficient. You will have to fulfil the compulsory eligibility conditions. This includes being productively employed and having a regular source of income. Along with your work experience and annual income, a lending company will also consider the nature of your work, and the existing status of your employer.
The reason why lending institutions consider these factors is because of the fact that a personal loan is essentially an unsecured loan. You are not required to pledge any collateral. So the timely repayment of the personal loan is directly contingent upon your financial well being. If the nature of your employment is uncertain, then you can be categorised as a high-risk personal loan applicant.
Different Lenders have Different Employment Status Rules
To make the matter more exasperating, different lending institutions have different sets of employment and income rules, when it comes to approving a personal loan. Wondering, what is the way out? Read on.
Reaching Out to a Financial Partner to Meet your Diverse Financial Requirements
Approaching different lenders simultaneously, or comparing different plans by studying dozens of brochures is difficult and laborious. It is exactly here that a trusted and reliable financial partner or platform becomes your ally. Here, you can be linked with the best lending institutions in the country. You can compare different personal loan products according to your requirement, and select a loan, which is in sync with your eligibility conditions, including your employment status.
To make things simpler, you can also use simple and convenient online tools, like the personal loan eligibility calculator. This will help you to calculate the maximum eligibility amount of your personal loan. Why wait and remain stressed about how to get a personal loan? Use this calculator, and apply immediately for a personal loan!
Using the Online Personal Loan Eligibility Calculator
To calculate your eligibility, you are just required to provide a few details, like whether you are salaried or self-employed, your net monthly income and the monthly EMIs.
Other Variables in the Process of a Personal Loan Approval
Once you make a personal loan application, the credit institution will also consider other key variables such as your CIBIL score, city/ type of residence, and existing debt obligations.
The Bottom Line
Your employment status reveals your overall capability to repay the personal loan, besides underlining your financial potential to honour the scheduled EMIs. So, it remains among the prime considerations for all lending institutions. Before you zero in on a particular personal loan, do remember to compare the different aspects of personal loans, like interest rates and the flexibility in selecting repayment tenures. Remember, a trusted financial partner can help you make a decision about the personal loan, which suits you the best. Stop worrying about how to get a personal loan? Realise your financial aspirations, use the personal loan eligibility calculator and apply for a personal loan today!