2 days Ago By Moneycontrol
Lenders don’t just look at the credit score of the borrower, they also assess the job stability, salary and even the employer’s reputation before approving a loan application. In other words, your employment status directly impacts your personal loan eligibility , personal loan rates and personal loan EMIs. Does your employer matter when applying for a personal loan? Your employer plays a major role in determining your personal loan eligibility.
Lenders evaluate various aspects of your employment, such as: Employees of reputed and financially stable companies often receive better personal loan rates, higher loan amounts and more flexible repayment terms. On the other hand, those working for smaller companies or start-ups may need to meet additional requirements to secure a loan. Salaried employees, as well as self-employed professionals can access instant personal loans up to Rs 50 lakhs from eight lenders via the digital lending platform of Moneycontrol.
Loans start at as low as 10.5% per annum. Just fill in your details, verify your KYC and choose your EMI plan to receive funds directly in your bank account.
How does your job influence loan terms and interest rates? Since personal loans are unsecured, lenders conduct extensive checks to minimise their risk. Your employment status is a key criterion in this process. Here are a few employment-related factors that can affect your personal loan eligibility: Get Instant Loan Up To Rs.
50L How your employment status affects personal loan EMI Your employment status determines how much loan you can avail and the repayment terms. If you work for a financially stable employer and earn a steady income, you may qualify for a higher loan amount with lower EMIs. But if your job is unstable, lenders may either reduce your loan amount or offer a shorter tenure, increasing your monthly EMI burden.
Can self-employed individuals get a personal loan? Self-employed individuals can also apply for a personal loan, but the eligibility criteria may differ. Instead of salary slips, they must provide proof of business existence, profit and loss statements, and income tax returns for 2-3 years. Lenders assess their income consistency and financial stability before approving the loan.
Self-employed applicants with a strong financial profile can access personal loans at competitive rates. Your employment status significantly impacts your personal loan eligibility, affecting factors such as interest rates, loan tenure and personal loan EMI. If you are in need of quick funds, you can get an instant, 100% digital personal loan by accessing the Moneycontrol app.
Borrow up to Rs 50 lakhs in partnership with eight top lenders, with interest rates starting at just 10.5% per annum..
