Just started a new job but need extra cash for settling down? A personal loan can help you with the extra cash flow that can help you settle down in a new city. It is difficult for a fresher to acquire a personal loan as most lenders are not willing to give loans to a new employee. Most lenders look at your past credit records along with your income stability before granting a loan. A new employee does not have a past record or income stability to be credit-worthy for a personal loan. It thus becomes a struggle for a fresher or new job professionals to get a loan from the banks or other NBFCs. Most NBFCs require your salary statement to determine your income stability and ability to repay the loan on time. We at Credy do not discriminate among our customers and believe everyone in need has the credibility to get a loan from us. We look at various other factors that will help us determine your creditworthiness even if you in a new job.
Thus you can take a loan for any expenses you might come across in your new job. You can choose to pay the approved personal loan amount in equal installments ranging from 3-12 months. We offer a very affordable rate of interest for our customers which makes it accessible for every individual even if you are a new employee. Lower rate of interest makes it easier to afford the overhead out of your salary without greatly effecting your monthly expense budget. The main reason why lenders ask for your salary statement is to determine your income flow. A consistent income flow allows lenders to have confidence in the individual with a loan. It means that the lender can check the income and expense pattern to determine if the EMI which will be levied on the individual is possible for him to bear or not. If your expenses do not leave you with enough cash in your account at the end of the month to pay the due EMI, a lender can deem you unfit for a loan. However, being a new employee or being in a new job your expense pattern does not represent your exact scenario. We thus have implemented various parameters apart from your income and expenses to come to the conclusion of giving you a personal loan or rejecting your application.
Who can take a personal loan from Credy?
You can avail a travel loan from Credy up to 1 lakh rupees if you fulfill the following requirements:
A personal loan application on Credy is easy and instant. You can know your eligibility straight from the website or the Android app. Once you send your application for a loan it is approved within minutes based on our methodology and team of experts. We do have one on one customer support that will help anyone will any problems regarding the application process or anything later on. Our team also considers each application individually which allows us to scrutinize each applicant based on their merit. In case your application is rejected or you face a challenge with any step in the application process, you can contact us to let us know your issue. We will look into the matter individually and provide you with proper resolution and let you know why exactly your application was rejected in the first place. This will help you keep the essential points in mind while applying for a loan in the future.
Why take a Personal Loan when you have a New Job?
A personal loan is affordable and approved without the need for collateral. It is thus accessible for freshers and new job professionals who are willing to take a loan but do not have collateral. A personal loan is an unsecured loan that is approved within minutes and you can receive the amount directly in your bank account without much hassle. A personal loan application process is easy and without the requirement of lengthy paperwork. To send a personal loan application you are not required to visit any office or branches. You can easily send a loan application sitting at the comfort of your home using a computer or even a smartphone. The process is simple and requires very little documentation to get approval for a personal loan.
The whole process is done online reducing the time needed for approval. You are required to submit a few personal identification documents along with some documents for your income and expenses. Based on the documents you submit and cross-checking of your credit history from the Credit Bureaus, your application is finally approved. Once approved we conduct physical verification of the submitted documents. You are not required to visit us or send us any physical document copies. Our field agents will visit you at your home and verify the documents that are submitted by you. After the physical verification process is completed you can expect the approved amount to be transferred to your bank account through wire transfer within hours.
Once the amount is received in your account you can use it for any purpose you may like. You can withdraw it from your account as usual without any restrictions. Thus it allows the flexibility and freedom to have some extra cash while you are on a new job or in a cash crunch situation. The amount you received as a loan can be later paid off in equal installments varying from 3-12 months based on your preference at interest rates as low as 1% per month. The affordability of a personal loan, as well as the ease of getting a personal loan, has made it a popular choice among new job professionals and freshers looking to settle down in a new city. It helps new job professionals with extra cash to tackle the initial expense one has to incur while moving cities for a new job or simply starting a new professional life based on your own earning. A personal loan is meant to come in handy while you need urgent cash or find yourself in a cash crunch situation. You must keep in mind that your debt paying habits will affect your credit score which in turn will determine your eligibility to get future loans.
A personal loan also helps you build a positive credit history if you pay your EMIs on time. It is an unsecured loan so you are not under much burden of having collaterals making it easier to afford a personal loan for a new job professional on a salary. A credit report ensures your future loan applications are approved quickly and you can get higher value loans once you get a respectable credit score accepted across banks and NBFCs. Most new job professionals get a credit card which is not a very effective way of taking credit. A personal loan when compared to a credit card is less of a burden and it has lower interest rates too. A credit card can affect your credit score negatively if you keep on swiping your card and forget to pay the dues on time. A credit card also incurs a higher rate of interest compared to a personal loan which can be availed for as low as 1% on Credy. Additionally, you can set up an auto-payment feature from your bank account that will ensure you are not late for your EMI and always pay your due on time. This will improve your credit score and help you get higher value loans and get extra benefits from lenders in the future.
The only thing to keep in mind while you are a new job professional is, overborrowing. It can greatly impact your credit and ability to get a loan when you actually need it. Delays in payment of EMIs and defaulting on a loan will make your credit report negative and repel lenders from giving you a loan. Having good credit behavior is respected across the industry and people following one are given extra benefits and discounts on their loan. Thus, ensure you never overborrow based on your income and salary. Keeping your expenses in check and only taking a loan when necessary makes it a good credit habit. It will help you in turn in your later life when you will need high-value loans like a housing loan from banks or NBFCs. Having a good credit history will get you a loan quicker and easier. On the other hand, a bad credit report will make it harder for you to get a loan in your need.
A personal loan for a new job professional thus makes sense as it is affordable, easy to acquire and does not need much documentation from a new job professional. A fresher is more likely to have no past salary information or expense pattern which is otherwise essential for a personal loan elsewhere. However, at Credy we do allow new job professionals to be eligible for a personal loan based on various other factors. It will not only help you in your cash crunch but also help you build a credit profile that can be referred back in the future before taking a loan.