Personal loan for freshers IT Employees  

Personal loan for fresher IT Employees

An individual maintains an excellent credit score, which reflects a positive payback history, and it is important for taking a loan from a bank or other financial institution. Lenders screen every individual by checking their credit score; if an individual meets the lender’s terms and conditions, they may be eligible for a personal loan.  

Is it possible to get a personal loan if you are fresher?  

Before applying for a loan, you must meet certain eligibility requirements.  

However, if you have recently started work, you may be able to take a loan, and there are a few financial online apps like Zap Money that will help you improve your credit score.  

In this blog, we will discuss the requirements for Taking a personal loan for fresher IT employees, as well as its benefits.

Freshers can receive a personal loan using the following methods:  

1. Unsecured personal loan:  

Usually, personal loans are unsecure, so individuals taking a personal loan must meet certain eligibility criteria like a credit score. However, a fresher IT employee can’t have a credit score.  

There are financial institutions that offer personal loans to new employees assuming they do not have a bank statement or the last three months’ salary slip, which the bank requires.  

In that instance, lenders consider freshers with jobs from reputable companies to be eligible for personal loans. However, an individual should refund the exact amount plus the additional interest charged by the lender.  

2. Personal Loan with a Co-signer :

Individuals can obtain a personal loan by co-signing. Banks and financial institutions allow this type of loan approval, but the cosigner must have a decent credit score and have consistent income.  

When you apply for a personal loan with a cosigner, any default on loan repayment should affect the cosigner. Before applying for a loan through a co-singer, learn the terms and conditions.  

3. Loan from employer or salary advance :

An early salary personal loan or salary advance allows employees to get a part of their money before their real payday. This policy promotes the procedure and is the most effective approach to getting money for short-term costs or emergencies. These loans are supplied by companies or some lenders without a lengthy application process, making them an excellent choice when you require cash quickly.  

Benefits of a personal loan:  

Offers flexibility:  

However, some loans, such as housing and auto loans, can only be used for specific objectives, but a personal loan can be used for anything, including debt management, business renovation, and wedding financing. Most financial organizations allow you to spend the funds for almost any personal, family, or household expense.  

Increase Credit Score:  

The objective of a personal loan is to manage any difficult situation in finance, but if you pay your payback on time, you might probably raise your credit score.  

Manage Debt:  

Personal loans help individuals manage debt by reducing multiple balances into one. An individual who maintains a high credit score is eligible for a fast personal loan. Zap Money provides quick personal loans to customers with good credit scores.  

Competitive Interest Rates:

The advantage of maintaining a high credit score allows an individual to obtain an instant personal loan with a lower interest rate. Personal loans typically offer lower interest rates than credit cards and payday loans.  

 Eligibility criteria for freshers to get a personal loan:  

Eligibility Criteria Banks NBFCs Peer-to-Peer Lending Secured Loan 
Age 21-60 years 21-65 years Varies 21-60 years 
Income Stable income source required Minimum income threshold (varies) Stable income source required Stable income source required 
Employment Permanent job preferred Permanent/temporary job accepted Employment details evaluated Employment details evaluated 
Credit History Required May be waived with collateral Evaluated, but not mandatory Not required with collateral 
Collateral Not required May be required Not required Required 
Co-applicant May be required May be required May be accepted May be accepted 
Documentation Extensive documentation required Documentation requirements vary Income proof, bank statements, etc. Collateral documents required  


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Hariharan Ravichandran

Understanding the ever-changing environment of money may be a difficult experience.I'm Hariharan, a seasoned finance explorer and blogger. I am right there with you, beginning on this journey of financial enlightenment as a fellow traveler.


The ZapMoney app makes personal finance easy, accessible, and affordable. The App is available on Google Play Store and App Store for download, allowing you to sign up and access easy personal loans. ZapMoney is powered by Monexo Fintech Private Limited which is a registered NBFC-P2P.
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