I Have Just Joined My Job – How Do I Get a Personal Loan?

I Have Just Joined My Job – How Do I Get a Personal Loan?

Last Updated : July 15, 2020, 2:30 p.m.

You can get a personal loan even if you have joined a job recently. But many lenders won’t approve, there will be very few lenders that will provide you the loan. They will assess your eligibility based on the income you earn and the current obligations you have such as rent, school fees for children, etc.

But will it be worth applying for a personal loan when you have just joined your job? The reason why we are asking this is that one likes to be free of debt in the initial years of a job so that they can save maximum during this period. But if you need funds immediately and don’t have savings, apply for a personal loan and meet your needs. Read this post to know which bank offers you a personal loan when you have just started working and several other key details.

Apply Personal Loan @ 10.75%* Rate

ICICI Bank Fresher Funding Scheme

With the ICICI Bank Fresher Funding scheme, you can apply for a loan if you have just joined the job. You can borrow up to INR 1.5 lakh from ICICI Bank at an attractive interest rate of 10.75% - 19.00% per annum. No security or collateral is required to borrow a personal loan from ICICI Bank and you can apply for it if you are at least 21 years old. You just need to pay a processing fee and ID or income proof to ICICI Bank to get the loan amount. The loan is disbursed to your account quickly and you can use it for any financial needs like wedding, travel, medical emergency, etc.

Apply for a Personal Loan with a Co-signer

You can borrow a personal loan from a bank or NBFC with a co-signer which can be your parents, spouse or relatives. It helps you borrow money from the bank. And the co-signer will be liable to pay the borrowed amount if you are unable to do so. The eligibility criteria for a co-signer to apply for a personal loan are as follows-

  • The co-signer should have a regular income
  • His/her credit score must be strong
  • There are no liabilities currently with the co-signer

When you use a co-signer, make sure you understand the personal loan terms and conditions. When you are unable to pay, the co-signer will be notified to do the loan payment. But if you want your credit history to be strong, ensure you pay on time by maintaining discipline.

Apply for a Lower Loan Amount: Your loan would be approved quickly if the amount is Lower. This will ensure you can repay the loan on time. It will ensure there’s no risk associated with the loan.

Offer Security: Instead of borrowing an unsecured personal loan, you could borrow a secured loan by providing securities such as fixed deposits, life insurance, shares, mutual funds, etc. The interest rate of secured loans is lower compared to personal loans. So your needs are met and the loan is approved without any hassle.

Wait & Then Apply: Do you really need a loan for financial aid? If not then wait and don’t apply for a personal loan. Apply when you are a confirmed employee and have a work experience of 2-3 years. This way you boost the possibilities of a seamless approval for personal loans.


A personal loan feels better when you take it at the right time and not so when you apply randomly. As someone looking to find your feet in the corporate sphere, you should avoid taking a loan when you have just joined the job. Control your temptations that your peers may have. Spend wisely from your income and maintain good savings only to help you when faced with critical situations.

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