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How Does Your Career Graph Affect Your Loan Eligibility?

We all know that no lender or NBFC will ever offer you a loan if you have zero income. Your loan eligibility depends upon various factors. When it comes to availing of a personal loan, every minute detail of yours matters. 

A personal loan is an unsecured line of credit that any financial institution or NBFC can offer. It comes with attractive benefits. You can use your loan for any legitimate purpose without mentioning it to your lender. The best part is you do not need to mortgage your assets, as personal loans do not require collateral. 

As a result, it’s a high-risk situation for lenders. Your lender always wants to know your financial status and how much you can afford to pay your EMI. Like other loans, personal loan eligibility also depends on your career graph, employment history, monthly income, average monthly expenditures, and credit score. 

Job security and a healthy salary for the borrower are essential to be eligible for loans. You can surely be advantageous if you work for either the government/public sector or MNC. Your employer’s net worth and reputation in the market can also be considered while judging your eligibility. This information helps the lender believe you have enough financial capability to repay the debt. 

Loan Interest Rates

Personal loan interest rates are a crucial factor. You should research and verify the market rates before finalising the personal loan. Your loan period and rate of interest decide your loan amount. You can check our personal loan interest calculator to get some idea about your loan interest and EMI. It keeps changing in the market because of financial situations and government regulations. Depending on the lender, the range varies between 7.9% to 49% per year. 

Personal Loan Eligibility Factors 

Let us look into some important factors like your monthly income, employment history, all career graphs, and credit history that can affect your eligibility for getting a loan. 

Monthly Income

Monthly earnings are critical for any loan, including personal loans. Depending on the lender and the location, they need to ensure that you have sufficient monthly earnings to pay your EMI. 

Career Graph

Occupation is another differentiator for your loan eligibility since having a stable income is mandatory. Switching jobs too often can affect your loan eligibility. Many lenders prefer applicants employed in government and public sector organisations. Meanwhile, the importance of private multinational companies (MNC) has increased as more and more workforce in India is employed with global companies. So your career graph is one of the most critical factors for your loan eligibility. 

Employment History 

Individuals who have adequate work experience are considered to be more financially stable. For example, if you and your colleague are working in the same organisation for four years and one year, respectively, lenders will always prefer your profile, as it’s more suitable for a personal loan than your colleague. In some cases, you are eligible to apply for a personal loan only if you have worked for more than 2-years in your present organisation. 

Financial institutions also segregate job-providing companies. Many lenders classify companies, such as Super A and Super B, to further Cat A, Cat B, etc. Some NBFCs also have categories, like Platinum, Diamond, Gold, and Silver companies. So, it’s always beneficial for you if you are working in a highly ranked company. 

Present Liabilities

If you are already paying an existing house loan or vehicle loan and dealing with a noticeable amount of EMI every month, the lender would like to know about all these details. Based upon that, they will assess whether you can repay another debt or not. 

Credit Score

A credit score is a three-digit number generated by authorised organisations in India, depending upon your credit history. Most of the gaziantep escort bayan lenders rely upon CIBIL scores in India. It starts at 300 and ends at 900. A score of 700 and above is a good credit rating. It increases your chances of getting a personal loan if your CIBIL score exceeds 700. 


Your career graph and employment status immensely impact your eligibility for a personal loan. It determines your capability to make loan payments on time. So, ensure your career graph is in the correct direction to make you even more eligible for loans and credit lines. 

Also Read: Why you must prioritize clearing your debt?

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