NEWS & ADVICE : PERSONAL LOAN
Effect of employment on loan eligibility in India
By Vaibhav Aggarwal
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Employment is one of the major indicators of a person's credit profile. There are various factors that go into determining the eligibility for a loan like the age of the applicant, his educational status, monthly income, other loans that he has to repay, whether he owns a residence or lives as a tenant etc., but employment takes a priority over the rest.

A regular employment, with good income preferably at a trusted place like a government job, service in reputed public sector undertakings, well established MNC's, blue chip companies and other private limited companies on the bank's priority list, get preferential treatment while deciding the loan eligibility. 

Nature of the job
The nature of job viz. permanent, temporary or contractual also get due consideration while establishing loan eligibility. An individual who is comfortably placed and has a permanent employment is more likely to qualify for a loan and get better interest rates and other terms on his loan, than a person who has a temporary or contractual employment. In fact many banks have a strict lending policy and do not lend at all to persons without a permanent job.

Continuity in current employment
Continuity in the current employment is a major factor that goes towards making a person eligible for any loan product. Banks prefer borrowers with a consistent employment record, therefore they enforce a criteria for a minimum number of years in the current employment as a clause in their eligibility requirements. A person who has stuck with the same organization for the past 2-3 years will definitely get a faster loan approval and better interest rates than a job hopper who has changed 5 jobs in the last 4 years.

Total employment
If an individual has been employed for 5 or more years without a major break, banks see him as a good prospect to lend. The loan approval in this case can be very speedy and the best interest rates are reserved for him provided he's working at a reputed and trusted source. Contractual employees do not find favors with banks and financial institutions. In case the loan product in consideration is a secured loan like a car loan, banks do relent, provided the contractual employee meets the income and other eligibility requirements, because they have the car as the collateral or security. In case of unsecured loans like personal loans and high ticket loans of longer tenures like home loans, banks definitely shy away from those having contractual or temporary employment.

The secret to getting a quick approval lies in matching the credit profile of the loan product and the bank perfectly. Income, employment requirements, age, residence, education and other eligibility requirements should be met completely and care should be taken that correct documents required by the banks to establish the facts should be presented promptly.


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