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An offer letter from your new employer and proof of your acceptance is often enough to be eligible for personal loan with a new job. Plus, if your new job is going to increase your income, you may even be able to qualify for a better interest rate on a personal loan.

From documents required to how to apply for a Personal Loan, we have all the angles covered: Step 1: Determine your requirement. Figure out why you need a Personal Loan and how much you need. ... Step 2: Check loan eligibility. ... Step 3: Calculate monthly instalments. ... Step 4: Approach the bank. ... Step 5: Submit documents.

For standard employment income, the lender will generally review the previous two years W2's and most recent 30 days of pay stubs to help guide in what income can be used for qualifying. This will be supplemented by a verification of employment form completed by the employer.

Personal loan eligibility: FAQ Many lenders typically require that you have a credit score of at least 600 and a debt-to-income (DTI) ratio no more than 35%.

Although it's possible to get a personal loan without a job, it's not a wise decision because you can put your financial health at risk if you can't afford the loan. Plus, it might be difficult to qualify, too. That's because a stable income history is typically one of the most important personal loan requirements.

For many applicants, this is as simple as sharing a copy of your pay stub, though self-employed or retired individuals might have to share additional information. Read: Best 0% APR Credit Cards. Proof of income may include pay stubs, employment letters or income tax returns, depending on your source of income.