Diwali 2023: How can you brighten up your festival with help of personal loan
As people gear up to celebrate Diwali this year, many people are planning to take personal loans to pay for their celebration expenses. With the advent of so many fintech organizations including banks and non-banking financial companies (NBFCs) in this country willing to dole out loans for businesses, loan consolidation and subsequent repayment, or for paying miscellaneous expenses, availing of personal loans is not very difficult. It becomes easier with the internet offering multiple options to seek personal loans whenever needed.
Many people inquire if both salaried and self-employed people can seek personal loans and if there is any difference in the loan eligibility criteria or the extent of loan availability. Personal loans cater to not only those with regular salaried incomes but are also accessible to self-employed individuals. Though the qualification requirements for self-employed individuals might differ somewhat from those applicable to salaried individuals, securing a personal loan is entirely feasible if you possess a strong credit score and can furnish evidence of your income. Seeking personal loans is an experience different for salaried vs self-employed individuals.
Banks and NBFCs tend to favour lending to salaried individuals due to their stable income, which is seen as a lower credit risk. Many fintech organizations show strong affinity to salaried individuals employed in government, public sector units (PSUs), and multinational companies (MNCs) as preferred borrowers. This preference is primarily due to the factor of job security, as employees in these sectors typically enjoy stable and secure employment, reducing the likelihood of loan defaults. This employment stability is particularly appealing to
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