I would like to apply for a personal loan of Rs 1 lakh. My monthly net salary is Rs 8,000. I have just started working, so I am not a taxpayer yet. What are my chances of my getting such a loan without having to pledge anything?
Preeti Mehra, Noida
A loan is a commercial transaction for a bank. Therefore, it is necessary that you have been filing your return, that you have a regular stable income, and are able to provide security for your loan. At present you are a high risk borrower, and it will be sometime before a bank can make you a personal loan. You may still be able to get a personal loan from non-banking finance companies, which may be willing to take the risk, but the interest rates can be quite high.
