Landing your first job is a big step towards financial independence. What’s more, it promises a better future, and you can do many things, such as get your first vehicle, opt for higher education, fulfil your dream of becoming an entrepreneur, etc. Since you may still have a long time before you save up a pool of funds, you needn’t put your aspirations on hold. With a monthly income flowing in, you can consider getting a loan since you can pay it back from your salary.
These loans primarily include:
- Personal Loans
- Education Loans
- Two-wheeler Loans
Read in detail about each here.
That said, getting a loan requires carefully considering a number of factors, such as the purpose of getting a loan, the amount you require, loan term, EMI, all the charges, foreclosure options and suchlike, including the negative impact of defaulting on repayments.
For instance, if you’re taking a relocation loan, you must consider:
- Your financial stability
- The lender's terms and conditions
- Future prospects at the job
- Relocation benefits
- Budgeting your cost of living
- Alternative options, such as borrowing from friends and family
- Future life goals
Beginning of a bright future
Your professional life is beginning, and you have many milestones to achieve. If one of these aspirations includes turning entrepreneur, these Government of India loan schemes are worth checking out:
- MSME Loan Scheme
- Loans by SIDBI
- Pradhan Mantri Mudra Yojana
- Stand-up India.
While considering any loan, make sure you also start building a strong credit score right away. Compound that with using your student loan effectively, if you have one, and you may pave the way for a strong financial future, for which the sky is the limit!
