I need a personal loan but will I be applicable?


I am a NRI working with merchant navy. The nature of my job is contractual and I am not on a 12 month payroll of my company. I need a personal loan but will I be applicable?


If your employment is under a contract basis and not as a regular company employee, your loan may not get approval. At the same time, loans of contract employees in India can be passed based on the nature of job and profile of the applicant. This is because chances of loan approval largely depend on the regularity of your income. Banks are taking an extra caution in case of NRIs, as they are not sure about their job continuity abroad. Therefore they do not want take a risk.


Hi Niharika,

Unless you have a regular income source, getting a Personal Loan might be tough. But you can check with your bank if they will provide you with a Personal Loan. If you have been a customer of your bank for long, they might consider your request. Some banks do provide pre-approved Personal Loans based on the customer’s savings account balance. Click here to check your eligibility for a Personal Loan.

BB Expert


It’s hard for people for taking personal loan while he is on contract basis or doesn’t have regular income. But some banks take an extra precaution to deal with NRI people for personal Loan. It’s better to try some fintech companies to apply for personal loan, Monexo is one such lending platform offers Instant personal loan online in India with lower interest rate.