Are you self-employed and wondering how to avail a quick personal loan online? In India, 50% of the population is self-employed, and most of them require financial assistance to meet their personal needs. If you are one of them and thinking about whether you can avail of a loan or not, then the answer is yes. There are multiple lenders and NBFCs who offer instant personal loan for self-employed individuals at an attractive interest rate and flexible repayment tenure in order to fulfill their variable needs. If you are self-employed and looking for funds, then you can avail up to Rs. 15 Lakhs at Buddy Loan, interest rate starting from 11% p.a. However, there are multiple factors that you need to check before applying for a loan online.
Personal Loan For Self Employed – Check Eligibility Criteria
The eligibility criteria differ from lender to lender, check out the below criteria that are required to sanction of the personal loan:
- The applicant should be a citizen or resident of India
- The age of the applicant should be over 21 years
- The age of the current business should be for at least 2 or 3 years
- Should have a good credit score
- The applicant should have the proof of business existence and ITR file
Factors That Affect Availability of Personal Loan For Self Employed
- Credit Score: A credit report determines the creditworthiness of the applicant. So always make sure that you have a great credit score, above 750+. This factor plays an immense role in approving your loan application. Repaying your credit card bills and existing loan amounts on time assure your repayment capacity to the lenders. Hence, maintain the score throughout the year to avail a loan quickly to meet the financial needs.
- Income With ITR: Another essential factor that determines your personal loan approval is your income. Also, lenders check your income tax returns as it shows your financial status. They will check for your profits and losses, balance sheets, and other income-related documents before approving your loan application. So, make sure you keep them ready before proceeding with your application.
- Business Continuity: Lenders will check for business continuity. So, if your business is 2 or 3 years old, then the chances of getting your loan approval become easier and simple.
How To Proceed For Personal Loan For Self Employed?
If you are self-employed and planning to get a personal loan, then the process is quite simple. Visit the website or download the app of Buddy Loan, fill up an online application form, and submit the below documents to get instant approval and quick disbursal.
- Identity Proof (PAN Card/Aadhaar Card/Voter ID/Passport)
- Residential Proof (PAN Card/Aadhaar Card)
- Proof of the existence of the business
- Business profit & loss details
- Bank statements
Once you submit the loan application, the team will evaluate your application and the documents provided by you. After a successful verification, the lender will sanction your loan amount and it will be credited to your account within 24-36 hours.
Are you self-employed and looking for a personal loan for your business expansion or to meet personal needs, then check out the above eligibility criteria and app