Keywords: Personal Loan App for Self Employed, Insta Personal Loan
As a self-employed individual, managing finances becomes challenging. Unlike salaried people, self-employed individuals often face fluctuating incomes, making getting loans difficult. This is where the personal loan app for self-employed comes into the picture. Whether you need funds for business expansion, buying new equipment, or personal expenses, a personal loan can be the ideal solution.
In this article, we’ll explore why you should choose personal loans, the eligibility criteria and steps to apply for the loan.
Understanding the Personal Loans
Personal loans are loans designed to offer funds assistance to individuals for their various expenses, which they will repay in fixed instalments on a monthly basis. Personal loans are generally secured and unsecured. If a borrower chooses secured personal loans, they will have to pledge collateral security. On the other hand, in unsecured loans, no collateral is required by the lender.
Self-employed and business owners generally prefer taking personal loans and insta personal loans as there is no restriction on usage, and they can use funds for:
- Business expansion by investing in infrastructure and hiring employees.
- Manage cash flow by bridging the gap between receivables and payables.
- Paying high-interest debts with a low-interest loan.
Benefits of Choosing Personal Loans for Self-Employed Individuals
Here are some of the key benefits specifying why self-employed people choose to apply for a personal loan:
- No Collateral Required: One of the biggest advantages of personal loans is many lenders don’t require collateral as a security while granting a personal loan.
- Flexible Repayment Tenure: You can choose the repayment tenure that suits your situation the best.
- Minimal Documentation: Lenders allow users to make online applications by uploading basic and minimal documents.
- Quick Approvals: Online platforms offer insta personal loans to applicants who need funds urgently.
- Competitive Interest Rates: Many financial institutions and lenders offer personal loans at competitive rates, making it budget-friendly for everyone.
Eligibility and Documents Required
Let’s understand the eligibility criteria and documents required by self-employed individuals for personal loan applications:
Eligibility Criteria
- Age: Most lenders require the applicant to be between 21 and 65 years old.
- Nationality: The borrower must be a citizen of India.
- CIBIL Score: A good credit score of over 700 improves your chances of getting quick loan approvals.
- Business Stability: The business must be at least 2-3 years old.
Documents Required
- KYC Documents: Aadhar card, PAN card, Passport or Voter ID.
- Business Proof: GST Registration, Company Registration License or Business Registration.
- Income Proof: ITR, P&L Accounts, Financial Statements and Bank Statements.
- Proof of Office Address: Property Documents, Maintenance Bills or Electricity Bills.
Please Note: The eligibility criteria and documents required may vary depending on the personal loan app for self-employed. Please check the lender’s website for the same when applying for the loan.
Steps to Apply for a Personal Loan
Follow the steps mentioned below to successfully apply for a personal loan:
- Choose a trusted personal loan app for self-employed and download the same from the Google Play Store or the App Store.
- Create your account by providing the necessary information.
- Navigate to the loan application section and enter the necessary details.
- Upload the documents required by the lender.
- Double-check the information and submit the application.
- Once the application gets approved, the funds will be transferred to your bank account.
Final Thoughts
A personal loan can be a life-saver for a self-employed person, helping them easily manage their business-related expenses. When making an application, be sure to choose a reliable personal loan app for self-employed like Bajaj Finserv. It’s the most trusted and popular online platform that offers personal loans with zero collateral, competitive interest rates, and personalised deals for a hassle-free experience.
With careful planning and responsible borrowing, you can seamlessly manage to borrow funds and make the most of it.
