As a business owner, you need funds immediately, with minimal documentation, processing time, and quick disbursal. Instant loans for self-employed serve as an excellent option for individuals to meet their immediate financial requirements. Owning or starting a business can be a huge responsibility while handling monetary needs. Taking financial assistance at the right time can prevent your savings for another major expenditure. Hence, instant loans for self-employed can be your monetary support that provides a helping hand during such crucial conditions . Now as an applicant you might think how can Instant loans for self-employed can be the support you need at the moment?” Well there’s exactly where this article is directing you.
A personal loan is a multi-purpose loan with various functions and zero restrictions on how you use your loan amount. You can use the funds for personal reasons, such as funding a family vacation or a wedding, etc. When availing of personal loans for self-employed or employed, you should always go for the most trusted and the best loan app for self employed. One such trusted third-party loan aggregator is Buddy Loan. Clear outstanding debts & avail of a new personal loan for real travel benefits. Finance at the right time can help you with emergency fund requirements. Buddy Loan aggregates the best lenders to facilitate an individual loan request. Avail of a personal loan at low interest rates starting at 11.99% pa.
Buddy Loan is one of the most trusted and best loan apps for the self-employed. It is very user-friendly, providing the most affordable interest rates. But you can avail personal loan not only for your business purpose but for various other purposes, which are vividly discussed below.
Personal Loan For The Best Travel Support
Traveling for the light-hearted is now easy with quick online personal loans.Since you can swipe a card and get away with the travel expenses, reconsider this. The interest rates on credit cards are usually high. At the same time, a personal loan helps you save a lot more. It is easy, seamless & convenient with its 100% online process with minimal documentation.
A personal loan can help you travel smart. Road trips can elevate our boredom & instill a sense of belonging or purpose. Pre-plan your journey & getting the required essentials for the road trip via personal loan can be a great option. Make a short loan journey to support a long-awaited trip. Financially, a high-value instant personal loan can help you achieve freedom from medical emergencies.
Personal loan for your dream wedding
When planning a wedding, you want to arrange it in the best way possible. Organizing a wedding can be very expensive, and your savings might need more. A wedding cost typically includes decor, accommodation, food, etc. Hence, to prevent yourself from going out of cash at the wrong time, it is also susceptible to getting a personal loan to be prepared beforehand.
When it comes to availing yourself, there are multiple that you can help with a loan, which is discussed further in the article. However, if you are self-employed, Buddy Loan is the best personal loan app for self-employed. But if you are self – employed can also avail of quick personal loans simultaneously fulfilling the eligibility criteria.
Personal loan for your medical expenses
For either a self-employed or employed individual, medical emergencies can occur without any prior notice. Sometimes, a sudden medical emergency can be a sudden hospitalization that can include bill payments or even surgeries. Hence, you may be financially prepared for all these costs suddenly, and you might run out of funds. As a self-employed individual availing personal loan as assistance can be the best idea. And when it comes to personal loans, Buddy Loan is the best personal loan app for self-employed people. You can also get benefits while borrowing personal loans for self-employed without proof of income.
Hence, this is how personal loan is a multifaceted financial service that provides you fund coverage for any financial crunch. However, this is not the only benefit of borrowing instant personal loans; there are other features and benefits as well, which the article has vividly discussed in the next section.
Features of Personal Loan for Self-Employed:
When it comes to applying for personal loans for the self-employed, the internet is filled with all kinds of options. But when there are concerns about instant loan for self-employed, that too for utmost security, you should always go for the best loan app for self-employed. One such app is Buddy Loan as they provide you with loans from the most trusted lenders in the country. A personal loan via Buddy Loan is free of collateral, and there is no need to pledge on the asset guarantee to get a personal loan instant approval.
Online Personal Loan
It has an easy application process to get an instant personal loan. The applicant can repay the loan through EMIs over the tenure from 6 months to 5 years. Hence, when it comes to applying for personal loan the online availing procedure tends to be the most convenient one as it saves a lot of your time and energy.
Collateral-Free Instant Personal Loan
A personal loan can be availed easily as there is no need for the applicant to provide any collateral as a surety for applying for an loan.However, if the applicant has a good credit score, then there are high chances of getting a personal loan at a lower interest. The process gets easier and faster with minimal documentation.
Flexible Loan Tenure
The applicant can borrow up a right from a amount around 10,000 upto around Rs 15 lakhs as and then repay the loan amount through the EMI options over a tenure from 6 months to 60 months.Inorder, to attain such flexible tenure period you should have a good credit history.
High Approval Rates
Personal loan as a financial facility has a high approval rate as it doesn’t ask for any kind of collateral. Hence there is a better approval rate by getting the necessary documents up to date. As a result, the minimal and hassle-free documentation can ease and make the personal loan availing journey a smooth one. Usually it takes 48 hours for a personal loan to get disbursed, but it also depends upon the eligibility criteria that you as an applicant have to follow diligently. The expected time for the disbursement of the loan can be even lesser. Hence, applying for instant loans is never that difficult and time-consuming anymore.
Better Interest Rates
Personal loans are disbursed starting with a lower interest rate. And if you have a good credit history, it can be availed at lower interest rates that means that you can avail of a loan instantly. However, the banks might charge fixed rates or variable rates on personal loans.
Safety Of Your Loan
By law, the applicant’s information is held confidential , and the information is accessible mostly to the lender. Hence, that is why when as an applicant you plan to avail a personal loan online you should ensure that you have signed up with a trusted source. One such source is Buddy Loan, as a third party loan aggregator Buddy Loan instantly disburses personal loans to applicants loans instantly by setting safety as utmost priority.
How can these features benefit you ?
Now that you know the features that you can get if you apply for a personal loan, let’s understand what are the benefits you can get if you apply for instant personal loan for self employed online. Listed below are the benefits of instant loan for self employed:
- Self-employed professionals and self-employed – Individuals can avail a personal loan from a reputed lender in a hassle-free manner.
- The interest rates provided by the lenders – The interest rates can differ among various lenders.
- Instant personal loan for self employed – You can apply for an instant personal loan through an online portal.
- Availing instant loans for self employed can help the borrower to handle their business-related expenditures.
- The major benefit of an instant loan for self employed is that you won’t be required to provide any collateral, security, or guarantor required to avail of personal loans.
- The Instant personal loan for self employed application process is hassle-free.
- In a personal loan availing process transparency is guaranteed by most lenders.
- Banks offer additional benefits like personal accident insurance with the loan.
Also Read: 5 Reasons to Take Personal Loans For Self-employed
Major Points Before Applying for a Personal Loan As Self-Employed
As a self employed individual you might want better equipment for your business to grow quickly in this competitive market . Hence, that’s the time personal loan for the self employed comes as a support to help you fulfill your need of funds.There are a number of lenders, currently, offer personal loans to both salaried and self-employed individuals. If you are looking to take an instant personal loan for self employed, make sure to consider these following points:
Lenders may have varied eligibility criteria with regard to the income, age, business stability, etc., of the applicant. Your application will be considered only if you have ensured to meet your lenders eligibility criteria.
Credit score is one of the primary factors that is taken into consideration by lenders when deciding if they should approve your loan application or not. Self-employed professionals may not have a steady source of income, the concerned individual’s credit score is an indication of their repayment capacity and creditworthiness.
Interest rate charged for personal loans is not standardized across lenders. It is best to compare the interest rates charged by various lenders before availing of a personal loan. Hence opt for a loan for which the interest rate is not too high, provided the other terms and conditions of the loan as well.
Lenders may levy a number of other costs such as the processing fee, pre-payment charges, payment dishonor fee, loan rescheduling charges, penal charges, legal charges, etc. Hene, these charges will increase the cost of your personal loan. So, compare it and make sure to also analyze the other costs levied by respective lenders.
If you are in a good stead with your lender that for you it gets easier to apply for a personal loan. Having an existing relationship with the lender, will make the lender charge you a lower interest. Thus, if you have a savings bank account, make sure to check if your bank is ready to provide you more favorable terms than other lenders.
It is vital that you don’t borrow more than what you require. Also you shouldn’t go for a loan amount that is below your requirement as you might not be able to apply for another loan soon after the first loan amount is disbursed. Hence, making sure that you carefully assess your financial requirements before opting for a particular loan amount.
Given that you may not earn a steady source of income, it is vital that you consider your repayment capacity before applying for a personal loan. The repayment for most personal loans is done through Equated Monthly Installments (EMIs). Thus, you should ensure that you have the required funds to pay the EMIs as per schedule.
How to Apply for a Personal Loan for Self – Employed?
If you need fund coverage to meet your personal requirements you can avail of a personal loan. As a self-employed individual, you can choose a personal loan as a financial service because of the benefits mentioned above. However, you can also get your loan availed from a third-party financial service or an app. But if you have planned to avail of a personal loan online that you have log in to the most trusted and best loan app for self employed.
In order to apply online, you have to provide certain data and check your eligibility. After this, you will have to proceed to apply for a personal loan through an online trusted lender’s website. In order to apply for an online application form on the website, you will have to fill up and submit it online.
Now after you have applied for the loan you can navigate the respective website, by comparing various loans checking your eligibility and applying for a loan of your choosing online. Under any case, all these documents can be submitted online, making the transaction completely paperless. However, before applying for any instant personal loan for self employed please make sure that you remember the points mentioned below;
- Find the need for your loan plan best suited for you
- Research to get a better understanding of the interest rate
- Monitor your credit history and your credit score.
- Ensure that all your documents are error-free.
- Repayment tenure only after you determine your repayment ability.
- Interest rate that falls under your budget.
- Loan amount as per your requirement
- Check your EMIs properly and repayment rate.
- Analyze the processing fee with various lenders before choosing the loan.
Also Read: Need Instant Cash Loan In India In 1 Hour Without Documents? Find Out How To Get It
Eligibility Criteria for Self employed Personal Loan
To avail of a personal loan, self-employed individuals will need to meet the eligibility criteria listed below:
- You will have to be at least 22 years of age.
- At the time of the maturity of the loan, the applicant should not be more than 65 years.
- The minimum annual income of the individual should be Rs.4.8 lakh.
- An applicant should have at least 4 years of post-qualification work experience.
- Self-employed non-professionals should have a minimum turnover of Rs.40 lakh, while self-employed professionals should have a minimum turnover of Rs.15 lakh.
- Self-employed professionals should have a minimum profit after tax of Rs.2 lakh.
- The individual’s business should have been running for at least 5 years. This condition may be relaxed if the applicant is a doctor.
- Certain lenders may require applicants to have a relationship with them before applying for a loan.
Documents Required for Self-Employed Loan
When applying for a personal loan, you will need to submit certain documents along with your loan application. If you follow the documentation procedure diligently that you can get your loan amount disbursed at the earliest.The documents that are commonly requested by banks and financial institutions in the country along with personal loan applications are as follows:
- Proof of identity: Applicants can submit their driving license, passport, voters ID, PAN card, etc.
- Address proof: Applicants can submit their utility bills, ration cards, license and leave the agreement, valid passport, sales tax certificate, etc.
- Bank statements of the applicant’s current account of the last 6 months
- Proof of qualification (highest professional degree will have to be submitted)
- Income tax returns of the last 2 years with computation of income
- Profession continuity proof
- Proof of age
- Address proof of the applicant’s office
Also Read: Personal Loan Eligibility: What You Need To Know?
Prevent Rejection of Personal Loan Applications, here’s how?
There are many factors that decide your approval of a personal loan application. So when you apply for a loan, you must ensure that you meet all the requirements so that you can get your loan approved quickly. These criteria mainly include the age of the applicant, his or her income, credit score, the status of employment, and so on.
How to Check Personal Loan Status?
You can check your personal loan using two modes: online and offline through which you can track your loan application status.
- First, log in to the official website of the bank where you have applied for a personal loan.
- Enter the application number or reference number which you receive after applying for the loan.
- On the other hand, if you have applied for a personal loan using a third-party aggregator website such as Buddy Loan, you can just log in to the web portal and track the status of your application easily.
- If you want to check the status of your loan application form offline, you have to visit the branch office of your lender.
- On the other hand, you can also contact your lender through their helpline or customer care number.
- For both these methods, you have to provide a few basic information such as your name and application number or reference number.
Things to do After You Close Your Personal Loan
Now after you have paid off your entire personal loan , you might think that your responsibility towards the loan is over. However, there are a few things that you must do after you pay off your personal loan. And here are those points listed.
No Dues Certificate:
Lenders issue the No Dues Certificate (NDC) after you pay off all the debt. So it is one of the most essential documents that you have to collect immediately after you repay your loan successfully . This certificate shows the repayment that you have made throughout your loan tenure. And if you are paying using a cheque or NEFT or other means, the lender will give you the NDC and will either send it to your address or will ask you to collect it in person from the branch office of the lender.
Statement of Account:
The Statement of Account or SoA, shows that you have completed paying debts and have paid the same within the stipulated time. And this is an optional document given by certain lenders. Also, you should check for any sorts of discrepancies in your credit score. And if you find anything wrong, you can use this SoA to make necessary changes to it.
Collection of cheques:
Cheque which you have not used, you can collect those as well. Hence, collecting your unused cheque, usually, marks the end of your closure for your loan.
Check your credit score after you close the loan:
Last but not the least , this is an option that is not compulsory but if you follow it , it can turn out to be better for you. As it will ensure a successful closure of the process ends. Also, suggested you can check your credit score to ensure there are no differences in the score.
Also Read: Travel Loan Benefits: Tax Deduction, CIBIL Score & EMI
Now that you know the procedure to avail Personal loan for self-employed it is absolute hassle-free, you apply for the same online. Hence, in order to make the loan journey even more smoother you can apply for a personal loan Buddy Loan App. Buddy Loan being the most trusted third party aggregator provides you loans under the most trusted lender. Hence, apply for your instant personal loan for self employed now! Click Here.
Do you have any queries? and to know more about personal loan for self employed mail us [email protected].