In the current scenario, a personal loan or instant loan has become an essential aspect for most salaried and self-employed individuals in India. With an increase in the day-to-day expenses, the earnings of salaried and self-employed individuals often fall short when an emergency arises.
This is when an instant loan app can be availed to either accomplish your goals or meet emergency expenses. For example, if you are a self-employed individual experiencing a financial loss in business, taking an instant loan can be useful at this juncture to set a financial balance and save the business from sinking. An instant personal loan is a lifesaver in multiple situations.
Several instant loan apps are readily available on Google Play Store on your android phone. A series of instant cash loan apps are available, and explore some - HeroFinCorp, MoneyTap, mPokket, Indiabulls Dhani, Cashbean, and many more. The one that offers an affordable rate on simple eligibility criteria and minimum documentation with seamless features and benefits can be considered the
best loan app for self-employed individuals.
Features and benefits of the best instant loan app for self-employed
No Collateral
Instant loan is an unsecured type as there is no security involved against the loan, unlike a secured loan, which requires pledging your asset like gold or property against the loan.
Flexible repayment option
A tenure of 12-60 months is applicable to repay the
instant loan without delay. In addition, you get the chance to customize your EMI using the loan EMI calculator for an accurate evaluation of instalments.
Quick approval
Instant loan is a short-term loan designed explicitly for a speedy real-time approval loan once you have met the lender's eligibility criteria.
Fast disbursal
Instant personal loan ensures an instant disbursal within a business day. Direct disbursal is initiated in the borrower’s bank account.
Hassle-free and 100%paperless
Documents are an essential feature for getting a loan. Paperless documentation is a gift for self-employed and salaried individuals while applying for an instant loan. The paperless documents include the Aadhar card and PAN card as mandatory documents for verifying identity proof and address proof.
24x7 availability
Instant personal loan is an entirely digital platform, thus just a click away from your smartphone. You can apply for an instant loan anytime without visiting offline financial institutions and NBFCs.
Competitive Interest rate
Instant loan offers affordable interest rates for self-employed people based on their credit history. Suppose the individual has managed the existing loan sensibly and has a good relationship with the lender. As a result, the borrower may be offered an attractive interest rate with a pre-approved instant
personal loan, ensuring that your financial burden does not get too high.
Eligibility Criteria set by best instant loan app for self-employed
To get an instant loan for self-employed individuals, you must first meet the lender's requirement, which is as under:
- You must possess an Indian Nationality
- You must come under the age group between 21 – 58 years
- You must be earning a minimum gross income of Rs.15,000 per month. Lesser income may be the cause of loan rejection
- You must verify your banking details through internet banking or your debit card
- Work stability for self-employed, minimum of six months is mandatory
HeroFinCorp is one of the best
instant cash loan apps for salaried and self-employed individuals launched by Hero FinCorp. It offers a loan amount of up to Rs.3 lakh at an attractive interest rate of 25%* per annum. Self-employed individuals can utilize instant loans in the best possible way to sustain business growth and stability.
