Personal Loan for Self Employed

Personal loan for self-employed is mainly taken to support business expansion, clear off debts or meet working capital requirements. Instant loan for self-employed is approved for both start-ups and well-established firms operating for years. Irrespective of the highs and lows in the commercial journey, a self-employed personal loan is one financial service maintaining the cash flow and supporting business expansion. A working capital loan is one type of self-employed loan that proves to be useful in the daily functioning of the business.

Personal Loans for self-employed fulfil multiple purposes including expenses for vacations, weddings, etc. Immediate expenses are also covered under personal loans such as paying medical bills, overheads, or unexpected repairs. Depending upon the owner’s financial history and business stability, the interest rate and loan sanction is confirmed. A self-employed personal loan of Rs.50,000 to 5 lakh is ideal to meet the daily expenditure for the business class individuals.

Instead of going bankrupt or suffering financial losses in business, it is better to apply for a self-employed personal loan. The approval is collateral-free and speedy with minimal documentation. The best way to apply for a self-employed personal loan is to download a reliable instant persona loan app such as HeroFinCorp.

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Features and Benefits of Personal Loan for Self Employed

Self-employed individuals are tech-savvy and spend most of their time working on their smart devices. So, whenever there is a financial shortage to manage business activities, it is advisable to download an instant loan app for self-employed on your smartphones and make the most of the loan approval facility in 24 hours. The user benefit lies in the easy personal loan process for self-employed, the document verification is also paperless. Borrowers need to enter their KYC details and submit income documents for verification.

Digital Loan Application

Physical loan application has shifted to digital instant loan apps. Borrowers can upload soft copies of mandatory documents or enter details given on KYC documents. This eliminates the hassles of personally visiting the branch for loan application.

Quick Verification

Verification of KYC details is mostly done in real time which speeds up the sanction and disbursal process, generally in 48hours.

Small Cash Loans

There are both small and big business needs for self-employed individuals. Small cash loan of minimum 50,000 to 5 lakh can be easily approved via instant loan apps, even if the borrower is new in the business.

Security

Company details, mandatory documents and income proofs are kept confidential to preserve the security of the borrowers.

Affordable Interest Rates

The interest rate is made competitive and reachable for self-employed individuals who urgently need funds for expanding a startup business.

Instant Disbursal

The loan gets disbursed directly into your bank account listed in any of the banks affiliated with the lender.

Automated Repayment

Self-employed individuals are involved in multiple tasks for successful operations. In the meantime, there are chances of missing EMIs and getting a low credit score. Hence, the auto debit option is a wise thing to choose when it’s about paying EMIs. This setting automatically debits the EMI amount every month on the approved date. It eliminates the chances of missed/delayed payments and maintains a good credit score.

How to Apply for Personal Loan for Self Employed

Starting a new venture or upgrading an existing business requires financial support. Personal loans for self-employed is easy to procure and can be quickly applied through the following steps:

Install a personal loan app in your android phone through Google Play store
Register using your email id or mobile number.
Fill in the loan application form, consider the mandatory fields
Use the loan EMI calculator to derive a suitable EMI. Use the slider to flexibly change the variables.
Upload the loan pre-requisites – Aadhar Card, Mobile number linked to Aadhaar (for OTP), PAN Card and Bank account details
On verification, the loan approval and disbursal are done within 48 hours

Eligibility Criteria and Documents for Self Employed

A personal loan for self-employed can benefit the applicant with minimal documents and simple eligibility criteria. The eligibility criteria for self-employed may vary from lender to lender.

1

You need to submit KYC documents that should include Identity and address proof (Aadhar card/Passport/Driving License)
2

Financial documents may include 6months bank statements or recent bank transactions, individual profile, photocopy and other important documents requested by the lender

3

Must be a citizen of India of at least 21 -58 years of age
4

Should possess a good credit score

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