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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.

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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.

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Quick Verification

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

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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.

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Security

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

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Affordable Interest Rates

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

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Instant Disbursal

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

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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:

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  • 1

    Install a personal loan app in your android phone through Google Play store.

  • 2

    Register using your email id or mobile number.

  • 3

    Fill in the loan application form, consider the mandatory fields.

  • 4

    Use the loan EMI calculator to derive a suitable EMI. Use the slider to flexibly change the variables.

  • 5

    Upload the loan pre-requisites – Aadhar Card, Mobile number linked to Aadhaar (for OTP), PAN Card and Bank account details

  • 6

    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

Frequently Asked Questions (FAQs)

A self-employed can get an instant loan starting from 50,000- 5 lakh for his/her start-up company, if the eligibility criteria meets the lender’s terms and policy. A personal loan for self-employed is mainly for expanding their business.
A self-employed individual should earn a minimum income of Rs.15000 in an age between 21 - 58 years, verify net banking and KYC documents, mandatory to get a 50k loan for self-employed.
"Hero FinCorp instant personal loan app" is the best loan app for self-employed people. This online loan app offers a comprehensive digital lending platform with flexible payments and a low monthly interest rate of 1.58 percent. With basic qualifying requirements, it has served 99 serving sites.
Yes, self-employed persons with a minimum earning of Rs.15000 per month are eligible for a personal loan online.
Yes, you can easily get a personal loan when you are self-employed. On verification of the salary per month accompanied with a bank statement, a personal loan for self-employed can be completed.
Self-employed individuals looking for a personal loan online can simply download an instant personal loan app for a quick loan approval, within 24 hours.
The loan amount for self-employed borrowers differs from lender to lender. The Hero FinCorp instant personal loan app guarantees a sum of Rs. 50, 000 to 5 lakh to self-employed individuals in India..
: Processing of self-employed personal loans is quick, thanks to the paperless documentation nowadays on instant loan apps. It depends on the verification process of the application form and documents submitted. Once approved, the loan amount gets disbursed in 2 days.
Personal loans for self-employed are approved on criteria such as age, monthly income, work experience, and current business stability. Individuals between 21 to 58 years of age with a minimum income of Rs.15,000/- can apply for a self-employed personal loan
Personal loans for self-employed are approved on criteria such as age, monthly income, work experience and current business stability. Individuals between 21 to 58 years of age with a minimum income of 15,000/- can apply for a personal loan.
Identity proof, address proof, proof of business and income proof are required. Keep ready your Aadhar Card, PAN Card, IT return papers and last 6months bank statement.
Processing of personal loan is quick, thanks to the paperless documentation nowadays on instant loan apps. It depends on the verification process of the application form and documents submitted. Once approved, the loan amount gets disbursed in 2 days.