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Loan for Self Employed

Self-employed individuals operate a business on their own will. It can be a start-up or a well-established firm functioning independently or supported by a professional team. Irrespective of the highs and lows in the journey of a self-employed, a personal loan is one financial service maintaining the cash flow and supporting business expansion. Working capital loan is one type of self-employed loan that proves to be useful in the daily functioning of the business.

Personal Loan for self-employed fulfils multiple purposes including expenses for vacations, wedding etc. Immediate expenses are also covered under personal loan 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 decided. A short-term loan of Rs. 15,000 to 1.5 lakh is ideal to meet daily expenditure for self-employed.

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Features and Benefits of Personal Loan for Self Employed

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 15,000 to 1,50,000 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.

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:

How to Apply for Education Loan
  • 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 for Self Employed

A self-employed borrower can benefit from personal loan with minimal documents:

  • 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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Accepted Banks:

ICICI BANK LTD HDFC BANK LTD AXIS BANK IDBI BANK STATE BANK OF INDIA PUNJAB NATIONAL BANK YES BANK INDUSIND BANK

EQUITAS SMALL FINANCE BANK LTD KOTAK MAHINDRA BANK LTD IDFC FIRST BANK LTD UJJIVAN SMALL FINANCE BANK LTD BANK OF BARODA TAMILNAD MERCANTILE BANK LTD INDIAN OVERSEAS BANK RBL BANK LTD BANK OF MAHARASHTRA DEUTSCHE BANK AG PAYTM PAYMENTS BANK LTD CITY UNION BANK LTD FEDERAL BANK SOUTH INDIAN BANK STANDARD CHARTERED BANK CANARA BANK KARNATAKA BANK LTD AU SMALL FINANCE BANK LTD CITI BANK BANDHAN BANK DHANALAXMI BANK UNION BANK OF INDIA DCB BANK LTD DBS BANK INDIA LTD THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD DEUTSCHE BANK JANA SMALL FINANCE BANK LTD UCO BANK

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