An instant personal loan can give you a financial boost in your tough times. You may find yourself in financial trouble at times, whether you’re a salaried worker or self-employed. A loan is the best way to avoid unwelcome and unexpected emergencies. A personal loan with a low interest rate and quick approval could solve all your financial problems. It is easier for salaried employees to get personal loan approval, while it would be usually difficult for self-employed individuals to get personal loans. After submitting all required documents and completing all formalities, a self-employed individual can obtain a loan from a bank or trusted lender. Continue reading to learn more about how to apply for an instant personal loan.
Personal loan with income proof or documents
Loan approval is easier if you have proof of income. Lenders will approve loans for self-employed people who have all the required documents. To get an instant personal loan, make sure you review the eligibility criteria and all required documents.
Eligibility Criteria
- The borrower must be Indian citizen between the ages of 18 and 65.
- Annual turnover or profit must be at least 1 lakh, or as required by the lender
- The borrower must have been in the same company for at least three years.
Documents are required
- Proof of age – Birth certificate/passport/PAN card
- Proof of ID – Voter ID/Passport/Aadhar/PAN
- Photographs
- Documentation proving residence: Passport/utility bill
- Bank statement for the last 3 months
- Evidence of income – The most recent income tax return, balance sheet for the last 2 years, and profit/loss certificate
If you have any additional documents that the lender required, please check with them.
Rate of interest (ROI).
Rate of interest is dependent on many factors, including credit history and relationship between lender and borrower. The lender will calculate the ROI after you have submitted the documents. There are chances that your company will get a lower interest rate if it has a high turnover. Before you apply for a loan it is advisable to compare interest rates from different lenders. Then, choose the best one. Buddy Loan, India’s leading loan aggregator, offers loans at lower interest rates starting at 11.99% per annum
Instant Personal Loan without Income Proof
You can apply for a loan if you are self-employed but don’t have proof of income. If the borrower has a good relationship with the lender, this type of loan is known as a secured personal loan. It can offer lower interest rates. A great way to obtain a personal loan for a self-employed individual without proof of income is by asking family and friends to sign the loan application. If the applicant has good credit, it will be easier to get approved.
Wrapping up!
Self-employed people don’t need to worry about getting a loan quickly. Personal loans are great for everything, from paying off debt to renovating your home or traveling to exotic destinations. See the guidelines today, and then apply for a loan according to your convenience. Visit Our Website or Download Buddy Loan App to see more details.
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