A instant
personal loan can give you a financial boost in your
tough times. Whether you are a salaried person or self-employed, at
certain times you may confront financial crunches. To save yourself from
unwanted and uninvited emergencies, nothing can be better than opting for a
loan. Yes, a quick & easy personal loan at a reasonable interest
rate could be the solution to all your monetary problems. Being a salaried
employee, it can be easier to get the loan approved showing the income proof,
but when it comes to a self-employed individual, people believe that it can be
difficult to get a loan sanctioned. This is not the truth as a self-employed
person can easily avail a loan from a trusted lender/bank after submitting the
necessary documents and fulfilling all the formalities. Read on to know more
about the process of applying for an instant personal loan.
Personal Loan With Documents or
Income Proof
Having
proof of income makes the process of loan approval easier. Lenders are willing
to give loans to self-employed individuals who have their documents ready.
Check out the personal loan eligibility criteria, required documents,
and other things to get an instant personal loan.
Eligibility Criteria:
● The
borrower should be a resident of India between the age 18 - 65 years
● The annual
turnover or profit has to be 1 lakh or as per the requirement of the lender
●
The borrower has to be in the same
business for at least 3 years or more
Documents Required:
● Proof of
age - Birth certificate/passport/PAN card
● Proof of
ID - Voter ID/Passport/Aadhar/PAN
● Photographs
● Proof of
residence - passport/utility bill
● Last 3
months bank statement
●
Proof of income - Latest income tax
return, the balance sheet of last 2 years, profit/loss certificate
Check
with the lender if you need to submit any other documents.
Rate of Interest (ROI):
The rate
of interest depends on various factors including the relationship between the
lender and borrower, credit history, and many more. After submitting the
documents, the lender will determine the ROI. If your company has got a huge
turn over then chances are there of getting a lower interest rate. It’s
always recommended before you apply for a loan, compare the interest rates
offered by different lenders and select the best one. Buddy Loan, India’s top
loan aggregator offers a loan at lower interest starting at 11.99% p.a.
Instant Personal Loan Without
Income Proof
If you
are self-employed and do not have any proof of income, then based on
collateral, you can get a loan. This type of loan is called secured personal
loans and can avail lower interest rates if the borrower has a better
relationship with the lender. Another great way to get a personal loan as a
self-employed with no proof of income is to ask family members or friends
to co-sign the loan application and if the person has a good credit score, then
it will be easier to get approved.
Wrapping Up!
You don’t
have to worry about getting a quick loan when you are self-employed. Right from
paying debt, traveling to a dream destination to renovating the home, a personal
loan comes in handy to fulfill all your needs in the best way. Check out
the norms today and according to the convenience, apply for a loan!
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