Steps To Get A Personal Loan For If You Are Self-Employed
When talking about loans, we are often faced with doubts of how much interest would be charged, the time duration of repayment, the collateral, or if you would have to specify a reason for borrowing the amount. The tiresome documentation that might be required also sends chills down people’s spines. In case you are looking forward to borrowing instant cash for any financial needs, you must consider a personal loan. A personal loan is an unsecured debt that can be borrowed by submitting a few easily available documents.
This loan is available for a low-interest rate that is repayable within a shorter tenure. You need not submit collateral or even have a guarantor. You can apply for a personal loan online or offline and do not need to specify the reason for the same.
In this article, we will be looking at the nitty-gritties of borrowing a personal loan for the self-employed. In the present time, the youth is very much motivated to start up their own businesses and grow upon their ideas. A personal loan can be beneficial if you are looking forward to investing in your business idea or even looking to expand your existing business.
If you are self-employed and are considering the option of a personal loan, you have landed at the right place. In the further sections of this article, we will discuss personal loans for self-employed professionals, we will also share the eligibility criteria and steps to apply for personal loans for self-employed businesses and professionals.
Table Of Contents
- What is Loaney?
- What is a self-employed personal loan?
- Steps to get a personal loan for self-employed
- 5 tips to get an instant personal loan for self-employed
- Personal loan for self-employed- Loaney features
What Is Loaney And What Does It Do?
The entire world revolves online in the present day. You can find every product and service possible within a few clicks and not have to step out of your home. Banking and financial services have made their place in the online world offering convenient solutions to their customers from the comfort of their homes without any need for queuing up in long lines and waiting to find a simple solution to a minor issue.
Online platforms also offer personal loan lending services for hassle-free borrowing in times of need and emergency. There are a lot of platforms offering such services and you must be able to find the platform best for your needs and also protect yourself from any fraud.
One such trusted online platform for online personal loans for the self-employed is Loaney. Loaney offers a complete digital experience to its users from registration to the withdrawal of cash. The entire procedure is seamless and takes a few minutes. The website offers its clients a personal loan of up to Rs. 15,000 for a repayment tenure of around 2 months, within a few minutes.
All you need to do is fill up a form with your basic personal details, let the website review your information and have your loan approved. Loaney offers a low interest rate on personal loans for self-employed professionals and you can easily pay back the amounts within a set time period. You do not need any collateral or guarantor to have your loan approved. With easily available documents like your PAN card, Aadhar card, mobile number attached with a net banking account, and a picture of you, you can borrow a personal loan for your needs.
Loaney ensures that your details will be kept confidential and you do not need to specify the reason for applying for a personal loan for a self-employed business.
What Is A Self-Employed Personal Loan?
Having the required amount of money for your dream plan and business ideas can help you realize your dreams better and sooner while investing in a better future. A personal loan for self-employed professionals is a great way of having the required cash available instantly for any immediate needs of your business.
A personal loan for self-employed people is a collateral-free way to fund your business, expand it or invest in it. The loan is offered at low interest rates for a shorter time period and does not have to be applied for a specific purpose. A personal loan for a self-employed business can be used for any of the following:
- Expanding your existing small business
- Investing in your dream plan
- Buying new machinery for your business
- Invest in latest technology equipment
- Increase your working capital.
The features of a personal loan for a self-employed business can be listed as below:
- Simple Application Process: all you need is to fill in basic details about yourself and apply for a personal loan for self-employed.
- Short Repayment Tenures: The loan amount can be paid back with interest within a short duration of time while not leaving you with the constant anxiety of remembering a repayment schedule for long.
- Minimum Documentation: You will not need loads of documents to apply for a personal loan for the self-employed. All you need is some easily available documents and your bank account connected to your mobile number.
- No Need for a Collateral or Guarantor
- Quick Loan Disbursal
Steps To getting Personal Loan For The Self-Employed
Now that you know what a personal loan for the self-employed is, let us look at how to apply for a quick personal loan for the self-employed. While the procedure is seamless and easy and can be completed within a matter of few seconds, you must keep ready with you the following documents:
- Aadhar Card
- PAN Card
- A Passport size Photograph
- Bank Account with net banking, linked to your mobile number.
A lot of banks and loan providers ask for proof of income and their eligibility criteria include that you must have a verified source of income. In the case of self-employed, you can present other valid documents like proof of business existence or previously filed income tax returns.
Fortunately for self-employed users, Loaney doesn’t require you to present proof of income or any other documents that might be a trouble to arrange for. You can follow these few simple steps to get your personal loan for a self-employed business approved on Loaney:
- Fill out the application for using your basic personal information
- Wait for the site to review your details and verify the same
- Withdraw the loan amount disbursed to your bank account
With just a few clicks, you can have your required amount and use it as per your needs.
5 Tips To Get Instant Personal Loan For The Self-Employed
Let us now take a quick look at some important tips to consider to get your instant personal loan for self-employed without much chaos.
- A maintained CIBIL credit score of 750 or above can help you get your loan approved faster.
- A monthly income of at least 25-30k INR is a basic requirement to apply for a personal loan.
- You must be a citizen of India and at least 21 years old. Make sure the information you provide is genuine.
- The tenure for which your business has been making profits is also considered by a few personal loan lenders. Make sure, your business reports are up to date and accurate.
- You must carefully assess all the aspects of the loan before applying. Make sure the interest rates are low and you can easily repay the same within the specified duration.
Personal Loan For The Self-employed – Loaney’s Features
The following features make Loaney an outstanding choice to apply personal loan for self-employed:
- Fastest instant loan approval online at the lowest interest rates.
- Seamless digital procedure from start to end to ensure a convenient experience from the comfort of your home.
- Small loans are offered.
- No income proof, collateral, or guarantor is required.
- A trustworthy platform that keeps client information confidential. No hidden charges or expenses, complete transparency provided.
- A proper payment schedule is generated by the platform to avoid any worries on your end.
Before we conclude this article about personal loans for the self-employed, we have answered a few commonly asked questions to help you make an informed decision.
1. How do I prove my income if self-employed?
Income from a verified source is one of the major factors to be eligible for a personal loan. As a self-employed person, you can present documents like your previous income tax returns or proof of business existence. If you do not have a fixed income, your bank will provide you with a credit score to be assessed by your lender.
2. Are there any loans for the self-employed?
Self-employed professionals can apply for personal loans online and offline. Loaney is an online platform that offers easy personal loans for the self-employed.