Are you a self-employed person and want to know how fast you can get credit online. India has more than half of its population working for themselves. Many of these people need financial assistance to meet their needs. You can choose to apply for loans or not if you are one of these people. Many lenders and NBFCs offer quick personal loans for self-employed people at a reasonable interest rate and flexible repayment terms to suit their different needs. You can get cash if you’re self-employed and have cash needs. Buddy Loan 15 Lakhs, Interest rate starting at 11 per cent p.a. However, there are many things you should know before applying online for a loan.
Personal loan for self-employed – Find out the eligibility criteria
There are different eligibility requirements for lenders. Please review the following criteria to determine if you meet them to get a personal loan.
The applicant must be Indian citizen or a resident.
The applicant must be at least 21 years old.
Minimum 2 to 3 years should be the minimum duration of your current company.
You should have great credit scores
Documentation of the existence of the business and an ITR file should be provided by the applicant
Factors That Influence the Accessibility to Personal Loans for Self Employed
Credit score: The credit report can be used to assess the applicant’s credibility. You should have a credit score of at least 750. This will have a significant impact on the approval of your loan request. Your ability to repay the lender will be guaranteed if you pay off all your credit card debts and outstanding loan balances on time. To be able to get loans quickly, you need to maintain your credit score throughout the year.
Income with ITR: The amount of income you make will also affect your personal loan acceptance. Lenders will also review your tax returns to determine if they are revealing your financial situation. Before approving your loan request, they will review your earnings and losses along with balance sheets and other documents that relate to your income. Before you submit your application, make sure they are in order.
Business Continuity: Lenders will check for continuity of business. If your company is less than two years old, you have a better chance of being approved for a loan.
How do I apply for personal loans for self-employed?
The process is easy if you are self-employed and want to apply for personal loan. For immediate approval and fast disbursement, visit the Buddy Loan site.
Identity Evidence (PAN Card/Aadhaar/Passport/Passport)
Residential Proof (PAN Card/Aadhaar Card)
Evidence of the existence and operation of the company
Business profit & loss details
Statements from banks
Once you have submitted your credit application to the lender their loan team will review it along with any supporting documents. After a successful verification, the lender will approve your loan amount and transfer it to your credit card within 24hrs.
You are a self-employed person looking for an individual loans to expand your business, or to finance personal expenses? Check out the eligibility criteria to apply online for a loan!
