Personal loans for self employed individuals come with various features and benefits. You can use the money for personal obligations such as owning small/big businesses, medical emergencies, home renovation, Marriage, and travel.
Loans can be more helpful to make your dreams come true and meet a temporary financial need. Personal loans are pretty better than all other loans; it makes your life easier. You can use your loan amount in any way. You can shop for auspicious occasions coming home, You can go on vacation, and also buy things. Apply for a personal loan on nowofloan.com today for fulfilling your needs. Rest assured, nowofloan.com is a company that offers instant personal loans.
Advantages of Personal Loan for self employed
- Instant Loan approved of an amount up to INR 15 lakhs*
- Competitive and lowest interest rates
- Flexible repayment tenure - 12 to 60 months*
- Hassle-free and Quick documentation process
- Quick Online process & Instant loan disbursal
Loan eligibility for self employed
The required eligibility varies from bank to bank and NBFC. Mentioned below are the general eligibility criteria required for approval of the personal loan for the self employed:
- The applicant should be a resident of India.
- The minimum age of the applicant at the time of application should be more than 21 years.
- The applicant should have a stable income/profit earning to pay the installments.
The minimum turnover or profit of the applicant should be as per the requirements of the lender.
Documents required for the Loan
Here's the list of Documents, required from the applicant's side:
- Proof of ID - Aadhar Card / Passport / Voter ID / PAN Card.
- Proof of age - Aadhaar card / Birth Certificate / Passport.
- Proof of Residence - Aadhar Card / Passport / Utility Bill / Allocation Letter.
- Evidence of Business - Evidence of Shop Establishment License, MSME Registration, Company Registration.
- Evidence of Income - Last Income Tax Return (ITR) with the calculation of income, last 3 years balance sheet, and profit and loss certified by CA.
- Proof of signature verification - Passport / PAN card.
- Bank Statement of last 12 months / Bank passbook of last 12 months.
Things to keep in mind when applying for personal loans with different banks and NBFCs for the self employed.
View interest rates: Always compare interest rates offered by different banks and NBFCs to suit your individual needs.
installments / EMI: The next thing you should consider is the monthly EMI of loans provided by various banks and NBFCs.
Time for loan approval: Normally, a person, can get loan approval within two or three working days.
Turnaround time: Check and compare how much time the bank takes for processing and delivery? The duration of distribution is different in each bank.
Processing fee for the Loan: You might need to pay a one-time fee to the bank. Always compare the banks' processing fees and opt for the lowest one. Typically, the processing charge is between 0.50% - 2.50% of the loan amount.
Prepayment Fee: Generally, some banks charge you a prepayment fee, so you need to take that into consideration.
Loan Term: It is essential to look at the term offered by each bank. Depending on your preference, compare before you choose a term.
Features and benefits of personal loans for self employed.
- Lowest interest rate
- No collateral is required
- Transparency in loan processing
- Quick processing of loans
- Simple EMIs
- The loan amount can be used in any work