How Self-Employed Individuals Can Obtain a Personal Loan
Personal loans are an unsecured form of credit, popular for meeting immediate financial requirements. They provide flexibility and multiple purposes, making them ideal for weddings, home renovations, travel, and more. Moreover, personal loans can help build credit faster due to the inherent risk they entail as unsecured credit.
Eligibility Criteria for a Personal Loan for Self-Employed Individuals
If you are a self-employed person, understanding your eligibility for a personal loan is crucial. Here are the eligibility criteria:
Age and Income Requirements
Applicants must be between 22 to 58 years old. Monthly income of at least Rs.15,000 is required. Minimum one year of work experience is needed.Documents Required for Personal Loan Application
In addition to meeting the eligibility criteria, you will need to submit the following documents to apply for a personal loan:
Proof of identity such as Voter Card, Aadhaar Card, or PAN Card. Proof of residence like passport, driving license, voter ID, post-paid/landline bill, or utility bills (electricity, water, gas). Income documents, including salary slips for the last three months.Where to Apply for a Personal Loan
You can apply for a personal loan from a variety of sources, including banks and non-banking financial institutions. You can either apply online or visit your nearest branch.
How Does It Work?
The process typically involves filling out a personal loan application form, providing the required documents, and undergoing a credit check. Once approved, the loan amount will be disbursed to your account, and you can use it flexibly for various purposes.
Additional Tips for Self-Employed Individuals
When applying for a personal loan as a self-employed individual, it is beneficial to have a few extra documents handy:
Bank statements for the last three months, preferably from your salary account. Salary slips for the last three months. Income tax returns for the last three years with computation of income. Audited balance sheets and profit and loss accounts for the last three years, if available.Find the Best Deals with IndiaLends
IndiaLends is an online platform offering financial products and services, including personal loans, lines of credit, credit cards, and gold loans. We connect borrowers with lenders to provide the best deals. Currently, IndiaLends works with 50 partners, including major PSU and private sector banks, and NBFCs.
We offer low-interest rate personal loans to help you manage financial emergencies more smoothly. To get started, fill out the personal loan eligibility form. We will assist you in the best possible way to ensure you get the best deal for your needs.