For a self-employed individual, getting personal loans from banking institutions can be difficult because banks need proof of reliable cash flow, a comprehensive business plan, and thriving business infrastructure. The lack of access to funds may cripple your plans to grow your business. However, it is not the case with the EarlySalary personal loan app; you can get up to Rs5 lakh with minimal documentation from EarlySalary, which is your one-stop destination for all your financial needs.
If you are self-employed and find it challenging to keep up with your business finances or looking to expand your business, then applying for an instant personal loan online is your best option. Now, applying for personal loans with low-interest rates is easier than ever with EarlySalary’s quick and easy loan disbursal options.
Benefit of personal loans for self-employed individuals
- Quick application process: The application process at EarlySalary is easy and fast. You can easily fill out the personal loan application from the comfort of your home rather than visiting the banks and standing in queues.
- Loan amount: As a self-employed individual, you can get up to Rs5 lakh for your business needs.
- Minimum documents required: You need to submit minimum documents for applying for the loan online, including a few basic income proofs, address proof, and photo identity proof.
- Flexible tenure: EarlySalary allows the self-employed individual to select the term of their loan from 90 days to 36 months.
- Fast disbursal: You can get the loan amount credited to your account within 24 hours with EarlySalary’s quick disbursal feature.
- Low-interest rates: The interest rates can come as low as Rs 6/per day.
Documents required for a personal loan
- Bank statements: You will need to submit the bank statements of the previous 3-6 months to the lender. The lender will then look into your transactions to determine whether you are eligible for the personal loan and will be able to repay the loan amount and personal loan interest.
- Photo identity proof: For photo identification, you can submit an aadhaar card, pan card, driver’s license, voter ID, or Passport. You have to submit any one of the documents for identification.
- Address proof: For address proof, you have the option to submit anyone from ration cards, Utility bills (Electricity bills, phone bills, etc.), pan card, aadhaar, voter ID.
- Tax paid: To show that you are a tax-paying resident of India, you will have to ITR for the past 2 years or form 16.
- Business proof: As a self-employed individual, you have to provide evidence of business existence by providing a certificate of incorporation, registration, or other necessary documents.
The personal loan eligibility criteria are as follows:
- You should be at least 21 years of age and not more than 55 years.
- Your income proof should reflect the minimum income requirement set by the lender.
- You should be a citizen of India.
- You should have all the necessary documents for the loan application.
Factors affecting personal loan eligibility
You need to consider a few factors before applying for a personal loan as a self-employed individual.
- Credit score: Your credit score is a crucial factor determining your eligibility for a personal loan as a self-employed person. The credit score shows your previous credit history, like previous loans and credit card payments. A high credit score means that you pay your credit dues timely. Lenders usually look at your credit score before proceeding with your loan application. If your credit score is low, it lowers your chances of getting your personal loan approved. Therefore, it is important to keep your credit score high to increase your chances of getting an instant personal loan online.
- Income: Another factor lenders will look into when applying for a personal loan as a self-employed individual is a stable income. The lender will only approve your loan after determining your capacity to repay the loan. You will have to provide documents highlighting your steady annual income to show that you will be able to repay the loan amount and personal loan interest rates.
- Existing liabilities: If you are repaying any existing loans such as home loans or education loans, the lender will go through all the monthly payments for these existing loans and then check whether you have adequate assets to repay the new personal loan along with the previous existing loans.
You may need extra funds to grow and expand your business in the market. But, with limited funds in hand, it becomes difficult to manage your business finances. Fortunately, you can always opt for an instant personal loan online with low interest rates and easy installments. However, make sure you consider the factors that can affect your loan eligibility before applying for a personal loan.
Feel free to get in touch with us for any questions on credit, loans, and your instant cash needs! We’re listening all day on:
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