A personal loan is an efficient option for all kinds of consumers today. From salaried people to self-employed ones, procuring a personal loan aids in sufficing all types of financial requirements.
Even a few years back, self-employed personnel used to face a lot of hurdles getting a personal loan, owing to several constrictions. However, NBFCs have made it easier to take a personal loan for self employed.
To be true, being a multi-purpose loan, a personal loan can meet multiple requirements. Here are few generic reasons why self-employed individuals go for personal loans:
- Life often throws up situations, where you need to meet unexpected health expenses for self or family. In such cases, applying for a personal loan is the best way to cover up the costs.
- With a personal loan for self-employed person, entrepreneurs may plan for geographic expansion, without exhausting their liquid cash.
- One can also consider taking a personal loan for executing a perfect getaway.
- Moreover, a personal loan can cover home renovation expenses with easy EMI options.
- Businesspersons can seek for a personal loan to spend on their children’s higher education.
The list goes on. So it can be said, wearing the cape of a genie, a personal loan makes your wish its command!
Next, roll on directly to the benefits of personal loan for the self-employed people.
- Flexible repayment tenor
This is a unique feature offered by estimable NBFCs like Bajaj Finserv. It allows a borrower to repay a loan, as per the convenience of the borrower.
Additionally, Bajaj Finserv’s Flexi Loan facility further reduces EMIs by 45%. This happens as one needs to pay only the interest amount as EMI and can repay the principal amount at the end of the tenor.
- Unsecured is the new security
Yes! You read it right. A business owner may avail personal loan without mortgaging his asset. So, by up taking this collateral free loan, one has the opportunity to secure his peace of mind.
- Pre-approved offers
Existing Bajaj Finserv customers get access to tailor-made pre-approved schemes in real time.
- High financing amount
Owing to loan amount of up to Rs. 35 Lakh, personal loan for self-employed is apt to fund several business requirements.
- Easy online access
Gone are the days, when one has to spend several vital hours over applying for a loan. Today, with secure online access, self-employed individuals may enjoy hassle-free application of finance with just a few clicks.
- Invoice factoring option
Invoice factory is a super effective business funding solution for independent earners. Lenders provide invoice financing as a personal loan for self-employed business owner against the outstanding invoices receivable on his business.
Now audit the criteria and eligibility.
What is the eligibility for a personal loan for self-employed?
It requires a self-employed person to age between 22-55 years with a business vintage of minimum 3 years.
Secondly, it is mandated to file business Income Tax returns for at least a year before applying for a loan. Additionally, a borrower needs to present the former year’s turnover of his business appraised by a CA.
What is the rate of interest?
This multi-purpose loan comes with an attractive rate of interest without hindering the stability of income.
What are the documents necessary during the application process?
To get the loan sanctioned, one has to come up with following documents:
- KYC documents
- Credit history and bank account statement of last month
- Business address proof: certificate of business existence
- Significant financial documents
Lenders like Bajaj Finserv have made it way more convenient to apply for this multipurpose loan with their alluring offers. So, it is a proof, being self-employed is no more a barrier to obtaining a personal loan to meet the extra expenses.