If you are a self-employed you might be wondering whether you can get a Personal Loan.
Yes, you can get an instant personal loan for self employed
There are numerous situations when a personal loan comes in handy. For example, are you and your family arranging a trip abroad? Need a large sum of money to expand your business? Is there an unexpected medical emergency? In many such circumstances, an instant personal loan for self-employed is a life saver.
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What is the eligibility for a personal loan for self-employed?
In order to qualify for an instant personal loan for self employed, the bank may set a minimum income requirement that varies depending on the applicant’s location. You can easily obtain a personal loan if you are self-employed if you have financial records that demonstrate your revenue stability.
The bank could also demand a particular length of time in business from self-employed people. The eligibility criteria will differ from lender to lender. Following are some general eligibility criteria:
- Age requirement: At least 25 years of age and maximum 65 years of age.
- Minimum Profit After Tax: Rs. 2 lakhs for Proprietorship Firm/Self-employed Individuals and Rs. 1 lac for non-professionals.
- Stability: At least 2 years in current business.
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What documents are required to apply for an instant personal loan for self employed?
You will require additional documents in addition to the usual ones, like evidence of identification and address, to demonstrate the continuity of your business and consistent income.
These records may include tax returns, audited financial statements, most recent bank statements, and office lease agreements. Depending on the profession you perform and your organisational structure, you might need additional documentation.
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What is the interest rate of instant personal loan for self employed?
The interest rates of instant loans for self employed usually start at 9.50%. here are a few banks and NBFCs that provide loan to self employed individuals.
Banks/Lenders Interest Rate (p.a.) Loan amount Loan Tenure
Fullerton India 11.99% p.a. onwards Up to Rs.25 lakh Up to 60 months
Yes Bank 10.99% p.a. onwards Rs.1 lakh – Rs.40 lakh 1 year – 5 years
Kotak Mahindra Bank 10.25% onwards Up to Rs.20 lakh 1 year – 5 years
IndusInd Bank 11.00% p.a. onwards Rs.50,000 to Rs.15,00,000 1 year to 5 years
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Download The Money Club App To Save And Borrow Money Easily
Due to the uncertain nature of their income, self-employed individuals may sometimes have difficulty getting a loan. However, at Money Club you can get instant money that can be used for various purposes.
The Money Club offers a safe and secure mobile platform for P2P chit fund-based savings. Its community banking app aims to make saving, investing, and borrowing money more efficient. The Chit Funds Act, 1982 governs and regulates chit funds in India. It is a detailed act that covers all aspects of chit funds for the protection of both investors and the company. Furthermore, because it is a highly liquid instrument, it is a useful tool for raising funds in times of emergency. When you invest in chits, you earn a higher return than other financial intermediaries, and when you borrow, you pay less interest.
How to join The Money Club
- Download the Money Club app from Google Play Store
- Get screened
- Once you get screened, our match-making algorithm will invite you to a club with other verified members.
- Pool up money with verified members and bid for the pooled amount whenever you need a lumpsum amount.
Read: How Does The Money Club Mobile App Work? – The Money Club