Running a business helps you overcome the limitations of earning a monthly income. But it is an equally challenging job, which entails a host of responsibilities. It is also relatively risky as you can incur unexpected expenses at any given moment. In times like these, you cannot simply rely on your savings.
Instead, it is wise to opt for an Instant Personal Loan for self-employed individuals. It is a type of Personal Loan that caters to the needs of people who run their enterprises. Whether for business-related purposes or personal reasons, it provides the necessary financial assistance in times of emergency. Let us understand what it offers:
Swift eligibility check
Reputed lenders provide a list of eligibility requirements on their website or Banking app. You can go over the same quickly before you go ahead with the application process.
Paperless documentation process
If you take the digital route and apply for the Personal Loan online, you easily dodge extensive paperwork. All you need to do is follow the specified steps and submit documents to complete your KYC verification. The following are some of them for reference:
- Original photocopy of Aadhaar Card
- Original photocopy of PAN Card
- Salary slips for proof of income
- Your online Bank Account statements
Flexible & convenient Loan tenures
Repaying the Loan amount can seem intimidating. But if you choose a reliable lender, you enjoy flexible repayment tenures. For instance, some banks offer tenures ranging from 12 to 60 months, giving you ample time to repay the Loan and go debt-free.
Pre-approved offering
In some cases, banks offer a pre-approved facility. Under it, qualified individuals get the loan amount disbursed to their Bank Account instantly.
Competitive rates
In most cases, banks provide competitive rates to eligible applicants. This way, you do not have to endure a huge financial burden.
Loan repayment options
In most cases, you get Loan repayment options. You can choose and monitor the same online or through the app to repay the Instant Loan for self-employed individuals like yourself.
No collateral needed
Like any other form of Personal Loan, this type also does not mandate the submission of collateral. You only need to meet the eligibility requirements and follow the specified application process. The rest is taken care of by your lender.
Financial assistance
In times of financial emergencies, you usually have a host of expenses to tend to. There is no time for you to arrange funds and using your savings is not advisable. This is why it is wise to opt for a Personal Loan for self-employed individuals to avoid such occurrences.
Better Loan amount limits
Most banks offer Loans for self-employed individuals ranging from Rs. 25,000 to 5 lakh. Such availability gives you the liberty to choose according to your needs. However, it is best to check your eligibility before choosing an amount.
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