Personal loans offer a flexible repayment tenure feature to self-employed. Instant personal loan apps in India approve the loan in 60 seconds. The loan amounts are available with top-up options and are quick transfers to borrowers’ accounts.

Personal loans are available to the self-employed at short notice. Lenders approve a loan up to INR 45L within 24 hours. These are hassle-free unsecured loans—you don’t have to offer collateral. The lender will charge you interest but at lower rates.

You can use an instant loan for both your personal and business needs. The criteria are you should be a 21 years old self-employed person with an annual income that meets the bank’s requirements for eligibility purposes. The annual income should be from your minimum two-year-old business. All you need to submit are the relevant documents; Proof of address, income, business, and identification.

Use the instant personal loan app in India to get yourself a personal loan fast. Here are the benefits to help make your decision.

Benefits of Taking Personal Loan for Self Employed

Easy to Apply

You can obtain a personal loan without moving out of your premises in easy steps. Download and install an instant personal loan app or visit the lender’s official website and complete the application process. The apps are user-friendly, and the loan application is easy to fill up and submit. Do it from the comfort of your home or office to save you the trouble of personally visiting the lender and waiting for them to attend to you. 

I work as a double benefit for your business. Firstly it provides the necessary funds and gives you more time to concentrate on your business.

More Cash Advance

Finance is of utmost importance for the smooth running of a business. The current trying times saw the closedown of several enterprises because of the lack of timely funds.

Depending on your favorable credit score, lenders sanction a personal loan as low as INR 50,000 to a high of INR 40L.  

Not much of Paperwork

In the past, a loan application meant carrying a bulky file of documents to the bank or lender institution for submission. But now, self-employed individuals have to submit only a few necessary documents; Proof of address, identification, business, and income. 

Also, the option for online submission is available. You only need to scan the required document and submit it online.

Choose the Repayment Tenure

When the repayment tenure of the loan is longer, it works out more expensive. That is because you have to pay the interest on the loan for an extended period. 

Lenders allow the self-employed individual to choose a tenure for the personal loan. The choice is between 12 to 60 months. Depending on your repayment ability, you can choose the repayment tenure. 

Speedy Disbursal of Funds

Personal loans for self-employed are a great help in times of urgent and unforeseen financial needs. The lender transfers the funds within 3-5 working days directly to the borrower’s account.

Low-Interest Rates

Lenders charge a minimum interest rate of 10.5% on personal loans. It varies from one borrower to another based on certain factors; Credit score, borrower’s age, the profitability of the business, and your relationship with them.

Along with an excellent credit score, if your earnings are high and have a good standing with the lender, they may offer the loan at a much lower interest rate.

Conclusion

Instant personal loan apps in India are more beneficial for self-employed individuals. They offer the loan along with a line of credit or overdraft facility for ease of repayment. You can get an instant loan in the shortest time by applying through apps.