personal loan

Facts You Need to Know about Personal Loan for Self Employed

Many of you will surely agree on the fact that when it comes to availing a personal loan, there is always one common query that bothers many. Well, as you all know that a personal loan is a type of unsecured credit facility, which means the lenders do not ask for any security or collateral from the applicant at the time of apply for personal loan.

However, being an unsecured loan, it is always in demand among borrowers as it is also easy and hassle-free to avail the same with fewer formalities. Moreover, as far as availing the same is concerned, there is no denying the fact that salaried individuals/applicants are always tension-free as most of the lenders offer personal loan online to them only. And, this is where a personal loan for self-employed comes into the picture.

For self-employed individuals, getting this unsecured credit facility is always a big concern as these applicants are always doubtful about the same.  Yes, because there are many lenders available in the marketplace which offer this sort of loan facility to salaried individuals only.

So, if you are someone who wants to apply for personal loan online and are self-employed by profession, this article is for you.That’s Right!  Today, in this article, we are going to let you know how a self-employed individual can also avail this unsecured loan and that too without any hassle. So, all you need to do is just read the article below…

Interest Rates: If we talk about the interest rates, at present, lenders are offering this unsecured credit facility at an attractive personal loan interest rate ranges between 10.99%-25% per annum. There are many lenders currently in the market, known for offering the credit at this competitive rate.

Eligibility Criteria: Next thing which is important for a self-employed applicant to know is his/her personal loan eligibility. At the time of offering the loan , lenders do have some eligibility norms for self-employed borrowers. So, for a hassle-free journey, it is crucial that an applicant should meet the criterias set by the lender. In general, the eligibility norms to avail a personal loan for a self-employed are as under:

  • The applicant should be an Indian resident.
  • The minimum age of a borrower should be 21 years at the time of availing the loan.
  • The maximum age of an individual should not be more than 60/65 years at the time of loan maturity.
  • One should have at least 2 years of job stability in the current business
  • Overall work experience should be 3 years
  • The minimum turnover or profit of an applicant should be according to lender’s requirements.

EMI (Equated Monthly Installments): Before you make your final decision for lowest personal loan interest rates, it is vital that you keep monthly installments in mind. One should be confident about EMIs and should always say yes to a loan, if the monthly installments are pocket-friendly. And, in order to make that happen, a personal loan EMI Calculator is here to help. This smart and efficient tool online allows you to know the exact calculations of your EMI and Interest Outgo in a hassle-free manner.

Credit/Cibil Score: Did you know that if your credit score is bad, you won’t be able to grab the lucrative deals of a personal loan. Before giving credit to the applicants, it is important for the lenders to check cibil score so as to know the credit and repayment history of the borrower. On maintaining a score of 700/750 out of 900 is considered to be a good score and helps you in getting the best deal.

And, now that we are talking about credit score, it is crucial that we should give you some more. When it comes to knowing your score better, an individual can anytime check cibil score online for free with the help of his/her PAN details. Yes, all you require is your PAN card details that you need to provide online so as to process your request further. In addition to this, you can also get your cibil report online in few simple steps.

So, by keeping the above points in mind, don’t hesitate to take a personal loan for self employed online to meet your multiple needs. 

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