What is the Personal Loan Eligibility Criteria for Self Employed Individuals?
If you’re a self employed individual and wondering if it is easy for you to get a personal loan. Well, you are at the right spot. This article will do the needful to give you all the information related to personal loans for self employed individuals. The need for a personal loan can crop up irrespective of the fact that whether you’re a salaried person or a self-employed one. This is because all our dreams and aspirations coincide. All of us want to have a bombastic wedding, best travel explorations, superb dining experiences, send our kids to the best B-schools and more so. Banks have personal loan options for both salaried and self-employed individuals. However, the eligibility criteria and the documentation procedure differ to a great extent for both these categories. Sticking to the title of this article, let’s check out the eligibility criteria pertaining to personal loan for self-employed Individuals. What are the Benefits for Self-Employed Individuals in case of Personal Loans? Collateral Free: Self-Employed individuals are entitled to collateral free loans like other salaried persons. This means that self-employed people can take hefty loan amount without pledging any security. Huge Loan Amounts: Some banks and NBFCs offer personal loan amounts upto INR 30 lakh to self-employed individuals. You can use this loan amount to finance all kinds of needs. Attractive Interest Rates: There are some banks and NBFCs who want to encourage self-employed individuals to take personal loans. This is the reason they offer a very low rate of interest so that the EMI payment is not much of a burden. The lowest rate you can bag on your personal loan is around 12%. No Restrictions: There is no restriction as to how you want the loan amount. You can use it for any of your needs. How Can Personal Loan for Self Employed Application Can Be Made?