The complete process of every loan product was backbreaking and time-consuming too. In the traditional way of the loan process, borrowers had to visit from bank to bank, submit dozens of documents, meet stringent eligibilities, and wait days for disbursal. Taking personal loan into consideration, availing it has become more convenient and quick.
From salaried to self-employed individuals, everyone can seek a personal loan online easily. The terms and condition are different for salaried and self-employed individuals.
Self-employed individuals are categorized as below:
Self-employed professionals : Banks categories doctors, dentists, surgeons practicing from own clinics chartered accountant, architects, consultants, interior designers as Self Employed Professionals (SEP)
Self-employed non-professionals: Self Employed non-professionals are businesses which are not categorized under self-employed professionals and can be manufacturing, trading or services business enterprises, etc.
Let us find the easiest process of personal loan for self-employed borrower:
A self-employed individual can apply for a personal loan through various modes like
Online – Apply online on Banks or lending institutes website
Offline – Visit the bank and complete the application process.
Applying for a Personal loan online is a simple & hassle free process which is very convenient & time saving for the borrowers
Eligibility Criteria of personal loan for self-employed borrower:
1) Monthly income of the borrower. (Differs according to the location & Banks/NBFCs)
2) Financial Documents which depicts your income stability.
3) Duration of the self-employed individual in the business.
Required Documents for a personal loan:
1) Recent bank statements, audited financials, Tax returns and office lease agreement.
2) Some additional documents as per your profession.
3) Standard Documents (Address proof, Identity proof, etc.)
The disbursal period of the loan can be between 2-3 working days. Apart from quick disbursal, the borrower doesn’t need to visit any bank, he or she can submit the documents by uploading online. Self-employed individuals can use the borrowed amount for various purposes like business expansion plans, to pay a deposit of office place, furnish credit for working capital of the firm, or any other personal reason.