What Self-Employed Individuals Need to Know About Personal Loan Approval?

Self-employed individuals may face financial hurdles at times when the business suffers a downtime. This can be a tough time and you need funds to operate the daily functions effectively. For instant financial assistance, you can use a Self-employed Personal Loan.

Applicants can use mobile apps to apply for this loan and get access to money fast. To know more about this loan, check out this article where we will talk about how the loan benefits you and the steps to apply for it as a self-employed individual. 

Highlights of Personal Loans for Self-Employed

1. Generous Loan Amounts

If you are wondering what is the maximum amount that can be applied then please note that you get to apply for high amounts starting from Rs 50,000 up to Rs 5 Lakh. These large amounts ensure that you can use the money for a range of purposes. 

2. Fast and Digital Application Process

Consider applying from loan apps like the Hero Fincorp Instant Personal Loan App. With this loan app, self-employed individuals can quickly apply for a loan through their smartphone from anywhere, speeding up approval and disbursal times.

3. Competitive Interest Rates

The rate of interest for these loans are very competitive, and you can find it to be starting at 1.58% per month. Lenders like Hero FinCorp offer such interest rates on these loans to make them more budget-friendly for you. You can take advantage of this as it can reduce the overall loan repayment amount over time. 

Eligibility Criteria for Self-Employed Personal Loans

1. Age: Applicants need to be in the age bracket of 21 to 58 years. 

2. Business Vintage: You need to present a business that is steadily operating for a long time. Lenders consider it to approve loans quickly with better loan terms. 

3. Credit Score: Credit score is one of the most important aspects in determining loan approval. Try to present a credit score above 750 for the best loan terms. 

Understand the Loan Amount and Tenure

To apply for a loan, it is important to have clarity on the loan tenure and the amount that you can get. With loan apps like the Hero FinCorp Instant Loan App, you can easily apply for high loan amounts that range from Rs 50,000 to Rs 5 Lakh. Self-employed and salaried applicants can effectively use this amount for many purposes as needed.

Next comes the tenure, you can apply for flexible tenures that range from 12 to 36 months for every budget and preference. While the interest rates may vary, they generally depend on your credit score, income, business stability and previous credit repayment patterns.

How to Apply for a Personal Loan Using a Loan App?

• Download and install the loan app on your smartphone.

• Next, select your preferred loan amount (which can be up to Rs 5 lakh) and EMI as per your budget. 

• Provide some basic details like your name, income, purpose of loan, and PAN Card number.

• Complete the required KYC process.

• Give your bank account details so that amount can be disbursed directly. 

• Once approved, digitally sign the loan agreement. Read terms and conditions carefully and get the amount quickly.  

Conclusion 

Self-employed Personal Loans can help tackle your business expenses or personal costs with ease. The eligibility is very simple, and the lender needs only a few documents to approve the loan. The whole process can be done digitally using loan apps so that you can get the funds on time without visiting the lender's office frequently. 

With loan apps like the Hero Fincorp Instant Personal Loan App, applying for a loan has become more accessible and fast for self-employed individuals, making it easier to meet financial goals.