Tips To Get A Personal Loan For Self Employed Without Financial Documents

If you are a self-employed professional, there will come a time when you will be in need of funds. Instead of borrowing from friends and family and paying a high-interest rate, it is ideal to apply for a personal loan. The loan serves many purposes and can help you in times of need. Whether you need funds to plan a wedding or renovate the home, you can use a personal loan for it. Here are a few tips to help get a personal loan for self employed without financial document.

1. Identify why you need funds

A personal loan helps meet several needs and there are no restrictions on the end-use of it. Hence, you can apply for a loan whenever you require funds. But you must identify where and how you intend to use the funds. You need to be clear about the amount you require and where you want to allocate it. This will help with the loan application.

2. Estimate the amount you need

It is advisable to spend time and estimate the exact amount you will need to fulfill the purpose. If you underestimate the amount, you may have to borrow from somewhere else and this will only increase the interest burden. Spend time identifying the exact amount you require before you make the loan application. You may want to speak to the contractor in case of a home renovation or the travel agent if you are borrowing for travel purposes. This will help make the right decision.

3. Consider the eligibility criteria

Now that you know the amount you require, it is important to compare the eligibility criteria of different lenders. If you are a self-employed professional, you need to be : • Aged between 21 to 58 years, • Employed for a minimum period of 6 months, • Have a minimum monthly income of Rs. 15,000 • Have the necessary documents.

4. Use EMI calculator

Remember to use the personal loan EMI calculator before you sign on the loan documents. The calculator is a useful tool and will help make the right borrowing decision. It requires you to provide the loan amount and tenure. Based on the same, you will see the EMI payable by you. Make a decision after using the calculator and remember that the EMI will be your monthly outflow.

5. Make online loan application

You may now proceed with the online loan application. Fill the online application form and submit the documents of identity proof, income proof, address proof, PAN Card and passport-sized photographs. Once everything is submitted, the loan application will be processed and approved in no time.

You need to remember that timely payment of the personal loan will help build a solid credit score and will also work in your favor when you apply for a loan in the future. The loan has low interest and flexible repayment tenure, making it the first choice of borrowers. If you are thinking about borrowing money from friends or family, consider a personal loan. There is a simple and straightforward application process for personal loan self-employed without financial documents. You are only required to provide proof of income and you do not need any other financial documents for the loan. If you have a constant source of income and your minimum income is Rs. 15,000, you can get the loan approved.

A personal loan is one of the most common and easiest forms of borrowing in the country today. There is no strict eligibility criteria or tedious documentation you need to provide. Simply follow the quick and hassle-free application process and get the loan approved.