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Want to Know How Salaried Employees Can Get Instant Personal Loan
An instant personal loan can give you a financial boost in your tough times. Whether you are a salaried person or self-employed, at certain times you may confront financial crunches. To save yourself from unwanted and uninvited emergencies, nothing can be better than opting for a loan. Yes, a quick & easy personal loan at a reasonable interest rate could be the solution to all your monetary problems. Being a salaried employee, it can be easier to get the loan approved showing the income proof, but when it comes to a self-employed individual, people believe that it can be difficult to get a loan sanctioned. This is not the truth as a self-employed person can easily avail of a loan from a trusted lender/bank after submitting the necessary documents and fulfilling all the formalities. Read on to know more about the process of applying for an instant personal loan.

Personal Loan With Documents or Income Proof

Having proof of income makes the process of loan approval easier. Lenders are willing to give loans to self-employed individuals who have their documents ready. Check out the personal loan eligibility criteria, required documents, and other things to get an instant personal loan.

Eligibility Criteria:

The borrower should be a resident of India between the age 18 - 65 years
The annual turnover or profit has to be 1 lakh or as per the requirement of the lender
The borrower has to be in the same business for at least 3 years or more
Documents Required:

Proof of age - Birth certificate/passport/PAN card
Proof of ID - Voter ID/Passport/Aadhar/PAN
Proof of residence - passport/utility bill
Last 3 months bank statement
Proof of income - Latest income tax return, the balance sheet of last 2 years, profit/loss certificate
Check with the lender if you need to submit any other documents.

Rate of Interest (ROI):

The rate of interest depends on various factors including the relationship between the lender and borrower, credit history, and many more. After submitting the documents, the lender will determine the ROI. If your company has got a huge turn over then chances are there of getting a lower interest rate. It’s always recommended before you apply for a loan, compare the interest rates offered by different lenders and select the best one. Buddy Loan, India’s top loan aggregator offers a loan at lower interest starting at 11.99% p.a.

Instant Personal Loan Without Income Proof

If you are self-employed and do not have any proof of income, then based on collateral, you can get a loan. This type of loan is called a secured personal loan and can avail lower interest rates if the borrower has a better relationship with the lender. Another great way to get a personal loan as a salaried employee with no proof of income is to ask family members or friends to co-sign the loan application and if the person has a good credit score, then it will be easier to get approved.

Wrapping Up!

You don’t have to worry about getting a quick loan when you are self-employed. Right from paying debt, travelling to a dream destination to renovating the home, a personal loan comes in handy to fulfil all your needs in the best way. Check out the norms today and according to the convenience, apply for a loan!

also read: Steps to Follow to Get an Instant Loan Approval
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