Are you thinking of applying for a personal loan for self-employed? This type of loan can be of great help for people who are in need of money to finance their daily requirements. But before applying for this loan amount up to 15 lakhs, one should know that there are some things to consider before making a decision.
The personal loan for self-employed borrowers helps them in buying necessary commodities and paying for their expenses. Personal loan for self-employed individuals helps them in buying new home appliances and furniture. It also helps them in buying mobile phones and laptops. Personal loans for self-employed individuals relieve them from the worries of repaying the salary on time and it helps them to concentrate on their business activities.
Personal loan interest rate for self-employed
Most personal loan lenders offer the same interest rate across the board. However, there are a few factors that can be considered before applying for a personal loan. The amount to be borrowed should be determined in advance.
|Apps||Instant Approval In||Interest Rate|
|PaySense||2 business hours||18% to 36% p.a.|
|Rupeelend||30 mins||30% for 30 days|
|CASHe||24 hours||1.75% onwards for a 15-day loan
3.25% onwards for a 30-day loan
2.75% onwards (monthly) for a 90-day loan
2.50% per month for the 180-day loan
|Money View||2 business hours||1.33% – 2% p.m.|
|Credy||1 minute||1% – 1.5% p.m.|
|EarlySalary||24 hours||2.5% p.m.|
|LazyPay||24 hours||15% – 32% p.a.|
|mPokket||24 hours||Based on the lender’s terms|
|MoneyinMinutes||5 Minutes||0.1% – 0.7% per day|
|QuickCredit||1 hour||1% per day|
|FlexSalary||1 hour||Up to 3% per month|
|Home Credit||30 minutes||Based on the lender’s terms|
- PaySense app
PaySense provides instant personal loans at affordable repayment options where the applicant is required to submit any physical documents for the loan application. The documents can be uploaded online in the required format and the loan will be approved in a short time period. Here are some features of the PaySense app:
- The applicant can get a loan amount starting from Rs. 5,000 up to Rs. 2 lakhs.
- After the loan application process is completed, the funds are transferred to the applicant’s bank account.
- The lenders offer easy repayment plans and an auto-debit facility for EMIs.
- Rupeelend app
Rupeelend is a popular financing company that offers short-term Personal loans to customers and business entities. This application provides a trustworthy method in which you the user can borrow for urgent needs. Here are some features and benefits of the Rupeelend application:
- The documentation process takes only 3 minutes.
- The loan approval process is not elaborated and there is no need to attend any meetings.
- The loan is approved instantly, and the amount is credited to your account within 1 hour.
- CASHe personal loan app
CASHe app provides short-term personal loans through (SQL) a predictive algorithm. The customers are based on the application user who is salaried professionals. SQL assesses the credit profile of individuals based on a system that is much different from the traditional methods used by top banks and NBFCs.
- Money View app
Money View personal loan app is offered to customers from anywhere in India. This loan application can be easily used as the process is entirely paperless. This loan app enables people with low credit scores and can get loans with different traditional methods.
- Credy app
Credy personal loan app provides you an instant personal loan where the amount can be reached directly into your account within 48 hours. You can get instant approval of the loan within 1 minute which is the key highlight point of the Credy loan app.
- EarlySalary app
The EarlySalary app puts an end to your month-end cash crunches. The application provides advance salary loans and the applicant needs to pay interest only for the number of days for which the money is used.
How to apply for a personal loan online?
Applying online for a loan is a good option for self-employed people who are looking for quick cash. It is also a convenient way as compared to going personally to a lender and submitting the loan application. Here are some generic steps that required for a personal loan online:
- If you fill the loan amount in the loan application form, you will receive the loan amount immediately. However, you have to repay the loan amount within the given time limit or you will be charged interest on the amount.
- Applying online for a personal loan for self-employee does not involve any extra charges.
- The lender will charge a reasonable service fee as a service charge for its service. The service fee is charged to cover the cost of loan processing.
- A small interest rate may be applied to the loan amount so that it is affordable. In the case of a personal loan for the self-employed, the repayment term is longer so that the borrower can pay back the loan amount in smaller installments.
Documents required for using personal loan online
Before the application for a personal loan for self-employed
+ is processed, personal information like:
- Current liabilities
- Bank details
- Social security numbers are required
- People with a bad or poor credit history are also considered for personal loans.
This personal information helps the lenders in determining the repayment capacity of the borrower. Such people can also apply for secured personal loans. A personal loan can be used for debt consolidation, weddings, vacations, home improvements, and many other personal purposes.
The personal loan for self-employed can be availed by borrowers who do not want to pledge their home as collateral. This amount can be repaid along with the salary and the installments which have been deducted regularly. It is possible to get personal loans even with bad credit history. The personal loan for self-employed can be approved instantly and the borrower can get the money transferred to his account within 24 hours of the approval of the loan. Personal loans for self-employed are the best way to meet financial emergencies in case of emergencies.