How Personal Loan for Self Employed Can be Used During Emergency?

There is an endless need for every person, and it is hard for them to meet any financial emergency that is why banks and NBFC provide personal loans. Using a loan, you can fulfill the money requirements without any issue. As you know personal loans are free from collateral that implies you do not need to mortgage any type of asset. But the question remains, whether the personal loan for self employed is available? Yes, they are. Read the given article to know about the features of self employed personal loans and the bank or NBFC which offer them.

Which bank provides the best self employed personal loan?

Several banks offer personal loans for customers, but Yes Bank gives a self employed personal loan at an interest rate of 10.99% per annum. The applicant does not need to have a regular income to apply for the loan. Because the self employed do not earn a fixed monthly income, it depends on their business value. That is why the bank requires the user income documents to know their credit capacity. 

So, Yes Bank decides the self employed personal loan interest rate using credit score instead of income. The credit score shows the user payment history and helps the borrower get the desired loan amount. Some of the other banks which provide an attractive interest rate on a personal loan for self employed are ICICI, SBI, HDFC and Axis. 

Best financial institution for Instant personal loans!

Using the services of Fullerton India and Bajaj Finserv, you can borrow the desired loan amount. As both the NBFCs offer a good deal of amount for financial needs at an attractive rate of interest starting from 12.99% per annum. The NBFC also provides you the same tenure for loan payment as banks do which is 12 to 60 months. And payment is to be done in equated monthly installments. With the help of online EMI calculators, you could generate the approximate EMI for choosing the right tenure.   

For payment of the loan, you can use ECS and NACH banking methods. Otherwise, a post-dated cheque is also valid if you want to opt for the method. 

Apply for a self employed personal loan Now!

To get the loan visit the bank or NBFC branch for the loan offline application process and fill-up the form and submit it with documents. The documents that are required for the loan process are the ID proof, income proof and address details. So, you need to submit your Aadhar, PAN Driving License, Bank statement and income tax return report for the last financial years.  Personal loans do not take as much time as a home loan takes for the approval and the amount is disbursed on the account in 48 hours. Using the fund, you can meet your emergency needs like medical support for operations, etc. and high-end expenses such as marriage or home renovation. 

Now, apply for a personal loan from your trusted bank or NBFC and meet your needs instantly without any mortgaged burden. And the timely payment of the loan helps you build a good credit score that will help you take loans and credit cards in future.