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How Personal Loan for Self-Employed is Important in Business

With a personal loan for self-employed, you can meet all the necessary professional requirements, thanks to the substantial loan amount and borrower-friendly terms.

You also get to enjoy a prolonged repayment tenor with a personal loan for self-employed that makes your EMIs affordable and reduces your financial burden.

Given below are some of the details on such advances that you should know before you apply.

  • Application process

You can apply on the official website of your lender by filling an online application form and sharing the required personal and financial details. Once your application is approved, submit the required documents to complete the process.

  • Eligibility criteria 

To be eligible for a loan without collateral you are required to be –

  • Between the age of 25 and 55 years.
  • In the same line of business for over 3 years.
  • A resident of India, residing in any of the cities where the lenders operate.

In addition, you are required to hold a CIBIL score of 750 or above and should file income tax returns for the last year.

  •  Documents required 

To be eligible for such advances you are required to submit some specific documents such as –

  • KYC documents 
  • Business existence and vintage proof 
  • Residential proof 
  • Income proof   

Alternatively, you can also apply for a Business Loan from NBFCs like Bajaj Finserv that offers several benefits such as attractive interest rates, large loan amount, flexible tenor, etc.

Existing customers can also enjoy pre-approved offers that simplify the application process and saves you time. These pre-approved offers are available on home loans, personal loans, business loans, etc.

Furthermore, check the interest rate of your loan, know the required documents for the loan and use a loan EMI calculator to estimate your EMIs and manage your finances accordingly.

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