A personal loan for self-employed is an ideal way to fund your business requirement, such as paying wages to your employees, expanding your business to a different location, upgrading organisational infrastructure, etc. However, before you apply, there are certain factors that you should know about.
One of such factors is the application process. To apply, you are required to fill an application form with the required details and submit the documents required for a business loan or a personal loan for self-employed.
Also, before you apply, you have to meet certain eligibility criteria to avail a business loan. It may vary between different financial institutions, but usually, lenders look for applicants between the age of 23 and 55 years with a CIBIL score of 750 or above.
You are also required to be in the same line of business for over 3 years and have filed income tax returns for at least the past year. Also, you should be a resident of India and reside in any of the cities where your lender would operate.
Besides, while you apply, you are required to submit specific documents such as KYC documents, income proof, residential proof, business existence and vintage proof, etc. While you apply make sure that you check the interest rates offered by your lender and use a loan EMI calculator to estimate your EMIs.