When you are short of funds but need money urgently to expand your business, a Personal Loan is useful. They are the most sought-after Loans nowadays. They involve a hassle-free application process and are easy to avail of.
Application process
Today, you can quickly and seamlessly apply for a Personal Loan online by following a few easy steps. Download the desired Banking app and complete the online application. Next, fill out the personal details for the KYC verification using your voter ID, driving license, PAN Card, Aadhaar, or passport. If your Loan requirement goes beyond the permitted limit, your bank asks you to share bank statements. You can scan and upload these online.
If the Personal Loan is pre-approved, your Loan gets instantly disbursed and credited to your Savings Account.
Eligibility requirements
To be eligible for an Instant Loan for self-employed, you need to meet the following eligibility criteria:
- You should be at least 22 years and not more than 60 years at the time of Loan application.
- You should earn a minimum of Rs. 25,000 each month.
- You should be running your business for at least 2 years.
Benefits
Quick and paperless
Today, you need not visit a branch, wait for hours for your turn, or fill out endless paperwork to avail of a Personal Loan. Instead, you can carry out the entire process online. Fill out the necessary details, scan and upload the required documents, and submit your application digitally. After your Loan gets approved, the Loan amount gets credited to your account.
The application only takes a few minutes, and you can complete the entire process from the comfort of your space.
Flexible tenures
When applying for the Loan, you can avail of flexible tenures for repaying your Loan amount. You can choose from 12 to 60 months and repay your lender in easy equated monthly instalments that offer you ample breathing room to fulfil your other needs and wants in the meantime.
No collateral
Since a Personal Loan is unsecured, you need not provide your lender with the collateral to apply for Personal Loan. There is also no need for a guarantor or a co-applicant.
Easy repayment
You can manage your Loan EMIs conveniently using Mobile or Internet Banking. Alternatively, you can set up standing instructions to pay your EMIs on a fixed date and the amount gets debited from your Savings Account automatically. Ensure you have adequate funds in your Bank Account on the specified due date.
Tax benefits
When you use the Personal Loan amount to expand your business, you can avail of certain tax benefits annually.
