How Can Self-Employed Individuals Avail a Personal Loan? - Loan Trivia


Full-Width Version (true/false)

Thursday 6 December 2018

How Can Self-Employed Individuals Avail a Personal Loan?

With the incessantly increasing cost of living, credit facilities offered by the bank and non-banking institutions have become an essential part of our life. Simply said, an individual can’t survive without four of the following things: 
  • Food 
  • Air
  • Water 
  • Financial Loan
An individual would need a loan every now and then to financially back-up their decision while buying a home, a car, sending their child abroad for further education, while getting married, or even to meet unplanned medical expenses. A Bajaj Finserv Personal Loan is available with end-usage flexibility and hence, can be used to manage any kind of expense. However, all this has only become possible with the advent of NBFCs and their personal loan for self-employed and salaried individuals. Before them, the benefits from the said facility was limited only to salaried individuals. 

Having said that, leveraging the benefits of personal loan for non-salaried professionals would still require the applicant to follow the due process, qualify all the eligibility conditions and pay attention to the below-mentioned factors.  
  • A good CIBIL score and a convincing repayment history: Your CIBIL score and credit history would play a monumental role in the approval of the application. Hence, check and make sure everything is as good as it could be. 
  • A good annual income: In addition, your annual income should be good enough to convince the lender of your repayment capacity.
  • Business vintage:  Lastly, your business must be at least 3 years old.
Bottom line: If you believe you can qualify all the above-shared conditions, find a good lender to approve your loan and proceed with the application.

Read Also: How Can a Non-Salaried Person Avail a Personal Loan?

No comments:

Post a Comment