Fastest way to get a Personal Loan

Whether you have a retail electronics shop in  or if you own a small-scale business, you'll always be need of some immediate funds. These would be for something as simple as buying a new printer for your shop or maybe even to payout bonuses to your employees. Whatever the type of your business, you frequently need money for many purposes. Many financial institutions are now opening the doors to easy finance for the self-employed. A personal loan is a blessing in disguise for such immediate requirements. But, how do you get a personal loan easily in ? Loans for the Self-Employed

Even if you just own a small stationery shop, there are now many options available to you. You can even get upto Rs. 20,00,000 without providing a security, provided you have a good credit rating, your business is doing well, your finances are in order and you have a good income.

Search for Personal Loans Online

Go online and access financial websites. Search for personal loans for self-employed. You will be asked to fill out certain details like your age, occupation, and annual income. Get a list of matching offers and pick the one you like best.

Basic requirements

To apply for a personal loan in :

• You have to be an Indian citizen  of at least 21 years of age. Some banks have a higher age requirement, be sure to check. 
• You also need to prove that you have been in the same business for at least the past 3 years.
• You should have a dedicated phone connection for the office, either landline or mobile.

Documents checklist

You have to provide the basic Know Your Customer (KYC) Documents first. If you are applying for a personal loan at the bank where you have your personal or business account, they probably have these documents with them.

The KYC documents are the documents needed to provide proof of identity, age, and address. These can include your PAN card, Voter ID, Ration Card, Bank Passbook, Driver’s License, and Utility Bills. For the self-employed, proof of office address and business existence are also required. 

You can submit your rental/lease agreement if you rent the premises, or you can submit proof of ownership of the office premises. You also have to submit your business registration certificate, tax certificates, and your license under the Shops & Establishments Act.

For Income Proof

To provide income proof to the lender, you need to submit your past six months’ bank statement for your business and personal accounts. You also have to submit audited balance sheets and profit and loss statements for the past three years, in addition to your IT returns.

If you have other sources of income like rental income, income from investments etc, you can provide proofs for these too, to increase the chances of loan approval. The minimum income or minimum salary required to get a personal loan is not constant, it varies according to the lender.

Loan Approval

The loan approval process includes verifying all your documents and also a check of your credit records. Banks and NBFCs can get your credit history and report from credit rating agencies. These help the lenders assess whether you are a trustworthy borrower and will repay your loan on time.

If you have a good income, a steady and established business, and a good credit record, instant personal loan in  is possible. Your loan amount could be sanctioned within a few days.