When is the Right Time to Take a Personal Loan for Self Employed?

When in a situation that requires an immediate financial investment, a personal loan can come to help you out remarkably.

Personal loan for self employed individuals can address these situations and is easily available from banks and also NBFCs.

So, which one to choose? 

While banks implement few strict rules for self-employed personnel to take a personal loan, NBFCs like Bajaj Finserv, possess much relaxed regulations. Moreover, a financial institution also provides numerous benefits with their personal loans, starting from attractive interest rates to flexible tenors.

Also, they don’t require you to mortgage or hypothecate collaterals. The only requirement here is that you have to be between the ages of 22 and 55 years with a good CIBIL score. Other factors include:

  • At least 3 years of business vintage.
  • Income tax returns filing for at least 1 year.
  • Audited turnover of the previous year by a CA.

Having all the requirements mentioned above, you are good to go for a personal loan.

With such a loan, you get innumerable utilisation options and the freedom to use it in any way you like it (as long as it is legal).

If you are thinking of applying for a personal loan, the right time can be one of the following:

  1. Medical emergency

Health insurance and medi-claim can account for some of the expenses in these situations, but not all of them. Moreover, one not having a medical insurance can come across a lengthy medical bill.

So, what to do?

A personal loan for self employed personnel can come to solve these problems. A significant number of individuals take personal loan for medical expenses, and you can do that too.

  1. Buying a vehicle

A bike or a car is an absolute necessity for your business, and a personal loan can help you buy one. With quick disbursal via the pre approved business loan offer, you can have a vehicle in your garage within no time.

Take it for a spin, use it for commercial purposes, or for commuting.

Want to get that dream vehicle to support your business? Apply for a personal loan today and turn your dream into a reality.

  1. Consolidating debts

Just realised your debts had piled up? Do you think you might encounter a situation where you might miss out on a future payment?

More debts will mean more fines and sometimes, even interest on those fines. Hence, a personal loan, in this case, can help you consolidate all your debts. It will work as a stress buster to eliminate the pressure you had for repaying all the liabilities.

  1. Home/office renovation

It is high time that you think of removing those old floor tiles and look for a makeover! If you have such home/office renovation ideas in mind, a personal loan can fulfil such thoughts.

What’s more? 

Apply for a personal loan for self employed individual and get instant approval of the same. Utilise the money to buy new tables and chairs or other furniture that you think will uplift the interiors.

  1. Weddings

A big fat Indian wedding requires a substantial investment and what better way to receive funds other than a personal loan. Whether it is your daughter or son, such a loan will enable you to arrange even bigger venues that you dreamed of for your child.

  1. Take a vacation

Last but not least, taking a break from work and going on a vacation for few days can prove to be a considerable stress reliever. Planning a foreign trip means larger expenses and that can be satisfied with a personal loan.

So, what are you waiting for? 

Apply for a personal loan for self employed individual today and take advantage of its numerous benefits mentioned above.

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