A self-employed individual can use the funds from a personal loan for personal as well as business-related purposes. A personal loan can be taken at a minimal personal loan interest rate to meet the working capital requirements of the individual’s business.
Handling business and running to banks or NBFC (Non-Banking Financial Companies) whenever you are in need of funds is not an easy task, but with a personal loan, the application process is so simple and swift that there is no need to rush to the lender every second day. The individual does not need to maintain stacks of documents and get buried in paperwork. A personal loan is now available online, as well. HDFC personal loan policy can be applied for through the official website of HDFC bank. A businessman can get HDFC personal loan policy at a personal loan interest rate starting from 10.75% per annum and at just one click.
An online application is required to be filled out by the applicant and basic documents like identity proof, income proof, credit report, and residential proof have to be attached with the application the offline and online procedure is more or less the same. The only difference is that in the online process you are not required to visit a bank or NBFC (Non-Banking Financial Companies). The personal loan is disbursed within 3 to 5 days.
The eligibility criteria for a self-employed individual who wants a personal loan are that the individual must be of minimum 21 years of age and the business be up and running for the past two years (at least). The minimum limit of income required for availing of a personal loan varies depending on the personal loan amount required by the self-employed individual.
Banks and NBFC (Non-Banking Financial Companies) do not devoid non-salaried or self-employed individuals from getting the benefits of a personal loan. If you are a non-salaried individual and need funds on an urgent basis, then all you need to do is contact your bank, get the details and apply for a personal loan.
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