Securing a personal loan for self-employed individuals often comes with its own challenges, especially when the application is made via traditional banks, which include managing paperwork and a long approval process. Fortunately, with the introduction of the personal loan app self employed individuals, getting a quick loan has now become seamless and can be done from the comfort of your home at any time.’
Here’s an article that explains why you should choose to opt for an NBFC (Non-Banking Financial Company) for personal loan application and explore some of the top platforms.
Benefits of Choosing an NBFC for a Personal Loan
Before starting, it is important to understand why you should choose an NBFC offering a personal loan app up to 5 lakh:
- Minimal Documentation: Online platforms often require less documentation for loan approval verification, which makes the process seamless.
- Quick Approval and Disbursement: Some NBFCs take little time to approve loan applications and instantly initiate the disbursement process, making it accessible to those who need urgent assistance.
- Flexible Tenure: Insta personal loan apps allow users to choose the repayment tenures based on their current financial situation.
- Convenience: You can apply for a quick loan at any time and from anywhere without having to worry about bank holidays and weekends.
Top NBFCs Offering Personal Loans Up To ₹5 Lakh to Self-Employed Individuals
Let’s explore the top NBFCs that are known for offering insta personal loan approvals to self-employed individuals:
- MoneyView
Loan Amount: Up to ₹10 lakh
Features:
- Allows users to do a quick eligibility check.
- Borrowers can choose the repayment tenure based on their situation.
- Apply for a collateral-free loan at budget-friendly rates.
- PaySense
Loan Amount: Up to ₹5 lakh
Features:
- Offers quick loan approval and disbursement of funds.
- Allows online document uploading, where you can sign them digitally.
- Provides affordable EMI plans and does not check the credit history of new users.
- Bajaj Finserv
Loan Amount: Up to ₹80 lakh
Features:
- The personal loan app for self employed provides personalised deals, and existing customers get pre-approved loan offers.
- Allows self employed individuals to apply for a loan without pledging collateral.
- Users can seamlessly access their accounts from the apps and manage EMI payments on the go.
- Muthoot Finance
Loan Amount: Up to ₹20 lakh
Features:
- Borrowers can apply for loans with minimal documentation.
- Offers quick processing of loans at competitive rates.
- Users can choose a tenure on the basis of their financial situation.
- Tata Capital Limited
Loan Amount: Up to ₹35 lakh
Features:
- Easy eligibility criteria for self-employed borrowers.
- Competitive interest rates and charges no hidden fees.
- Allows users to choose their repayment tenure.
Tips for Applying for a Personal Loan
Before proceeding, be sure to follow the following tips for a quick insta personal loan approval:
- Maintain a good credit score (typically more than 750) to qualify for loans with low interest rates, flexible terms and conditions, and instant disbursements.
- Be ready with the basic documents, including your identity, income and address proof.
- Compare your options and choose an NBFC that meets your requirements.
- Choose the repayment tenure wisely to suit your financial capabilities.
- Don’t forget to read the terms and conditions to know the additional fees charged by the lender.
- Make sure you qualify for the eligibility criteria of the lender.
Conclusion
Unlike traditional banks, NBFCs offer unmatched convenience and allow seamless loan applications. From quick disbursements to instant personal loans at competitive rates and flexible repayment plans, these platforms offer everything you need.
Remember to follow the tips mentioned above and choose a trusted app to meet your needs efficiently.
