Tackle unforeseen situations of life with Personal loan

Life is unpredictable and so are circumstances. The good, bad, favorable and unfavorable all are inevitable in life. There is nothing one can do to change it but surely one can have the backing of finances to deal with such situations.

Not every time luck will favor and we might lack the sufficient funds to pay for the finances required to tackle such situation. Smart decisions can help one to look after such situations by availing loans to finance the needs on an urgent basis. The role of Personal loans can be paramount which might enable us to fight out the critical state of life.

In this digital era, you can have it easy. Personal loan for self employed are available at attractive interest rate, with great features and benefits.

Self employed individuals seeking short term monetary assistance for their needs of either medical emergencies, funding for higher education, consolidating heavy credit card debts or for expanding business.

Offering a host of features and benefits for the borrower to avail of a hassle-free loan, Personal loans are available these days on the go. With technology at the helm of every domain, borrower will only be required to furnish minimum documents after filing the application form. The biggest benefit to the customer is that they will not be required to put up any collateral as security.

Well, now since you are planning to apply for the Personal Loan, you will have to look into few factors to evaluate to determine the eligibility. Here’s a glance at them.

• Monthly Income
• Job Stability
• Category of Your Employer
• Monthly Income
• Credit History
• Age
• Relationship with the Bank

Here are a few benefits of availing Personal loan to manage your finances.

• Multipurpose Usage- There is no boundation of utilizing the personal loan funds received for that particular reason only. It is all at your discretion to utilize the fund on any which way you wish to.

Low-Interest Rates – Personal Loans are much cheaper compared to Credit Card loan. If the loan amount is higher, one can notice the difference.

Helps improving credit score- Personal loan plays a major role in improving the credit score. This holds true in case of existing credit of similar type.

• Minimum risk involved- The best part of availing Personal loan is its quick access to money without putting up anything as collateral or security.
• Saves one from embarrassment-People sentiment is at the forefront when it comes to borrowing money. One does not feel good about to openly discuss about their situation of financial instability. Such situations can be well dealt with Personal loans.
• Easy and quick funds – There are a lot of times when the insurance policy sum assured is breached due to heavy medical costs. An urgent life-saving surgery cannot wait to receive funds from the insurer.
• Helpful in managing debts – The most common reason of availing personal loans is for consolidating debts. If you are stuck with the higher debt piling up, then availing one Personal loan to pay off those debts is one good option.

We are not in control of any inconvenient situations in life but we definitely can deal with the unexpected blow that life throws towards us.

One can choose to apply for the best personal loan 2020 by comparing the features and benefits offered by the lenders. The interest rate is the most important point one considers while going to avail the loan. Self employed individuals seeking personal loan can utilize the funds for consolidating debts, for funding higher education, for medical emergencies, for the down payment of home loan, for renovating a house, for arranging for funds during marriage etc.

Eligibility for self-employed individuals for availing personal loan.

• Should be a resident of India

• Should be above 25 years of age.

• Should have a stability of income.

• Should have a stability in business.

• Should furnish all the required documents.

• Should be able to repay the loan availed on time.

Documents required for self-employed individuals

• Identity Proof.

• Residence proof.

• Recent bank statements.

• Tax returns.

• Audited Financials.

• Office Lease agreement.

• Depending on the type of profession, and the organizational set up, additional documents may be required by the lender.

A brief comparison of different bank and NBFCs and their features for an understanding:

Particulars

HDFC Bank

ICICI Bank

CITI Bank

Axis Bank

Bajaj Finserv

Interest Rate

Starting from 11.25%

11.50% to 19.25%

Starting from 10.99%

15.75% to 24%

Starting from 12.99%

Tenure

1-5 years

1-5 years

1-5 years

1-5years

1-5 years

Loan amount

Upto Rs. 40 lakh

Upto Rs. 20 lakh

Upto Rs. 30 lakh

Rs. 50,000 to Rs. 15lakh

Upto Rs. 25lakh

Processing Fee

Upto 2.50% of the loan amount

Upto 2.25% of loan amount plus GST

Upto 3% of the loan amount

2% of loan amount plus GST

Upto 3.99% of the loan amount.

It is important for individuals seeking personal loan to compare all the details of the lenders who are offering it. The scheme related documents are important to go through before signing them. If an individual is already having a personal loan and is unhappy with the interest rates, then going for personal loan balance transfer is a viable option.

Balance transfer gives one an option of shifting from one user to another and save on a great sum of money annually. It also gives one the advantage of additional features and benefits.

Well, one can’t be in control of life situations but can definitely manage such situations well equipped with finances. When one has funds in place, it gives one the confidence to figure out options and take the situation head on.

When one is armed with finances, the ways are not difficult to find out. Individuals can do their best in dealing with the situation without disturbing the normal routine life.

Shruti Keshre is a Digital Marketing Executive at Afinoz Digitalizing Finance.