Avail Quick Loan Online with Instant Loan Approval at Buddy Loan.

Are you self-employed? Got new ideas to expand your business? Or planning to change the layout of your organization? No matter what the reason is, you will require funds to execute all the plans. When it comes to immediate funds requirements, you may find plenty of financing options with no paperwork but that might create difficulties in the long run. If you are looking for instant yet trustworthy financial assistance, then personal loans are a great choice. Quick personal loans are unsecured, don’t require any collateral, and instant approval makes this tool the most popular one among the young generation. You can use the loan as per your requirements such as a medical emergency, higher education, vacation, buying new gadgets, or investing in something big. The instant loan approval feature helps you to meet any expense that comes your way. So, when you are self-employed and looking for instant funds, personal loans are a great choice.

Instant Loan Approval - How Does the Process Work?

With digitization and modern technology, now getting a loan is easy, simple & extremely convenient. At Buddy Loan, you can avail of a loan of up to Rs. 15 lakhs at attractive rates starting from 11% p.a. and a repayment tenure ranging from 6 months to 60 months. To avail of the loan, you need to fill in an online application form with the required details and submit the below documents -

• Address Proof (PAN/Aadhar/Voter Id)
• Proof of residence (Aadhaar card/ Passport/Driving License)
• Copy of latest ITR
• Last six months bank statement
• Profit & loss statement

Documentation may vary from lender to lender, so check before you proceed. Once you submit all the required documents, lenders will verify your profile and if everything goes fine, then they will approve the loan application. To get instant loan approval, self-employed individuals need to ensure that the bank and ITR statements are updated properly as these documents ensure your monthly income and repayment capacity. Also, having a good credit score makes your loan approval and disbursal procedure smooth and super easy. With Buddy Loan, you can expect your loan amount to be disbursed into your bank account within 24-36 hours.

Factors That Determine Instant Loan Approval for Self-Employed Individuals

• Business Type

Before approving a loan application, the lenders will look for your business nature. If your business is 1 year older and has a good profit, then lenders may approve your loan amount instantly.

• Your Monthly Income & Cash Flow

When you are self-employed, your ITR and bank statements play a crucial role in establishing your monthly income and cash flow. Also, your bank statements determine how many EMIs you are paying currently. Depending on the status of these documents, lenders will evaluate your loan amount, interest, and repayment tenure. Be sure to keep all the documents ready for faster loan approval.

• Credit Report

The credit score is one of the most important factors when it comes to approving loan applications. Since personal loans are unsecured in nature, borrowers need to hold a good credit score as this expresses the creditworthiness and repayment capacity of the applicant. A credit score of more than 750 is considered good to apply for a loan online.

• Repayment Capability

Repayment - Another factor to consider when it comes to instant loan approval. Lenders will ask for supporting documents that will show your credit history and how much EMI you are paying currently. In this way, they will determine whether you can repay the current loan EMI timely or not. So, the borrower should be ready with all the documents to get quick access to a personal loan online.

If you are looking for a personal loan with instant approval, then apply with Buddy Loan now and fulfill all your financial obligations with ease and ultimate convenience!

A personal loan is an unsecured loan provided by banks, non-banking financing companies, or lending platforms without any collateral or guarantor. Generally, it is used for debt consolidation, For more info visit : https://www.buddyloan.com/