Personal Loan for Self-Employed People Without ITR
There could be times when you need some extra cash to make that high-ticket purchase or inject some extra cash into your business. An instant personal loan can be your saviour during such times. A quick check online or offline and you'll see that most lenders, including Money View Loans, ask for your IT returns if you're self-employed.
However, what makes Money View stand out is the fact that you can get the money you need in 2 hours through an online application.
Personal Loan for Self-Employed Individuals with No Income Proof
You can easily apply for an instant personal loan on Money View by submitting the documents including income proof as specified on the Money View website. Your income proof helps establish your creditworthiness and lenders would have the confidence that you would repay the debt in time.
While applying for loans on Money View, self-employed people have to submit their last 3 months’ bank statements (in PDF format) and last 2 years' IT returns as income proof.
Money View Personal Loan Eligibility Criteria for Self-Employed
For self-employed people, the following are the primary eligibility criteria to apply for a personal loan on Money View:
|Loan Criteria||Min. Eligibility|
|Minimum in-hand income (monthly)||Rs.25,000|
|Age of the applicant||21 years - 57 years|
650 or more (for CIBIL Score)
750 or more (for Experian Score)
|Income Proof||Last 2 years’ ITR|
**Your income should be credited into your bank account
How to Apply for Personal Loans for Self-Employed People on Money View?
To apply for personal loans on Money View, do the following:
- Eligibility: Check the maximum amount of loan that you are eligible for by entering your basic details as specified on the Money View website.
- Loan Plan: Choose the loan amount that you would like to apply for along with the repayment duration.
- Upload documents: You can view the document list that you need to submit to get your loan approved. You also have to fill out the application form and submit it with the documents.
- Auto-Debit Mandate: After verifying your application form and the documents, Money View would share a NACH form with you for your consent on the loan EMI auto-debit. You should get a print out of this, sign on it, and upload the same on the app.
- Loan Agreement: Finally, a loan agreement would be shared with you which you must review and submit on the app. The loan amount would be credited into your bank account in the next few hours.
Money View Personal Loan for Self-Employed with Poor Credit Score
To successfully apply for a loan from any financial institution, your credit score is one of the most critical factors. It’s very important to have a good credit score (ideally 750 and above) to get your loan disbursed.
However, even if your current credit score is not that high, you shouldn’t be disappointed. A score of 650 or above (for CIBIL scores) is good enough for you to apply for an instant personal loan on Money View.
Factors Affecting Personal Loan Interest Rates for Self-Employed Individuals
Although it may surprise a few, the interest rates on personal loans vary from person to person, which means that the same lender may charge different interest rates on the same amount depending on the borrower. Some of the primary factors that decide personal loan rates are listed below:
- Income: The higher you earn, the lower you pay as interest. When you have a high income, the bank’s lending risk plummets as it believes that you wouldn’t have much difficulty in repaying the loan amount.
- Past Loan Repayment: Loan lenders scrutinize your previous loan repayment behavior and gauge your creditworthiness once they receive your loan application. If you hold a credible record of loan repayment, you would enjoy low-interest rates.
- Nature of Your Business: Businesses, such as manufacturing are considered safe by lenders and are therefore categorized as low-risk. On the other hand, if your business has high volatility, lenders would be extremely careful while assessing your application and may charge you a high-interest rate.
- Your Business Reputation: If you have been in your industry for quite some time and have earned a good reputation for your firm, lenders would consider it as stable and would charge a low-interest rate on your loans. In the same vein, new business owners would have to pay relatively higher rates of interest.
Features and Benefits of Personal Loans for Self-Employed through Money View
The most common features and benefits of Personal Loans for Self-Employed individuals through Money View are listed below:
- Competitive Interest Rates: Personal loans for self-employed individuals are offered with a relatively low rate of interest starting at just 1.33% per month.
- No Collateral: Money View doesn’t ask you to provide any collateral or security when you apply for personal loans.
- Quick Disbursal: Ideally, if you submit all the necessary documents as specified by Money View and provide all the relevant information, personal loans are disbursed as quickly as 2 hours.
- Easy EMIs: You can repay your loans through easily manageable monthly installments so you don’t have to push yourself to arrange the entire money at once. Also, the facility of auto-debit ensures that the EMIs are paid in time and that you don’t have to bear any late-payment charges.
- Repayment Tenure: You can choose the repayment period of up to 5 years as per your convenience to repay the loan amount.
- Completely Digital: There is no paperwork involved in the loan application process of Money View. The process is entirely digital and therefore, safe, fast, and convenient.