Benefits Of Applying For A Personal Loan For Self Employed

Nov 4, 2020

Benefits Of Applying For A Personal Loan For Self Employed

The global Coronavirus pandemic, followed by nationwide lockdown, has severely affected the Indian economy. Its effects are already apparent today, with thousands losing their jobs and means of livelihood. Another section of employees is faced with the prospect of substantial pay cuts, which severely threatens their financial independence.

At such a harrowing time, individuals are looking for alternative sources of income. Some have set up small businesses to replace the earnings from their previous jobs. Many others are relying on personal loan apps for self employed to recover their financial losses in this brief period.

Availability of Loans Online

Today, availing personal loans has become easier than ever before, thanks to the facility to complete loan applications online. If you are a business owner or are looking to set up a venture of your own, you can easily look for online loan for self employed individuals. Thereafter, compare the various terms and conditions on offer, calculate your loan EMIs using online calculators, and you are ready to avail such financial assistance.

How Do Personal Loans Benefit Self Employed Individuals?

Personal loans have been a go-to option for many whenever a substantial funding requirement arises. Whether you want to fund your marriage or a vacation, these loans offer an easy way of affording these expenses without crippling your savings. One should look into an online personal loan for self employed because of the following reasons –

  1. Collateral-free credit

Personal loans are unsecured funding options, meaning you do not need to hypothecate any asset in exchange for the amount you avail from your lender. This simplifies proceedings, allowing for faster approvals and disbursals.

  1. No end-use restrictions

Unlike home loans or education loans, personal loans do not come with any restrictions of usage. As a borrower, you are free to utilise the loan proceeds, as you deem appropriate. With personal loan apps for self employed, business operators can even avail these loans to refill the exhausted working capital for their enterprise. Alternatively, they can use it to hire skilled employees for the betterment of the business.

  1. Easy to meet eligibility criteria

While availing an online loan for self employed, you can check the specific criteria set forth by your chosen lending institution. In most cases, individuals with a healthy credit score can avail the best terms and conditions on their personal loans. If your score is 750 or more in the CIBIL rating system, you can avail such loans at the best rates, provided you also have a decent monthly income to boot.

  1. Quick loan disbursals

Due to the minimal documentation and simple application process, personal loan approvals and disbursals happen fast. Often, lenders may credit the loan amount within 24 hours of online application as well.

Even though online personal loan for self employed is beneficial in some cases, these funding options have their share of drawbacks too. Paying the monthly EMIs for such a loan, for instance, can be difficult, especially in the current scenario when there has been a sudden surge of unemployment.

Moreover, being an unsecured loan, the associated interest charges can be substantial. The increased rate is to compensate for the higher risk, which a lender undertakes by offering these personal loans for self employed, without collateral.

If these drawbacks worry you, you should look for an alternative source for emergency funding. A gold loan can fulfil this void, allowing you to avail the necessary financial assistance without overburdening your finances.

Gold Loans from Rupeek are here to Your Rescue

If you are looking for the best online loan for self employed, do not limit your search to personal loans alone. Rupeek Fintech Pvt. Ltd. brings along highly useful gold loans, complete with a range of facilities and beneficial features.

Let’s take a look at what some of these features entail –

  • Do away with traditional EMIs

Yes, you read that right! Availing a gold loan from this NBFC means that you do not need to service the borrowed amount every month in the form of equated monthly instalments. In fact, you do not need to pay a single penny until the end of your gold loan tenure. Only after this period ends do you have to pay the principal sum, along with the accrued interest. Or, you can choose to pay only the interest accrued each month, and the rest as a bullet payment at the end of the loan tenure.

  • Minimal interest rates

When you avail financial support through personal loan apps for self employed or spend through your credit cards, you have to bear a significant amount as interest payments on the borrowed sum. The situation is quite different in case of gold loans from the lender in question. Limited interest charges translate into a lower overall cost of a loan, which should help you save more of your earnings.

  • Gold loan at home within 30 minutes

In the current scenario, it is wise to limit venturing outside your home. Fortunately, when availing a gold loan from this NBFC, you do not need to venture out of your house at any stage of the process. Instead, a loan manager from the company will visit your house to value and collect the pledged items. Moreover, he/she will only leave with the collateralised ornaments once you receive the loan amount in your account, the entire process of which takes only around 30 minutes.

Therefore, when you are looking for the best loan options for self employed individuals, gold loans can fulfil all your needs. Salaried individuals too can avail such loans with ease. With no immediate liability and worries regarding EMIs, you can slowly arrange the funds necessary to repay the said loan.

If you are currently unemployed, these gold loans can help you meet your daily expenses in such tough times. With no minimum income requirements, gold loans are one of the only options available to individuals who do not have a current source of income at present.

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