Sometimes, unforeseen financial requirements of any kind can crop up, requiring your immediate attention. This primarily holds true if you are a self-employed individual. You may need to pay a vendor urgently or restock your inventory with haste. To cover these expenses, you can choose to lean on your savings. However, it can disrupt your financial position and leave you vulnerable to other, recurring expenses. As an alternative, you can also turn to an instant loan for self-employed.
In recent times, several lending institutions have joined the foray of existing banks and NBFCs to provide instant loans. Accompanied by rapid digitisation and technological developments, the accessibility of such loan options has increased considerably. Moreover, this bountiful availability of loans for self-employed has allowed several individuals to capitalise on this accessibility and implement new initiatives to expand their operations.
Instant Financing Options for Self-Employed
The loan culture has changed notably in the past decade. Earlier, only a select few individuals went for a loan facility and instead preferred other modes of financing to meet their funding needs. However, today, anyone can opt for a loan facility to address their financial requirements. Case in point, only 21.4% of adult individuals in India was covered by private credit bureaus in 2016. In 2019, it jumped to 63.4%, according to data published by the World Bank.
A substantial portion of this increase is on account of self-employed individuals, who access loans of different kinds to infuse capital into various aspects of their business. Resultantly, lending institutions have seen to the fulfilment of this demand by providing easy access to an instant loan for self-employed individuals via mobile-friendly apps.
What benefits do they offer? Let’s take a look.
The benefits offered by some of the best instant loan apps for self-employed are:
- Availability of small-ticket loans
You can apply for a varying range of loan quantum with an instant loan app. For instance, apps like these offer loans starting from as low as Rs. 1000 to as high as Rs. 10,00,000. Therefore, you can address a range of emergency expenses with an instant loan from these apps.
- Instant cash disbursal
With instant personal loan apps, you can enjoy immediate cash disbursal. You may thus address any emergency financial requirement efficiently through a loan availed from the best instant loan app for self-employed individuals.
- Round the clock availability
You can access these apps 24x7, to avail a loan at any time of the day. Thus, you do not need to be limited by time to mitigate emergency financial requirements.
- Simple repayment
These instant loan apps allow borrowers to repay loans with the option of tenure ranging between 3 months and 60 months. You can, thus, choose any tenure that suits your convenience.
These are some of the benefits you can enjoy with an instant loan app in India. However, these loans are unsecured, which means you do not need to provide any asset to avail them. Due to this reason, instant personal loans tend to be considerably costlier than other secured loan options.
Lending institutions often charge exorbitant interest rates against these instant loans. Therefore, repayment, especially for a substantial principal availed, might strain your finances significantly.
Additionally, you can access these borrowing options only after satisfying a few stipulated eligibility criteria. This may pose as a hindrance in some cases and, therefore, you might want to consider other options for easy accessibility.
For instance, an overdraft facility available by pledging your gold possessions might just be the most convenient alternative option, in this regard. Through this facility, you can access funds whenever you need without having to apply for it separately every time. Rupeek Quick is one such overdraft facility offered by Rupeek Fintech Pvt. Ltd. that allows you to enjoy instant loans for self-employed, which can ease your borrowing experience considerably.
Rupeek Quick: A Simple Instant Loan Facility for Self-Employed Individuals
When you avail this overdraft facility, the lender provides you with a line of credit, based on the market value of your pledged gold items. This amount is accessible at any point in time via the lending institution’s website or app. You can withdraw any amount from this credit line, as per your requirements. Moreover, the interest against the loan will accrue only on the amount you withdraw. This way, you will not only gain access to instant external funding whenever the need arises, but your cost of borrowing also stays at a minimum.
What’s more, there are no stringent conditions imposed regarding repayment. You can repay such borrowed amount any time within 6 months, as per your convenience. Thus, you can address emergency financial requirements with ease through this instant loan for self-employed option.
Apart from the convenient overdraft facility, a gold loan availed from this NBFC also brings other benefits through which you can optimise your financial position.
Gold Loan –A Suitable Option for Self-Employed Individuals
Gold is a common possession in most Indian households. While gold ornaments have limited utility practically, they carry immense equity. With a gold loan, you can tap on to this substantial equity to address your immediate financial requirements while you retain possession of them.
Some of the benefits of a gold loan for self-employed individuals availed from reputed lenders like Rupeek are:
- Substantial per gram rate
A gold loan comes with a considerable loan to value ratio or LTV. This ratio varies from one lender to another. In that regard, this NBFC provides the highest LTV, meaning you can avail a notable sum against the market value of your loan.
What’s more, you can utilise the substantial loan amount to address all kinds of financial obligations in your venture, since it does not involve any spending restraint. Thus, it acts as a suitable loan for self-employed individuals to address any personal or business-related need.
- Fast-tracked availability
You can address emergencies in your business smoothly with an instant gold loan from this lender. After you apply for a gold loan via its app, website or by placing a call, a loan manager is appointed to visit your house. This individual appraises the assets you want to pledge, then initiates a request for approval based on such appraisal.
Once approved, you will receive the loan amount in your account and only then will the loan manager leave with your assets. This entire process from appraisal to disbursal takes approximately 30 minutes, providing you with instant funding access.
- Low rates of interest
A distinct quality of a gold loan for self-employed is that it is available against a considerably low-interest rate. Since it is secured, you can access this loan facility at a minimal charge, thus, reducing your repayment burden.
- Flexible repayment options
Along with low-interest rates, you can also optimise your repayment by utilising different payment schemes. You may choose to reduce the monthly EMI outgo by opting for interest-only instalments. Or, you can opt to defer the entire repayment until the end of the term with a single bullet payment. By going for an option that sits right with your financial position, you can mitigate any repayment hassles later on.
- Maximum security of assets
You may worry about the security of your gold assets when pledging them. However, this lender has comprehensive safety measures in place and maintains strict protocols when dealing with pledged assets. For one thing, the loan manager, after you receive the loan amount in your account, will carry the collateralised gold articles in a GPS-traceable bag and store it in a secure vault with a nearby partner bank. Additionally, your pledged gold will remain insured until the time you release them.
You can enjoy these and more benefits with a gold loan for self-employed from this NBFC. What’s more, you can utilise the lender’s app to apply, repay, and manage your loan easily. Thus, such an app also acts as the best instant loan app for self-employed.