Personal Loan Without Income Proof: How Much Personal Loan Can A Self Employed Person Get & Its Benefits
At times of dire need for credit when running a self-owned business, loans can become a tricky subject. Several well-known banking institutions do not prefer giving personal loans because they are unsecured and long-term. However, there is an easy way out for managing your rent, home purchase, debt consolidation, and other personal matters if you apply for a personal loan without income proof or as a self-employed individual. Simply, avail personal loan from Navi and get instant personal loan approval with minimal documentation.
How much personal loan can a self-employed person get?
A self-employed person can get up to 20 lakh loan from any financial institution with but there are some requirements the individual has to look after. The self-employed persons can use their credit history, income tax returns, Fixed Deposit receipts, etc. to apply and be eligible for the personal loan without income proof.
Benefits of loan for a self-employed individual
Applying for a personal loan without income proof is hassle-free, and one can complete the procedure within 20 minutes. After checking eligibility with the chosen bank, one can fill in the required details into the specific loan plan. Within a few minutes, the loan amount and repayment tenure can be finalized, leading to the next step to upload ID proofs. Once the documents are uploaded, within 24 hours after verification, the loan is credited to the applicant’s bank account. Here are some benefits of a personal loan without income proof discussed in the following section:
A person availing of a personal loan without income proof can be assured to get competitive interest rates on loan amounts as high as ₹10 lakhs
A person who wants a personal loan without having an income proof, or even a self-employed individual has an upper hand here as they get to have flexible repayment durations that can extend for up to 60 months
Flexibility in paying EMIs
One of the most preferred reasons self-employed individuals look for personal loans are the flexibility they receive from lenders in terms of paying the EMIs. Lenders like the Navi app assure maximum time is given for settlement or repayment of EMIs
No additional costs
Generally, most lenders do not charge extra for a personal loan without income proof. Hence one can be assured there are no hidden costs to applying for a personal loan request from self-employed individuals or those without income slips and proof
No collaterals assured
People without an income proof or those who are self-employed can easily get collateral-free loans which are disbursed without any supporting security for limiting the lender’s exposure to risk
For individuals applying for personal loans without income proof, the lenders do not go harsh on their requirements. Typically, the loan amount granted to them is entirely dependent on the repayment capacity of the self-employed person so the lenders do not pressurize them for higher loans with optimal interests, and such plans
The best benefit of getting personal loans without income proof or as a self-employed individual is that the loan amount that is being received can be utilized for a variety of purposes between professional and personal expenditures without an outside scrutiny
Ease of online approval
One thing about availing of a personal loan without income proof or as a self-employed individual is that online personal loans can be availed with lightning speed, literally. Most individuals have testified lenders assisting personal loans to let the individual borrow the money in their bank account instantly on the same day
Banks and lending firms are now increasingly moving towards paperless procedures for loan applications and for a self-employed individual seeking a personal loan, the entire process has now moved online. Especially the Navi app has a quick digital; loan application procedure that facilitates instant approval
As a self-employed individual, one can look for online loan processing like the Navi app’s personal loans since these ensure quick disbursal with the need for minimal documentation for loan approval. Sometimes, a selfie and ID proof is all you need for the formal loan application letter if you are applying digitally
Apart from the digital efficiency, the Navi app has a dedicated customer care service that promptly resolves issues of applicants who are not well versed with online applications of getting personal loans without income proof
If a self-employed person or an individual having no specific income proof is seeking a personal loan, they have many reasons to smile and opt for the Navi app as it offers a wider range of facilities within the loan amount in comparison to its competitors in the market. The app facilitates personal loans from banks that also include offers like instant credit facility without questions asked, payment of the credit card debt, allowances for traveling to different locations for home renovation, and a lot more.
In the simplest words, the Navi app ensures personal loans without income proof and for self-employed individuals come in handy for fulfilling the maximum of the basic needs in the best way possible. So rejoice and review your requirements properly before you click your way to the hassle-free and worry-less loan application procedure on the official website of the app. Gone are the times when only salaried professionals could avail of personal loans by producing a salary slip. All you need to do is simply download the Navi app and get your loan application started.