Personal loan for self-employed: 7 key tips to follow to overcome challenges
2 weeks, 5 days ago

Personal loan for self-employed: 7 key tips to follow to overcome challenges

Live Mint  

If you are short of funds, it is acceptable to explore the prospect of raising a personal loan to meet your needs. Typically, before banks disburse a personal loan, they examine the past few months' salary slips and CIBIL score. Shorter tenure: Banks may usually offer shorter loan repayment tenures to self-employed borrowers, thus leading to higher instalments. Reconciling actual income with reported income: A number of self-employed individuals underreport income for tax purposes, which can hurt their loan eligibility. These documents include at least 2 to 3 years of income tax returns, and 6 to 12 months of bank statements to show consistent cash flow.

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History of this topic

Personal loan for self-employed: How can one raise money based on ITR. Details here
1 week ago

Personal loan for self-employed: How can one raise money based on ITR. Details here

Live Mint  

Self-employed individuals can avail of personal loans by providing their Income Tax Return documents as proof of income. Banks typically assess their income tax returns to assess their financial stability, repayment capacity, and eligibility. If you want to procure a personal loan, you need to gather an income tax return for the past 2 to 3 financial years. Typically range …

Struggling with no job? Here’s how to get an instant personal loan
1 week, 4 days ago

Struggling with no job? Here’s how to get an instant personal loan

Live Mint  

Personal loans are a great option if you want quick access to funds in order to cover your expenses for a while. However, instant personal loans offered to unemployed individuals may attract higher interest rates and low principal amounts because of the risk involved for the lenders. How to secure an instant personal loan when unemployed Choose the right lender: …

Personal loan eligibility: How does having a co-borrower affect your chances?
1 week, 6 days ago

Personal loan eligibility: How does having a co-borrower affect your chances?

Live Mint  

Although applying for a personal loan might seem like a pretty big financial decision, having a co-borrower with you could make the process go easier. Let's see how adding a co-borrower to your application would increase the chances of it getting approved and even possibly make the loan conditions better. Higher interest rates: Better loan terms, whereby the interest rates …

Personal loan for self-employed: What are the eligibility criteria, interest rates, and documents needed?
2 weeks ago

Personal loan for self-employed: What are the eligibility criteria, interest rates, and documents needed?

Live Mint  

While availing a personal loan is typically a hassle-free process for salaried individuals given the regular nature of their income, self-employed persons have to go through the rigour of convincing the lender to get the same. Lenders require self-employed persons to have a minimum income, which can vary by location, and the necessary financial documents that show stability of income, …

Can a personal loan fuel your entrepreneurial journey? Here’s the truth
2 weeks ago

Can a personal loan fuel your entrepreneurial journey? Here’s the truth

Live Mint  

The desire to be your own boss often fuels the ambition for wanting to start your business. For business needs, personal loans are attractive since they Collateral is not needed: In order to obtain a loan, you are not required to pledge any assets. For MSMEs in particular, personal loans help bridge funding gaps, enabling them to invest in growth …

Personal Loan: Should you use it for investment? Pros and cons revealed
2 weeks, 3 days ago

Personal Loan: Should you use it for investment? Pros and cons revealed

Live Mint  

Taking a personal loan with the intention of investing can be both risky as well as profitable. Let us understand the implications of borrowing a personal loan for investment and whether or not it is a wise decision for you: Understanding personal loans A personal loan is an unsecured type of loan which you can easily borrow for any purpose …

When should you take out a personal loan? 7 key scenarios
2 weeks, 3 days ago

When should you take out a personal loan? 7 key scenarios

Live Mint  

Personal loans provide ready access to money, but with responsibilities and downsides. Understanding personal loans A personal loan allows you to borrow a specific amount of money and pay it back in fixed monthly instalments over a specific period. Higher education: In case you do not have sufficient money to pay for training or tuition in full, you may use …

6 consequences of personal loans: What you need to know before signing up
2 weeks, 5 days ago

6 consequences of personal loans: What you need to know before signing up

Live Mint  

Personal loans are one of the quick sources of funds that cater to a variety of purposes such as debt consolidation, house repairs, and even sudden medical bills. High interest rates: As personal loans are not secured, they normally come with higher interest rates than other secured loans like mortgages and auto loans. Paying off debt with loans: Personal loans …

Personal Loan: 6 crucial things you need to know before borrowing
2 weeks, 6 days ago

Personal Loan: 6 crucial things you need to know before borrowing

Live Mint  

If you are planning to take a personal loan, it is important that you keep a few aspects in mind before you start with your application process. 6 key factors to consider before applying for a personal loan Understand your credit report: Credit score plays a major role in the personal loan approval process. Beware of misleading offers: Many lenders …

Personal Loan Repayment: 8 tips to pay off your loan faster
2 weeks, 6 days ago

Personal Loan Repayment: 8 tips to pay off your loan faster

Live Mint  

A personal loan may be a good financial tool when used judiciously. Let's have a look at the strategies to enable you to reduce your total debt, and pay off your personal loan more speedily. Principal and interest rate are typically repaid in equal monthly instalments while paying back a personal loan. It is easier and more economic to pay …

Personal loan: Before zeroing in on a lender, make note of 7 key points
Trending News
3 weeks ago

Personal loan: Before zeroing in on a lender, make note of 7 key points

Live Mint  

If you are all set to borrow a personal loan, then the first and foremost thing that you need to do is to zero in on a bank to borrow the money from. It is recommended that you choose the best personal loan provider after examining your financial needs, carrying out a thorough research, and comparing different lenders and their …

Personal loan: 10 key questions to ask yourself before opting for it
3 weeks, 3 days ago

Personal loan: 10 key questions to ask yourself before opting for it

Live Mint  

If you are suddenly short of funds and do not wish to borrow from friends then one of the options that you can avail is to raise a personal loan. However, before raising a personal loan, make sure that the interest rate is not exorbitant, time duration is optimum, and the lender is reliable, so on and so forth. Let …

Personal loans and tax benefits: How to maximize your savings
3 weeks, 5 days ago

Personal loans and tax benefits: How to maximize your savings

Live Mint  

Personal loans are one of the most commonly used financial tools to address the need for emergency funds, as they can be used for multiple purposes. “Personal loans are generally not linked to investments or income generation and, therefore, do not provide direct tax benefits. Tax benefits can be availed of personal loans utilised for certain purposes Personal loan for …

Personal loan application: What are the documents required for a personal loan?
Trending News
3 weeks, 6 days ago

Personal loan application: What are the documents required for a personal loan?

Live Mint  

Are you planning something significant in your life, such as a wedding, remodelling your home, or that long-awaited bucket list vacation? However, before applying, however, you'll need to provide the following documents to the lender: In this article, we will examine the key documents required for a personal loan. Documents required for applying personal loan To ensure a fast and …

Personal Loan EMIs: A borrower’s guide for a smooth repayment strategy
Trending News
3 weeks, 6 days ago

Personal Loan EMIs: A borrower’s guide for a smooth repayment strategy

Live Mint  

A personal loan is a flexible financial option that facilitates quick access to funds for home improvements, meeting medical emergencies, travelling, or educational purposes. Unlike home or auto loans, personal loans do not require collateral but frequently have higher interest rates. In the early periods of the loan, a larger amount of your EMI is dedicated to interest, and the …

5 key benefits of personal loans that you should know about –– flexibility, lack of usage curbs, and …
Trending News
4 weeks ago

5 key benefits of personal loans that you should know about –– flexibility, lack of usage curbs, and …

Live Mint  

Life often presents us with unforeseen expenses includeasily available to people. Knowing the key benefits of personal loans can help you make well-informed financial choices to achieve your objectives. The interest rates on personal loans are usually affected by several factors, including your credit score, income, and the loan amount. Quick disbursement process: Personal loans are approved and disbursed within …

What is a personal loan? A comprehensive guide for first-time borrowers
1 month ago

What is a personal loan? A comprehensive guide for first-time borrowers

Live Mint  

Personal loan loans are flexible financial options that can be availed in pursuit of different goals of life such as paying an emergency medical bill, funding home improvements or realising that special dream vacation. Important factors to consider before taking personal loans 1.Loan terms and conditions: Before taking a personal loan, always read the fine print. 2. Credit score: It …

Understanding Personal Loan Interest Rates: Key Factors to Consider
1 month, 3 weeks ago

Understanding Personal Loan Interest Rates: Key Factors to Consider

Live Mint  

Personal loan interest rates in India are influenced by various factors, including credit score, income, and repayment history. A high credit score and stable income are generally associated with lower interest rates, while a history of timely repayments and low default rates can lead to more favourable terms. Other factors such as loan purpose, employment stability, and the lender's risk …

3 Key Reasons to Consider a Personal Loan for Financial Emergencies
1 month, 3 weeks ago

3 Key Reasons to Consider a Personal Loan for Financial Emergencies

Live Mint  

Personal loans offer a practical solution for various financial needs, including home renovation, quick cash, and life event expenses. By consolidating multiple loans into a single personal loan, you can simplify financial management and avoid missed payments. Additionally, fixed interest rates provide predictable monthly payments, helping you avoid missed deadlines and improve your credit score over time. However, it's important …

What are personal loans and how do they work?
2 months, 3 weeks ago

What are personal loans and how do they work?

Live Mint  

Personal Loan: While personal loans are popular for urgent needs, they carry high interest rates. To obtain a personal loan, you must adhere to specific guidelines and meet the Personal loans primarily depend on your credit score, financial status, and current market conditions. Interest rates vary by bank, but they are usually calculated using a simple formula: Interest rates vary …

Personal Loans: 3 smart reasons to consider borrowing for your next big expense
3 months, 1 week ago

Personal Loans: 3 smart reasons to consider borrowing for your next big expense

Live Mint  

Whenever you fall short of money or stare at a sudden shortfall, all you typically think of is to raise a personal loan. These, and many more, are some of the key reasons for which it is not uncommon to raise a personal loan. Best Personal Loan for you at lowest interest rate Instant Apply Here we present three key …

Personal loans for big purchases: Here are the pros and cons
6 months, 4 weeks ago

Personal loans for big purchases: Here are the pros and cons

Live Mint  

A personal loan presents a viable option for financing significant purchases. In contrast to credit cards, which may have variable interest rates based on your creditworthiness or the state of the market, personal loans provide peace of mind. Possibility of reduced interest rates: Interest rates on personal loans are usually lower than those on credit cards, especially for borrowers with …

Personal Loan for Self Employed: Here’s what applicants should keep in mind
8 months ago

Personal Loan for Self Employed: Here’s what applicants should keep in mind

Live Mint  

Personal Loan for Self Employed: Although it might present a bit more complexity compared to individuals with conventional employment, lenders are generally open to collaborating with self-employed applicants. When reviewing a personal loan application from a self-employed individual, lenders may scrutinise certain aspects like minimum income, business vintage, credit score, bank statements, and tax returns. Income tax returns, bank statements, …

Personal loan for business: Here are its pros and cons
8 months, 3 weeks ago

Personal loan for business: Here are its pros and cons

Live Mint  

Personal loan for business: Personal loans are usually taken and used for personal expenses but some borrowers may consider taking this type of credit to finance their small business ventures. This is because of the following reasons: Elevated interest rates : Personal loans generally carry higher interest rates in comparison to business loans, which can substantially inflate the total borrowing …

Personal Loan Taxation: Are there any tax benefits on the amount borrowed?
9 months, 1 week ago

Personal Loan Taxation: Are there any tax benefits on the amount borrowed?

Live Mint  

Personal loans offer a flexible financial solution to address a wide range of personal needs. In general, a personal loan in India typically won’t have a significant impact on your tax filing in two primary ways: The loan amount is not considered taxable income. Nevertheless, there are some exceptions where you may be eligible to claim tax benefits on a …

Personal loans pros and cons that you must be aware of
9 months, 2 weeks ago

Personal loans pros and cons that you must be aware of

Live Mint  

A personal loan represents an unsecured borrowing arrangement available from institutions such as banks or credit unions. Best Personal Loan for you at lowest interest rate Instant Apply Characteristics of personal loans The demand for immediate funds is a widespread challenge, whether it’s an unexpected medical emergency or an unplanned wedding. : Due to the absence of collateral that lenders …

5 scenarios in which quick Personal Loans can be useful
1 year, 6 months ago

5 scenarios in which quick Personal Loans can be useful

India TV News  

Getting credit now is easier than ever before. Here, personal loans are a viable choice because you can use the funds without any restrictions, and this includes paying off existing high-interest credit. You only have to pay the interest applicable on the personal loan Moreover, when you consolidate your debt, you are effectively closing your other credit accounts. Lenders provide …

When must you not rush to apply for personal loans? MintGenie explains
1 year, 10 months ago

When must you not rush to apply for personal loans? MintGenie explains

Live Mint  

How often do we hear that people with no money find it difficult to secure a loan whereas those with enough monetary investments or assets can easily obtain a loan? Sometimes, spending beyond a certain limit using your credit card can land you in debt, thus, prompting you to seek a personal loan to repay the debt amount. Having a …

Personal Loans to Meet your Financial Needs
3 years ago

Personal Loans to Meet your Financial Needs

Deccan Chronicle  

The advent and rise of personal loans have provided possibilities to meet a variety of financial needs for consumers. Personal loans can be a great way to meet your financial needs without having to resort to high-interest credit cards. In that case, personal loans can be used for a variety of purposes, including: Medical expenses If you have a medical …

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