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 from 11 per cent to 24 percent for personal loans, depending on your risk profile C. Usually between 1 to 5 years, though some lenders may offer longer periods.

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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, …

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 …

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, …

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