Self-employed individuals know how challenging it can be to obtain financing. Traditional lending institutions may not see you as a reliable borrower, leaving you with limited options for securing the funding you need. However, with the rise of fintech, instant loan apps have become a popular option for self-employed individuals looking for quick and easy access to funding. But with so many options available, how do you know which app is the best for your specific needs?
Whether you’re looking to fund a new business venture or need extra cash to cover expenses, this guide will help you find the best instant loan app for self employed needs. We will explore the top instant loan apps for self employed individuals, considering factors such as loan amount, interest rates, and loan terms.
So, are you ready to take control of your financial future as a self-employed individual? Keep reading to find the best instant loan app for you.
Best Instant Loan Apps For Self-Employed
Non-Banking Financial Companies (NBFCs) offer various loan options for self-employed individuals. However, the eligibility criteria for these loan products may vary from NBFC to NBFC. We will discuss the general eligibility criteria for different NBFCs for self-employed individuals. It’s important to note that the actual criteria may vary based on the NBFCs internal policies and the Reserve Bank of India’s (RBI) guidelines. The requirements may also vary based on the loan product and the applicant’s creditworthiness.
Also Read: Personal Loan for Salaried Employees Vs Self-Employed
Here are the top instant loan apps for self employed individuals to help cover their needs:
Buddy Loan App
Buddy Loan is the best instant loan app for self employed individuals. It is a perfect solution for self-employed individuals seeking a hassle-free lending experience. With instant approval and flexible repayment options, you can take control of your finances and achieve your goals.
| Buddy Loan | |
| Interest rate | 11.99% p.a |
| Loan Amount | From Rs.1000 and up to 15 Lakhs. |
| Processing Fee | 2% of the sanctioned loan amount + GST |
| Age Eligibility | Between 18 to 60 years |
| Income Eligibility | Minimum of ₹15,000 per month |
| Repayment Tenure | 6 months to 5 years. |
Get the funds you need, when you need them with Buddy Loan – the ultimate instant loan app for self-employed individuals.
PaySense App
PaySense is a top-rated, best instant loan app for self employed individuals. It offers quick and easy loan approvals. With flexible repayment options and competitive interest rates, PaySense is an excellent choice for those in need of financial assistance.
| PaySense | |
| Interest rate | 1.4% – 2.3% per month |
| Loan Amount | Up to ₹5 lakhs |
| Processing Fee | Up to 3% of the loan amount |
| Age Eligibility | 21 years to 60 years |
| Income Eligibility | minimum of ₹15,000 per month |
| Repayment Tenure | 3 to 60 months |
Money Tap App
Self-employed individuals looking for a quick and easy loan process should consider Money Tap’s instant loan approval process and user-friendly app. It offers a wide range of loan products and flexible repayment options, making it a highly recommended instant loan provider for self-employed personnels.
| Money Tap | |
| Interest rate | Starting from 1.08% p.m. or 36% p.a. |
| Loan Amount | From Rs. 3000 to Rs. 5 lakh |
| Processing Fee | Rs. 3,000 – Rs. 199 + GSTRs. 5,000 – Rs. 399+ GST
Rs. 10,000 – Rs. 499 + GST Rs. 25,000 and above – 2% of the borrowed amount + GST |
| Age Eligibility | 23 years to 55 years |
| Repayment Tenure | Minimum 2 months and up to 36 months |
Money View App
Unlock the power of financial freedom with the best instant loan app for self employed individuals. Money View is the ultimate solution for self-employed individuals seeking a streamlined loan process.
| Money View | |
| Interest rate | Starting from 1.33% per month |
| Loan Amount | Rs 5,000 to Rs 5 lakh |
| Processing Fee | Between 2% to 8% of approved loan amount |
| Age Eligibility | Should be between 21 and 57 |
| Income Eligibility | Min. monthly income of Rs. 15,000 |
| Repayment Tenure | Up to 5 years |
CASHe App
With CASHe, you can apply for a loan in just a few minutes and receive the money you need without the hassle. You can now say goodbye to long and complicated loan application processes because CASHe makes it easy for self-employed individuals to access the funds they need.
| CASHe | |
| Interest rate | 2.25% per month onwards |
| Loan Amount | Rs 1,000 to Rs 4 Lakhs |
| Processing Fee | Up to 3% of the loan amount |
| Age Eligibility | 23 years to 58 years. |
| Income Eligibility | Minimum net monthly income: Rs 15,000. |
| Repayment Tenure | 90 days to 540 days |
IIFL
IIFL offers instant loan approvals and flexible repayment options, making it a best personal loan app for self employed individuals looking for an effortless loan process. Their custom-tailored loan options for self-employed individuals make it the best pick for those seeking a reliable instant loan provider.
| IIFL | |
| Interest rate | 12.75%-33.75% p.a. |
| Loan Amount | Up to Rs 25 lakh |
| Processing Fee | Up to 2%-4% of loan amount |
| Age Eligibility | 19-65 years |
| Income Eligibility | Rs 5,000 or more |
| Repayment Tenure | Up to 5 years |
Note: The interest rates of banks are subject to change, so do visit their official website to get their updated rates.
Self-employed individuals’ eligibility criteria for the instant loan vary among different NBFCs. Experts suggest researching and comparing the requirements of different NBFCs before applying for a loan. Ensure that you meet the criteria of the NBFC you are applying to in order to increase the chances of loan approval. Understanding and meeting eligibility criteria are essential for a smooth and successful loan application process.
With that being said, let’s dive into the features and benefits of using instant loan apps for self-employed individuals, which will elaborate on the advantages you can have by using instant loan apps.
Features And Benefits Of Instant Loan Apps
As a self-employed individual, accessing credit can be challenging, but instant loan apps have made it much easier for you to get the funds you need quickly and easily. These applications have revolutionized the way people access to credit by offering a wide range of features and benefits. We will delve into the various features and benefits of using instant loan apps as a self-employed individual.
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Quick and easy application process:
Instant loan apps allow you to apply for a loan in just a few minutes, and the approval process is usually fast, so you can get the funds you need quickly.
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Minimum documentation:
Most instant loan apps require minimal documentation, making the application process hassle-free.
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High loan limits:
Instant loan apps usually offer higher loan limits than traditional loans, giving self-employed individuals access to more funds.
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Flexible repayment options:
Instant loan apps offer various repayment options, including installment loans, which allow you to repay the loan over a longer period of time.
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24/7 availability:
Instant loan apps are available 24/7, so you can apply for a loan at any time, from anywhere.
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Low-interest rates:
Many instant loan apps offer low-interest rates, which can help keep borrowing costs down.
Instant loan apps offer a convenient and efficient solution for self-employed individuals to access short-term credit. They provide features such as quick and easy application processes, minimal document requirements, and fast approval times. Additionally, these apps offer the added benefit of flexibility and convenience, as they can be accessed from anywhere and at any time.
Now that we have discussed the various features and benefits that will help you find the best instant loan app for self employed individuals, we will further delve into the specifics of the application process, document requirements, and approval times for instant loan apps, providing a more detailed understanding of the process.
Also Read: The Reason Why Instant Money Loan Is Everyone’s Obsession Nowadays
Application Process For Self-Employed Individuals
Instant loan apps offers a range of loan options for self-employed individuals. The application process for these loans may vary slightly from traditional bank loans, and it is important for individuals to understand the requirements and steps involved. Some key points to consider when applying for a loan from an NBFC in India include the following:
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Proof of income:
Lenders will require self-employed individuals to provide documentation of their income, such as tax returns, financial statements, GST returns, and bank statements.
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Credit score:
A good credit score above 750 will increase the chances of loan approval and may lead to better loan terms.
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Application form and supporting documents:
A completed application form and any required supporting documents, such as ID proof, address proof, PAN card, GST registration certificate, and business registration certificate, will be needed to apply for the loan.
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Eligibility Criteria:
Self-employed individuals will have to meet the eligibility criteria for the loan, such as minimum turnover, minimum years in business, minimum credit score, etc.
By understanding the NBFC loan application process and gathering all the required documents in advance, self-employed individuals can increase their chances of a successful loan application. Now that you have a clear understanding of the application process, we will look at the tips to help you maximize your chances of loan approval to make the most of your loan application.
Also Read: How to Get a Personal Loan A Complete Guide on Eligibility and Documents
Tips For Maximizing Chances Of Loan Approval for Self-Employed
Self-employed individuals often face the challenge of convincing traditional financial institutions of their creditworthiness due to the lack of a regular paycheck and a stable employment history.
Whether you’re looking to expand your business or meet personal financial needs, understanding and implementing these tips can help increase your chances of success in obtaining a loan. We will provide tips and strategies for self-employed individuals to maximize their chances of loan approval from NBFCs and instant loan apps.
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Improve your credit score:
A good credit score is one of the most important factors considered by lenders when assessing loan applications. You can improve your credit score by paying bills on time, reducing credit card balances, and avoiding late payments.
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Gather necessary documentation:
Lenders will require proof of income, collateral, and other supporting documents such as a PAN card, GST registration certificate, bank statement, etc. Have all your documents ready and in order before applying for a loan.
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Provide an explanation for any credit blemishes:
If you have any credit blemishes, such as late payments or defaults, be prepared to explain to the lender. This shows that you have taken steps to address the issue and are now in a better position to repay the loan.
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Consider a co-applicant or guarantor:
Having a co-applicant or guarantor can increase your chances of loan approval. A co-applicant or guarantor can provide additional income and collateral and help improve your credit score.
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Choose the right loan app or NBFC:
Not all instant loan apps and NBFCs are the same. Research and compare different options to find the one that best suits your needs and has the most favorable terms.
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Be transparent:
Provide accurate information and be transparent about your financial situation. Lenders can detect dishonesty, which may lead to the rejection of the loan.
Being transparent can increase the chances of loan approval for self-employed individuals. However, there are a few additional points that you should keep in mind while applying for a loan, such as understanding the terms and conditions, comparing interest rates and fees, and being aware of the repayment schedule. These additional points help ensure that you make an informed decision and choose a loan that is right for you.
Also Read: Top 10 Low Interest Personal Loan Apps You Need To Know Now!
A Few Points To Remember
To determine the best instant loan app for self employed, it is advisable to gain familiarity with the following considerations:
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Understand the terms and conditions:
Before applying for a loan, it is important to carefully read and understand the terms and conditions of the loan, including the interest rate, fees, and repayment schedule.
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Compare interest rates and fees:
Different instant loan apps and NBFCs may offer different interest rates and fees. Compare the options available to you and choose the one that offers the most favorable terms.
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Be aware of the repayment schedule:
Make sure you fully understand the repayment schedule and the amount of each installment and be sure that you can make the payments on time.
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Keep an Eye on the interest rate:
Be aware of the interest rate and how it can affect your loan repayment. It will help you to plan and avoid any future financial difficulties.
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Keep track of your credit score:
It’s important to keep track of your credit score as it can affect your loan approval. Therefore, it is important to maintain a good credit score.
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Be prepared for rejection:
You should be prepared for the possibility that your loan application may be rejected. If this happens, ask the lender for feedback on how you can improve your chances of loan approval in the future.
Also Read: Buddy Loan Eligibility: Does Buddy Loan Reject Personal Loan Applications?
To Sum Up,
Being self-employed doesn’t mean being left out of the financial game. With the help of instant loan apps, you can easily score a financial touchdown and power up your business. By following the tips for maximizing your chances of loan approval and remembering a few key points, you can increase your chances of being approved for a loan.
In this blog, we’ve unveiled the secret plays of the loan application process, the key players in the NBFCs, and the winning strategies to increase your chances of loan approval. With the tips and information outlined, let’s determine the best instant loan app for self employed individuals and score that instant loan touchdown together!
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Frequently Asked Questions
Q. What is an instant loan app?
A. An instant loan app is a mobile application that allows users to apply for and receive loans quickly and easily through their smartphones. Instant loan apps are typically offered by non-banking financial companies (NBFCs) or other online lenders. These apps are designed to streamline the loan application process, making it more convenient and accessible for borrowers.
Q. Are instant loan apps only available for self-employed individuals?
A. No, instant loan apps are available to both self-employed and salaried individuals. However, the application process and required documents may differ for self-employed individuals. They may need to provide additional documents such as GST registration, ITR, and bank statement.
Q. What documents are required to apply for an instant loan through an app?
A. Documents typically required include ID proof, address proof, and proof of income. Additional documents such as GST registration, ITR, and bank statement are also required for self-employed individuals. The exact documents required will vary depending on the app and lender.
Q. How long does it take to get approved for an instant loan through an app?
A. Approval time can vary depending on the app and lender, but it is generally faster than traditional loan processes. The app will typically take a few minutes to a few hours to review and approve an application, with the loan disbursal taking place within a few hours to a day.
Q. Can I apply for an instant loan if I have a low credit score?
A. Some instant loan apps may approve loans for individuals with lower credit scores, but the terms and interest rates may be less favorable. It’s important to check the app’s credit score requirements before applying.
Q. Are there any risks associated with using instant loan apps?
A. Yes, as with any loan, there is a risk of falling into debt or being unable to repay the loan. It’s important to carefully read the terms and conditions, understand the repayment schedule and interest rates, and borrow only what you can afford to repay. It’s also important to be aware of any hidden fees or charges that may apply. Additionally, there is always a risk of fraud or data security breaches while using digital platforms, so using only trusted and reputed apps is important.
