Personal Loan for Freelancers
Due to its independence and flexibility, freelancing has become very popular. However, it may be difficult for freelancers to get a personal loan or credit card as the income is inconsistent. Certain lenders may offer personal loans to freelancers if they meet the eligibility criteria and the required documents are submitted.
How do Freelancers Apply for a Personal Loan?
Online
Most banks provide the option to apply for a personal loan online. The process is simple and relevant documents can be uploaded. Approval may be provided instantly as well.
Offline
You can visit the nearest branch of the bank or NBFC to apply for a personal loan. The requested documents must be submitted. Once the verification has been completed and if you meet the eligibility criteria, a personal loan will be provided.
Personal loans are provided for freelancers at attractive interest rates. You can apply a loan both offline and online. You can use the loan amount for both personal and business expenses.
Eligibility Criteria
The eligibility criteria will vary from lender to lender. However, the basic eligibility criteria that must be met are mentioned below:
- You must be an Indian citizen.
- You must be between the ages of 21 years and 65 years.
- Your CIBIL score must be 685 and above.
- You must earn at least Rs.4.8 lakh in a year.
Features and Benefits of Personal Loans for Freelancers
Some of the main features and benefits of personal loans for freelancers are mentioned below:
- Minimal Paperwork: Less documents will need to be submitted. Credit history, bank statements, and proof of income are looked at by lenders before providing personal loans.
- Flexible Repayment Tenure: Certain banks may provide a repayment tenure of up to 96 months. This can help with financial planning.
- Quick Disbursal: Most lenders provide personal loans within 24 hours. In case you are eligible for a pre-approved loan, the money will be transferred to your account immediately.
- Collateral-Free: No collateral needs to be provided when you avail a personal loan. The process to apply for a personal loan is simple and can be completed online.
- Loan Amount: Banks may provide a high amount as a personal loan. You can choose an amount that best suits you.
What Documents are Required for Personal Loan for Freelancers?
Some of the documents that must be submitted when freelancers apply for a personal loan are mentioned below:
- Last three months’ bank statement.
- KYC documents.
- Proof of address.
- Proof of identity.
FAQs on Personal Loan for Freelancers
- Can freelancers apply for a personal loan online?
Yes, freelancers can apply for a personal loan online.
- Are freelancers considered as self-employed individuals?
Yes, freelancers are considered as self-employed individuals.
- Is it possible for non-salaried individuals to avail a personal loan?
Yes, non-salaried individuals can avail a personal loan.
- What factors are considered before banks provide a personal loan for non-salaried individuals?
Some of the factors that are considered before banks provide a personal loan for non-salaried individuals are credit score, bank statement, and income history.
- What can a personal loan be used for?
A personal loan can be used for various purposes such as medical expenses, purchasing gadgets, paying debts, children’s education, vacation, home renovation, etc.
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