A personal credit is basically an unsecured type credit offered by banks and non-banking financial companies both to any eligible person. Before applying for this credit, it is necessary for each and every individual to know about the eligibility criteria and documentation process. Normally, eligibility criteria are the key aspect of applying for any type of credit, as it simply and quicken the process of application. Every bank or financial institution has its own minimum eligibility criteria for income, employment type, age, job status, credit score etc. It is really very important for you to fulfil these eligibility criteria in order to apply for a credit from a reliable and convenient money lending company or financial institution.
How to use a personal credit?
Here is the list of some ways to use such kind of credit are as follows-
● To fulfil wedding expenses of your own or family members.
● For home renovation
● To spend credit amount on children’s education.
● To fulfil business requirements
● To shield credit for working capital of your enterprise
● To support business expansion plans
● This credit can be used to go on a vacation.
What is the eligibility criteria for a personal credit for the self-employed individual?
The bank or money lending companies usually want individuals to fulfil a personal loan eligibility criteria before applying for credit. Eligibility criteria usually differ from one money lending company to another and it also depends on the profile of borrowers and his relationship with banks.
Here is the complete list of general requirements and limits are as follows-
● Age limit- a borrower should be between 21-60 years of age for obtaining this credit.
● Type of employment- self-employed professionals, salaried professional or non-professionals can apply for this credit.
● Minimum income of an individual should be Rs. 4000- 20,000.
● Employment status- an individual must be in business for at least 2 years.
● Credit score- credit score must be 350 -900
Here is the quick list of documents required for this credit are listed below-
● Duly signed application
● Photographs of an individual applying for the credit
● Processing fee
● Identity proof- passport copy/ voter ID or driving license
● Address proof- electricity bill, rental agreement, ration card, passport copy.
● Income proof- latest salary slip, bank statement of last 3-6 months, current salary certificate.
● Income tax return paid/ form 16
If you are looking for a "Personal Loan for Self Employed" then it is essential for you to know each and everything about the credit. Meet all the eligibility criteria and avail credit from the particular financial institution or money lending company. The best thing about the loan is, it is offered at lower interest rates and eligibility calculator is also provided to the individuals to check the instalments every month. You can save time and money by checking the loan status via calculator. Now, search for financial institutions and apply for a particular credit online for your convenience.