There are times when many of us come across some unexpected personal expenses for which we may not have enough funds. An Instant Loan is the right option in such situations. These are easy to apply online and are for shorter tenure involving quick processing. Most of them also require minimum documentation and are disbursed quickly.

A Personal Loan for the self-employed is for the short-term that you can apply for, especially when looking for an easy and convenient financing option. Before applying for one, you must know how they work, including eligibility requirements. The amount you can borrow is generally tiny, and they may sometimes come with higher interest rates. The following are the types:

Short-Term Loans

A Short-Term Personal Loan starts from an amount as low as Rs. 1,000. They are gradually gaining popularity in India and are ideal for month-end financial crises. You can apply for them by visiting the app and uploading the necessary documents. The money gets disbursed instantly.

Unsecured Loans

An Instant Loan for the self-employed is an unsecured borrowing availed by professionals to deal with financial crises. Many banks offer it starting from Rs. 30,000 to Rs. 40 lakh and sanction the amount based on your eligibility.

The Personal Loan rates are generally higher than secured ones, and the tenure is flexible to repay at your convenience. However, ensure to compare the offers and check your repayment capacity before applying.

Top-Up Loans

You can use this Loan to avail yourself of extra funds over and above existing borrowings like Home Loans. As the bank already has all personal details and documents, it is easy to process this Personal Loan for salaried by filling out a form and completing a few formalities.

Credit Card Loans

If you have a Credit Card, you automatically increase Personal Loan eligibility. The pre-approved offer requires minimum processing, and the funds get disbursed instantly. You can also contact the Credit Card lender and apply for it.

Loan against Insurance

Many banks offer this Loan against your small savings instruments like Insurance Policies and Fixed Deposits. However, the amount sdepends on the maturity value of your policy. If you have a clean outstanding record, you may get the Personal Loan for the self-employed amount of up to 90% of your saving value on the Banking app.

Repayment

After research, you can check your repayment capacity using the Loan EMI calculator. It considers the tenure, amount, and interest. The tool is available on all bank websites and is easy to use, adjustable, and accessible 24x7.