It is easier than ever before to get a personal loan approved. But, many people still face loan rejections. In this article, we are sharing some of the important tips which you can use to get an instant personal loan approved. 

1. Always know your credit score – Knowing your credit score means you can know if you meet the minimum requirement that the lender requires. For example, if the minimum requirement is 750 and your score is 650, then you are not eligible. You should spend time building your credit score to meet the eligibility of a personal loan for self-employed before applying.
2. Have all the documents ready – As a self-employed individual, you have to keep your age and address proof, ready. You also need to submit bank statements for the last six months along with Form 16, and ITR returns. When submitting your application form, you have to submit all the documents. If you are hoping for an instant personal loan online, then you need to ensure the documents are in the format the lender has stated.
3. Be aware of the other terms and conditions – Each lender has several requirements for their personal loan for self-employed individuals. Some of these are
4. Age – 21-60 years
5. Maximum loan amount – Rs. 25 lakhs
6. Loan tenure – From 12-60 months
7. Interest rates – starting from 11.99%
8. CIBIL Score – 750
9. Debt –to-income-ratio – You cannot have more than 65% of your income as EMI

These are the general criteria and will vary across lenders.|

Additional Read: Which Type Of Loan Is Best For a Self-employed Person?