Personal loans can help you meet your urgent financial requirements. You do not need to wait for days. Most lenders offer instant personal loans. However,you might face trouble getting a loan as a self-employed individual. Don’t worry. We will provide you some superb tips to get your loan approved.

Salaried individuals do not face any problems while applying for a personal loan. However, if you are self-employed, you need to keep certain things in mind.

1. Maintain A Good Credit Score

Having a decent credit score will improve the chances of getting the loan. Make sure you have cleared your credit card bills on time. If you have repaid all your previous loans punctually, you will not have any problems. NBFCs generally look for a score of 620 and above.

2. Keep All Your Documents Ready

Since you are self-employed, the lender will want to see your income proof. Having a consistent income for at least two years will boost your chances of getting the loan. Make sure you keep the following documents ready.

• Your bank statement for the past 6 months.
• Proof of income tax returns of the previous year.
• Profit and loss statements if you have a business.

3. Offer Collateral If Necessary

Since personal loans are unsecured, lenders do not wish to take risks. Offering collateral will boost your credibility. That will increase the chances of your application getting approved.

Are you worried about the monthly installments? Well, you can use a personal loan EMI calculator. It will give an idea about the EMI amount.

Fullerton India offers personal loans for both salaried and self-employed persons. You can apply online and get your loan approved instantly. Isn’t that great?

Must Read: One-click Loans With Personal Loan Apps