Securing loans from traditional banks can pose challenges, especially the loans for self-employed individuals. Traditional banking institutions typically expect borrowers to have a stable income and a strong credit history, making it a daunting process. However, in India, there are a range of alternative loan options tailored to meet the specific needs of self-employed individuals, such as personal loan apps.
Loan apps for self-employed individuals bring numerous benefits, including streamlined digital processes, simplified verification, speedy approval and disbursement, competitive interest rates, and flexible repayment terms. These apps provide a viable solution for those seeking financial support, especially when navigating the stringent requirements of conventional banks.
Keep reading the blog to learn more about the best instant loan apps for self-employed people in India and their features and make an informed decision.
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List of the Best Instant Loan Apps For Self-employed In India
You can use self-employed loan apps to finance a new business or cover unforeseen expenses. Here is a list of the best personal loan apps for the self-employed in India.
- Buddy Loan
- PaySense
- CASHe
- MoneyTap
- MoneyView
- Hero FinCorp
1. Buddy Loan
Buddy Loan is one of the best instant personal loan marketplaces for self-employed individuals and small business owners. It is user-friendly and provides quick funds, making it a great option for those who need timely financial support.
| Loan Amount | ₹1,000 – ₹15 Lakhs |
| Interest Rate | 11.99% per annum |
| Repayment Tenure | 6 months – 5 years |
Note: The interest rates offered on our policies are subject to market fluctuations and may change accordingly. We advise you to stay updated on the latest interest rate.
2. PaySense
Self-employed individuals who are looking for quick and easy personal loans should consider the PaySense app. It offers loans at an affordable interest rate with minimum documentation and easy approval. It is a highly recommended instant cash loan for self-employed people.
| Loan Amount | ₹5,000 – ₹5 Lakhs |
| Interest Rate | Up to 3% per month |
| Repayment Tenure | 3 months – 60 months |
Note: The loan amount, interest rate, and tenure are subject to change.
3. CASHe
CASHe is one of the leading fintech companies that offers quick loans for self-employed individuals. It takes only a few hours for loan approval and the amount is disbursed instantly. The CASHe loan app is perfect for managing your unexpected financial expenses.
| Loan Amount | ₹1,000 – ₹4 Lakhs |
| Interest Rate | 2.25% per month onwards |
| Repayment Tenure | 62 days – 1.5 years |
Note: The loan amount, interest rate, and tenure are subject to change.
4. MoneyTap
One of the most popular choices among individuals who are looking for an online loan app for self-employed and business owners is MoneyTap. It offers self-employed business people an unsecured personal loan, designed to provide flexibility and easy access for their business growth. MoneyTap self-employed loans are based on the individual’s income and creditworthiness, rather than that of their business.
| Loan Amount | Up to ₹5 Lakh |
| Interest Rate | Up to 36% per annum |
| Repayment Tenure | 2 months – 36 months |
Note: The loan amount, interest rate, and tenure are subject to change.
5. MoneyView
MoneyView is an online marketplace that specialises in providing personal loans for self-employed individuals. This reliable app offers quick, paperless, and collateral-free loans. MoneyView makes the self-employed loan application process extremely convenient and the funds are deposited into your account within minutes.
| Loan Amount | ₹5,000 – ₹5 Lakh |
| Interest Rate | Starts at 1.33% per month |
| Repayment Tenure | 3 months – 60 months |
Note: The loan amount, interest rate, and tenure are subject to change.
6. Hero FinCorp:
Hero FinCorp offers quick funds with flexible repayment options, making it the best instant personal loan app for self-employed. The loan is specifically designed to support business capital requirements, expansions and clearing of debts. The interest rate and loan sanction are determined by the lender reviewing the owner’s credit history and business stability.
| Loan Amount | ₹15,000 – ₹1.5 Lakh |
| Interest Rate | Up to 25% per annum |
| Repayment Tenure | Up to 60 months |
Note: The loan amount, interest rate, and tenure are subject to change.
Features & Benefits of Instant Loan Apps For Self-employed
Instant loan apps are a great way for self-employed people to get money quickly and easily. These apps have changed the way people get loans by offering many benefits. Here are some of its features and benefits:
Features:
- Quick & easy loan application process
- Minimal documentation
- High loan limits
- Flexible repayment options
- Available 24/7
- Transparency
Benefits:
- Zero collateral
- Quick loan approval and disbursal
- Can be used for various purpose
- Convenient and hassle-free
- For self-employed individuals with limited credit history
In Conclusion,
Instant access to emergency funds is essential, especially for self-employed individuals who may experience financial difficulties between paychecks. Fortunately, there are several instant loan apps designed to provide a solution for the self-employed. With a variety of options to choose from, selecting the best app for your self-employment needs is essential.
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Frequently Asked Questions
Q. How to get a personal loan as a self-employed person in India?
A. To get a personal loan as a self-employed person in India, you’ll need to meet the eligibility criteria, provide the necessary documents, and apply through loan apps like Buddy Loan or financial institutions.
Q. What are the eligibility criteria and documents required for self-employed loans?
A. Eligibility criteria and required documents for self-employed loans typically include proof of income, bank statements, business documents, good credit score, and identity proof.
Q. Which app offers the lowest interest rates and flexible repayment options for self-employed loans?
A. Apps like MoneyTap, Buddy Loan, and PaySense offer competitive interest rates and flexible repayment options for self-employed loans.
Q. What are the benefits and drawbacks of using loan apps for the self-employed?
A. Benefits of loan apps for self-employed include convenience and quick access to funds, but drawbacks may include higher interest rates and limited loan amounts.
Q. How to compare and choose the best loan app for self-employed based on features, reviews, and ratings?
A. To choose the best loan app for self-employed individuals, compare features, read reviews, and consider ratings on platforms like app stores or financial websites.
