• First, one has to figure out the lending financial institutions and determine if they meet the criteria necessary to apply for a loan.
• The borrower has to have a clear idea about the exact amount of money they will ask for the loan. One should strictly take the loan for what is required.
• To get a loan, one has to have a registered bank account for the loan amount to get debited in it.
• One has to check their loan eligibility by evaluating their creditworthiness from an online calculator before applying for a loan.
• Completion of the KYC documentation procedure is very important.
• Submitting documents like

Identity proof

Address proof

• Income tax return certificates
• After completing this documentation, as mentioned above, now one has to wait for the application confirmation with the necessary agreements.
• The banks can also charge processing fees with an additional GST fee.
• One should do proper research on if they are paying for any extra charges or fees during documentation.

Benefits of Personal Loans

No Collateral:- No collateral or security is required, such as a house or car, to get the loan. The loan approval process mainly works based on the borrower’s creditworthiness.

Minimal Documentation:- A person can avail of a loan by presenting only their key documents like proof of identity, address, and income.

Quick Disbursal:- Loan disbursal can sometimes happen once the application is approved. However, personal loans are believed to have the fastest loan disbursal.

Flexible loan Amount:- The personal loan mainly deals with payment history, monthly income, age, profession, etc. These kinds of loans come with flexible tenures that range from 12 months to 60 months.

DTI (Debt-to-Income Ratio):- The percentage of DTI proves if the borrowers will be able to manage payments of the new debts. DTI less than or equivalent to 50% is what the lender expects from one to have to get the loan approved.

Quick online portal:- Now, applying for a loan has been easier, i.e., through online portals. Now one tackles loan formalities by going completely digital.

Easy EMI repayments:- Firstly, this kind of loan always provides the easiest and most flexible payment options. Additionally, this facility allows borrowers a fair amount of time to pay off their dues. Therefore, one should do a proper analysis and calculation of their EMI that they can anticipate every month.

Understanding interest rates:- Having done a proper analysis, it is important to calculate the interest rates to ensure an appropriate interest rate for the individuals.

Also Read: Instant Loan Approval with a Lower Credit Score in Siruseri

Eligibility Criteria to Apply for a Personal Loan for Business

• The businessman or woman should be a resident of India.
• The minimum age has to be 21, and the maximum period should be 61 to apply for the loan.
• The recipient should be a salaried or self-employed person.
• The monthly gross income must be a minimum of INR 15,000 for salaried individuals and a maximum of 25,000 for self-employed persons.
• One of the most important eligibility criteria is that the borrower should have a credit score equal to 700. Constant monitoring of one’s credit score and credit report is necessary.
• For a perfect credit score, one must pay their credit card dues on time.
• One should ensure their DTI is equivalent to or more than 50%.
• The recipient should not be associated with any criminal and unethical activities.

In Conclusion

Individuals can take out loans to fund their new business venture, especially in a commercial hub like Guindy. Establishing an influential business is very difficult. With the arrival of online mediums, applying for loans have become even easier than online mode always aims for minimal documentation, and a flexible borrowing system that can reduce the documentation process can hardly go wrong.

Therefore, taking a instant personal loan in Guindy will allow a businessman or woman to proceed towards their dream business using any medium ,i.e., online or offline . Availability of quick loans will push the entrepreneur even closer to build a successful business in a mercantile and magnificent city.

Having any queries? Do reach us at info@buddyloan.com

Frequently Asked Questions

Q. Is Personal Loan and Business Loan Different?
A. Yes, personal loans and business loans are different, and the borrower should already possess a firm or company to apply for a business loan.

Q. Is it possible to cancel the loan anytime?
A. Yes, it is possible to cancel the loan, but one should do it before the amount has been debited to the account.

Q. Can a foreign national apply for a loan in India?
A. No, a foreign national cannot apply for a loan in India as the lenders do not provide this facility.