Tag: Self-employed

Self-employed individuals in India often face unique financial challenges due to their irregular income streams. 

However, in recent times, loan apps have emerged as a convenient and accessible option for meeting financial needs. 

In this blog post, we will offer valuable insights on the top loan apps for self-employed individuals in India to help you make an informed decision.

Loan Apps for Self-Employed Individuals

Loan apps are online platforms that allow individuals to apply for loans directly from their smartphones or computers. 

Unlike traditional lending institutions, loan apps often have simpler eligibility criteria and faster approval processes. 

For self-employed individuals, this can be a significant advantage as they may not always meet the stringent requirements of banks.

Key Factors to Consider When Choosing a Loan App

When selecting a loan app, it’s essential to consider the following factors:

• Eligibility Criteria: Different apps may have varying income requirements, credit score thresholds, and documentation needs for self-employed individuals. So you must choose based on what you are eligible for.
• Loan Amounts and Interest Rates: Compare the maximum loan amounts offered by different apps and carefully review their interest rates to find the most affordable option.
• Repayment Terms: Consider the flexibility of repayment terms, including options for early repayment and potential prepayment penalties.
• Ease of Application: Look for apps with user-friendly interfaces and minimal documentation requirements to streamline the application process.

Best Loan Apps for Self-Employed Individuals in India

Here are some of the best loan apps available for self-employed individuals in India.

Hero FinCorp

A trusted lender offering flexible loan solutions for self-employed individuals.

Hero FinCorp offers personal loans designed to meet the needs of self-employed professionals. They have a wide range of loan amounts and flexible repayment options, ensuring financial flexibility for individuals with irregular income streams.

Key Features:

• Interest Rates: Competitive rates starting from 1.58% per month
• Repayment Tenure: Flexible options from 12 to 60 months
• Quick Disbursal: Loans are typically disbursed in 2 days.
• Minimal Documentation: Documentation and paperwork are very minimal, depending on the credit score.

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IndiaLends

A comprehensive platform for various financial needs, including personal loans.

IndiaLends offers a lot of loan products, including personal loans, credit cards, and free credit reports. The personal loans provided by them can be a great option to match the financial requirements of self-employed individuals.

Key Features:

• Interest Rates: Competitive rates starting from 10.75%
• Repayment Tenure: Flexible options from 6 to 60 months
• Online Application: Convenient online application process
• Free Credit Reports: Access to free credit reports to help you monitor your creditworthiness

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CASHe

A leading fintech platform offering instant personal loans.

CASHe is known for short-term personal loans with quick disbursals and flexible repayment options. This app-based platform is reliable and makes it easy for self-employed individuals to access funds when needed.

Key Features:

• Interest Rates: Competitive rates starting from 2.5% per month.
• Repayment Tenure: Flexible options from 3 months to 1.5 years.
• Instant Approval: Loans are typically approved within a day.
• Minimal Documentation: Paperwork is minimal and is available online.

PaySense

A popular loan app offering competitive rates and a user-friendly interface.

PaySense provides personal loans with competitive interest rates and a straightforward application process. This loan app is great for self-employed individuals looking for instant cash to apply for loans on the go.

Key Features:

• Interest Rates: Competitive rates starting from 1.4% to 2.3% per month.
• Repayment Tenure: Flexible options from 3 to 60 months
• Online Application: Convenient online application process
• Quick Disbursal: Loans are typically disbursed within 24 hours

Buddy Loan

A reliable loan app offering instant approvals and flexible repayment terms.

Buddy Loan provides personal loans with instant approvals and flexible repayment terms. They have highly competitive interest rates making it a great option for self-employed people.

Key Features:

• Interest Rates: Competitive rates starting from 11.99%
• Repayment Tenure: Flexible options from 6 to 60 months
• Instant Approval: Loans are typically approved within minutes
• Minimal Documentation: Requires minimal paperwork for a hassle-free application process

Moneyview

A hassle-free personal loan app with quick disbursals.

Moneyview offers a seamless borrowing experience with a paperless application process and fast loan approvals. Their competitive interest rates and flexible repayment terms make it a popular choice for self-employed individuals.

Key Features:

• Interest Rates: Competitive rates start at 10% per annum.
• Repayment Tenure: Up to 5 years
• Quick Disbursal: Loans are typically disbursed in 24 hours in most cases
• Minimal Documentation: The Application process can be done online and is hassle-free.

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MoneyTap

A personalized loan experience with flexible repayment options.

MoneyTap provides customized loan solutions with affordable monthly installments and flexible repayment schedules. They have an attractive feature of paying interest only on what you use. Their personalized approach and transparent loan application process make it a suitable choice for self-employed individuals. 

Key Features:

• Interest Rates: Competitive rates starting from 1.08% per month
• Repayment Tenure: 3 to 36 months
• Quick Disbursal: Loans are mostly disbursed within 24-36 hours
• Personalized Service: Experienced team to provide personalized financial advice

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Finnable

A user-friendly loan app offering a seamless borrowing experience.

Finnable provides personal loans with a user-friendly interface and a seamless borrowing experience. Their app-based platform makes it easy for self-employed individuals to apply for loans and track their repayments.

Key Features:

• Interest Rates: Rates are calculated based on reducing balance method.
• Repayment Tenure: Flexible options from 3 to 48 months
• Online Application: Convenient 100% digital application process
• Quick Disbursal: Loans are typically disbursed within 24 hours

Bajaj Finserv

A trusted financial services provider offering a variety of loan products.

Bajaj Finserv offers a range of loan products, including personal loans, for self-employed individuals. Their experienced team can provide personalized financial advice and assistance.

Key Features:

• Interest Rates: Competitive rates from 13% to 32% per annum.
• Repayment Tenure: Flexible options from 12 to 63 months
• Online Application: Convenient online application process with almost 0 documentation.
• Personalized Service: Experienced team to provide personalized financial advice

LazyPay

A digital wallet app offering instant personal loans with 100% digital processing.

LazyPay offers personal loans through its digital wallet app. Their instant approval process and minimal documentation make it a convenient option for self-employed individuals.

Key Features:

• Interest Rates: Rates are about 18% per annum.
• Repayment Tenure: Flexible options ranging from 3 to 24 months.
• Instant Approval: Loans are typically approved within minutes.
• Zero paperwork: 100% online documentation and approval process.

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KreditBee

KreditBee is a leading Indian fintech platform that provides instant personal loans to both salaried and self-employed individuals. With loan amounts ranging from INR 1,000 to INR 4 lakhs, it caters to short-term financial needs like shopping, emergencies, or bills. The process is completely digital and paperless, offering quick approval and disbursal through its user-friendly mobile app. It’s especially popular among young professionals looking for fast and flexible credit solutions. It is the best instant loan app for self employed.

Key Features:

• Interest Rates: Ranges from 12% to 28.5% per annum, based on credit profile.
• Repayment Tenure: Flexible tenures from 6 months to 60 months.
• Instant Approval: Loans are approved and disbursed in as little as 10 minutes.
• Zero Paperwork: The Entire process is 100% online with no physical documents needed.

mPokket

mPokket is a popular instant loan app in India, especially designed for students and young professionals. It offers small personal loans with flexible repayment tenures typically ranging from 61 to 120 days. The app provides quick approval and disbursal, often within minutes, making it ideal for urgent financial needs. With a completely paperless and digital process, mPokket ensures a hassle-free borrowing experience without traditional credit checks.

Key Features:

• Interest rates: range from 2% to 4% per month (approx. 24%–48% annual).
• Repayment tenure: It is flexible, typically 61 to 120 days.
• Instant approval: Loans are approved and disbursed within minutes.
• The entire process is 100% online with minimal paperwork.

Conclusion

Loan apps have made it easier for self-employed individuals in India to access financial assistance. 

By carefully considering the factors mentioned in this blog post and comparing the available options, you can find the best loan app to meet your specific needs and financial goals. 

FAQ

Which app gives a personal loan for self-employed individuals?

Here are some of the best apps to get loans for self employed individuals:

• Hero FinCorp
• IndiaLends
• CASHe
• PaySense
• Buddy Loan
• Moneyview
• MoneyTap
• Finnable
• Bajaj Finserv
• LazyPay

Can a self-employee get a personal loan?

Yes, self-employed individuals can get personal loans. Lenders evaluate income stability, credit scores, and financial documents like bank statements to assess eligibility.

How do I know if I qualify for a self-employed loan on loan apps in India?

To qualify for a self-employed loan on Indian loan apps, you’ll typically need stable income proof, a good credit score, and documents like bank statements or ITR filings.