Personal Loan EMI Calculator
₹24,959
Loan EMI
₹34,90,279
Total Interest Payable
₹59,90,279
Personal Loan for Self-Employed
Finding it difficult to keep up with your finances in order to keep your business running? MoneyTap’s line of credit is perfect to use as a personal loan for self-employed to help your business thrive.
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For a self-employed entrepreneur in the early years of business, getting a traditional business loan is challenging because banks need a comprehensive business plan, a thriving facility, and a reliable cash flow. Lack of access to funds cripples their plan to grow their business.
MoneyTap’s personal loan for business is designed to give the flexibility and ease of access self-employed businessmen need for business growth. This unsecured loan is offered to businessmen after evaluating their personal income and creditworthiness and not of their business.
MoneyTap’s personal loan for self-employed business is perfect for the following business scenarios:
Why MoneyTap?
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Super Fast
Would you believe if we say that the pre-approval is almost instantaneous? Well, it’s true. All you need to do is download the app and register. You will get instant pre-approval on the app without having to wait or call anyone.
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Zero Usage, Zero Interest
This feature makes it one of the most affordable loans in Vadodara. Unlike other loans where you have to pay interest on the entire limit from day 1, with MoneyTap you only pay for the amount you withdraw, whenever you withdraw it. If you don’t use it, you don’t pay any interest rate on it.
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Twice as Good
Is it an instant cash loan? Is it a credit card? Well, it’s both! MoneyTap allows you to use the line of credit the way you want, at no extra cost.
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No Vulnerability
You can rest assured that your personal data and money is safe with MoneyTap. We use the best encryption systems available to ensure that none of your information is vulnerable at any stage. MoneyTap is offered in partnership with leading banks in India.
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‘Immortal’ Loan
This basically means that once the line of credit is approved, you don't need to re-apply the next time you want a quick cash loan in Vadodara. You can keep the credit line for as long as you wish, even after repayment. At no extra cost.
Eligibility Criteria
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Must be a full-time salaried employee with a minimum take-home salary of ₹ 30,000/month
ORMust be a self-employed professional with an income of at least ₹ 30,000/month.
(Only certain professionals like doctors, lawyers, or business owners qualify) - Must be above 23 years and below 55 years of age
- Must be a resident of one of the following cities:
View city list
Required Documents
- Pan Card Number
- Professional Selfie
(To be taken on the MoneyTap App) - Address Proof
(Valid Driving License / Valid Passport / Aadhar Card) - ID Proof
(Valid Driving License / Valid Passport / Voter’s ID / Aadhar Card / Pan Card)
How to apply for Personal Loan 2.0
Fill up basic details such as age, city, PAN number, & income so we can determine your eligibility.
After the approval from our system, we’ll schedule a KYC visit to your house / office to collect documents.
Credit line is ready to use! From the approved limit, transfer as much money as you need to your bank account.
8 Reasons Why Businessmen Need A Personal Loan
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To Invest in Building Infrastructure
A personal loan for businessman can be used to build your infrastructure which will help you build a peaceful environment to work in, thus enabling you to grow your business in size and revenue.
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To Manage Operational Costs
The personal loan for self-employed can help you take care of your ancillary expenses, such as salaries, raw material, utility bills and supplies without slowing down your operational activities when in a cash crunch.
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To Upgrade the Plant and Machinery
To cater to the demand for your product or service, you may need to introduce new technology or increase production capacity by adding new equipment/machinery. A personal loan for self-employed may help you meet the demand for additional capital without it being an extra financial burden.
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To Manage the Inventory
Inventory is a big expense, but you have to keep on replenishing your inventory to keep up with the demand. Personal loans for self-employed individuals can help you with purchasing inventory to grow your business.
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To Increase Cash Flow and Working Capital
If you are a small business owner, it is usually a challenge to manage cash flow and meet the liquidity requirements for working capital, such as rent, overhead salary, utility bills and inventory management; a personal loan for business owners may be the solution.
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To Hire New Employees
If your small team is overburdened, there is a risk of your business model failing over a period of time. As a business owner, taking a personal loan for businessman can be the best option to meet the expenses of hiring new employees so that you can even out the burden and focus on growing your business.
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To Purchase Raw Material
If you seal a good deal, you may need to increase the production capacity of your business, and that may require you to purchase raw material to cater to the high demand. A personal loan for self-employed may be the solution here.
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To Expand Your Business to Another City
If you plan to expand your business to another city, you will need more capital. You may need money for up-scaling your production, launching a new product, opening a new division or penetrating a new market/area. A personal loan for self-employed can give you wings to fly.
Someone like you is happy with MoneyTap
Navjyoti
You can have credit cards but you have to pay hefty interest rates if you want to use them as a loan. You need to go for a personal loan if you need cash. But MoneyTap credit has a kind of 2-in-1 facility that lets you withdraw cash when you need it and change it to EMI as well [with lower interest rates]. I think it's really helpful and unique.
Julen
The best feature on the app is instant feedback. You say "thank you" and it replies "welcome" - its' all done by the app. I have not seen this kind of intelligence in any other app. Absolutely love it.
N Cavin Misao
I was short of Rs. 30,000 for the down payment on my car. I used MoneyTap and got the money immediately. Thank you.
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MoneyTap's Personal Loan is
Now Available Across India
MoneyTap Personal Loan for Self-Employed FAQs
MoneyTap's personal loans for self-employed have interest rates starting at 1.08% per month (13% pa). However, the interest rate is applied only on the loan amount you borrow or use. The processing fee is 2% + GST.
Documents required for MoneyTap's personal loan for business are as follows:
- Aadhar Card
- Identity proof
(Driving license/Voter ID/Passport/Aadhar/PAN) - Address proof
(Driving license/Voter ID/Passport/Aadhar/Utility bills/Scheduled bank statements) - Original photograph required
With MoneyTap, your personal loan for self-employed gets approved within minutes. The final approval happens once we receive all your documentation. The money is then disbursed to you. You then have money at your disposal whenever you need it – 24 hours a day, 7 days a week with just a tap of a button.
MoneyTap's personal loan for self-employed has a minimum loan limit of ₹ 35,000 and the maximum is up to ₹ 5 Lakh.
Unfortunately, traditional banks’ terms and conditions are strict. Therefore, getting a business loan from them is difficult.
If you are not able to get a small loan for self-employed from the traditional banks, applying for a personal loan for business is your best option. You can apply for MoneyTap’s personal line of credit and get a personal loan for businessman with instant approval without any collateral or guarantor.
Yes, it is easier to qualify for a personal loan for self-employed. The banks and lenders of personal business loan rely on your finances and creditworthiness and not that of your business. If you are in the nascent phase of your business and lack enough credentials to get traditional business funding, then a personal loan for business is your best bet.
There are various resources for small business loans. Some of them are:
- Term loans
- Personal loans
- Mortgage loans
- A personal line of credit
Deciding on the best resource for small business loans depends on your personal business requirements. If you are in the early stages of your business, a personal loan for self-employed individuals would be the best resource for you and for that having a ready line of credit available to borrow from is a great option.
Yes, you can definitely apply for a loan to finance your startup. The benefits of taking a personal loan to fund your startup from MoneyTap are as follows:
- No security required – no collateral and guarantor required.
- Faster approval process – can get your loan approved in minutes.
- Flexibility of loan usage – can use for any purpose you deem necessary.
- Borrowing options according to your needs – you can borrow ₹ 35,000 up to ₹ 5 Lakh. You can withdraw, as low as ₹ 3,000 and as high as your approved limit. Best of all, the interest rate will be charged only on the loan amount you withdraw from your approved credit line.
You should choose online small business loans from online lenders like MoneyTap for your small business if you are facing any of the following situations:
- If your business is not yet started
- If you are worried about the collateral
- If you don’t want to wait long for the loan amount
- If you need a small loan amount
If your business is a startup and you need a lesser loan amount, then a personal loan is a good idea.
- Low-interest rate of 1.08% per month (13%pa) as compared to other business loans.
- Quick availability of the personal loan for self-employed business.
- Personal loan for self-employed is an unsecured loan and hence it is collateral free.
- Less documentation at the time of borrowing the loan.
- Less processing time which allows the funding to be flexible for the business.
- Interest rate is applicable only on the loan amount you withdraw and not on the entire approved limit.
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