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Tips for Self-Employed Borrowers to Get their Personal Loan Application Approved
By Anupama Deshpande | Dec 26, 2018

When you are a self-employed person then the lenders are aware that extending a loan is a risky affair for them. Most of lenders lend to you as long as your income and capabilities of paying existing loan can support additional payments.


Suggested reading Keys to Removing the Risk of not getting a Personal Loan without Documents

Lenders have their own sets of rules to extend any personal loans based on their risk appetite which vary from person to person and lender to lender. To get the loan easily without any problem it is necessary for you to boost your Credit Score above 750 with the help of regular prompt payments. Lenders keep on continuously monitoring your credit profile.

Before applying for a Personal Loan, it is necessary for you to analyse your needs so that you can figure out which one will suit you the best. There is certain documentation which is almost commonly asked by the lenders from self-employed borrowers which are:

  • Identity Proof
  • Address Proof
  • Age Proof
  • Proof of Business Experience

Mentioned below are the important tips for self-employed borrowers to get their personal loan application approved:

  1. Be ready with all the necessary documentation that is required for you to be submitted along with your loan application.
  2. Always pay all your Loan EMIs in time and do not make any delay or default in making payment in due time.
  3. Apply with a co-borrower if you want to increase your loan eligibility.
  4. Opt for a new credit whenever there is a dire need for the same. Do not overload yourself with a large amount of credit which you cannot pay on time

    5. Suggested reading How much Amount should you Borrow in Personal Loan?

  5. Keep checking your credit score on a regular interval so that you can boost it whenever required. If you have a poor credit score then remember that now is a good time to start working on it.
  6. Whenever you take a loan as co-applicant, keep monitoring it with care so that no default is made in that loan account.
  7. Keep your EMI to Income ratio below 40%.
About Anupama Deshpande
Anupama is a Co-Founder of CodeForBanks.com. She is an MBA (Finance) and Chartered Financial Analyst (CFA). She also carries a Fellowship degree in Life Insurance Sector and is a Master of Computer Application (MCA). She is an expert in Finance Field with an experience of over 18 years on different managerial positions in finance industry including Stock Market, Depository and Mutual Fund Sectors. Apart from that she has remained for few years in the field of marketing as well. Her suggestions and advice for investments have been very useful to many people.
Her vast interest & expertise in the field of finance have encouraged her to write the articles so that others can also get benefitted out of them. She never loses any opportunity to learn and be creative. She is a valuable asset for CodeForBanks.com & important resource to all those around her.

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