In India, more than 20% of working population is self-employed, and they could not get personal loans from banks and NBFCs. Even individuals working as contractors for big companies are unable to personal loans. At most, these individuals are able to get unsecured loans – consumer durable, vehicle loans, or gold loans. The banks feel that contractors do not have permanent income, and they could soon lose their jobs. LoanMeet, a leading peer to peer lending platform, is able to identify good borrowers amongst self-employed individuals, and it is able to provide personal loans to them.
Priyadarshi, a self-employed individual with Angel Broking, was looking for a loan for his personal needs. He applied at multiple banks, but he failed to get a loan. He later found LoanMeet, and got his personal loan amount in days. The banks look for ITR returns to analyze income of an individual; however, there are other means to calculate income. That’s why the banks failed to give him a loan, whereas LoanMeet approved his loan application.
Like Priyadarshi, there are multiple individuals who are looking for loans, and they are unable to get loans from bank. At LoanMeet, we review social profile of individuals, check the past working history, and other parameters. In multiple loan applications of self-employed, we noticed that their average bank balance is better than salaried employees. The self-employed individuals do not spend a majority of their salary right when they get it. They preserve funds for their emergencies, buy life insurance, and manage their money wisely.
If the bank denied your personal loan application for any reason, kindly try us at LoanMeet (https://www.loanmeet.com/#/borrower/signup ). Your personal loan application status would be communicated to you in 24 hours, and you would receive funds in 3-5 days. We believe that peer to peer lending is better than banks, and we believe that you would feel the same.