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Published on Nov 1, 2021Updated on Aug 8, 2022
Lending institutions often think twice before providing a personal loan to proprietorship company employees whereas they might not think twice while offering a loan to employees of an established company. This is because in proprietorship concerns, the entire risk is borne by a single person and hence, the happening of any unfortunate event might spell difficulty in repaying the loan.
While evaluating loan applications, partnership firms evaluate the credibility of the organization the borrowers work for to ensure that loans are returned on time. However, with some careful planning, employees of a proprietorship company can avail the funds required in the form of a personal loan. Here is what employees of such a firm can do to improve their criteria:
Negotiating with your employer for an appraisal. An appraisal would mean additional income which can help your loan be approved easily.
Must Read: Personal Loan Rules, Terms & Conditions that You Should Know!
The conditions to apply for a loan includes:
The personal loan documents required include:
If you have decided to opt for a personal loan but are not sure about how much you can borrow, our personal loan eligibility calculator indicates the maximum possible amount you may be able to borrow. The estimate provided by the calculator can help you plan your finances better.
Must Read: Why is Fullerton India Most Preferred Personal Loan Lenders?
The process of applying for a personal loan is extremely simple and hassle-free. All you need to do is complete the loan application to avail a personal loan in a few simple steps:
If you have decided to opt for a personal loan, make sure to organize your finances better and repay your loan on time to ensure that you maintain a healthy credit score in the long run!
*Terms and Conditions apply. Loans are disbursed at the discretion of Fullerton India.