Personal Loan for Self-Employed
Finding it difficult to keep up with your finances in order to keep your business running? Freo line of credit is perfect to use as a personal loan for self-employed to help your business thrive.
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.
Freo 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.
Freo personal loan for self-employed business is perfect for the following business scenarios:
Why Freo?
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.
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 Freo 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.
Twice as Good
Is it an instant cash loan? Is it a credit card? Well, it’s both! Freo allows you to use the line of credit the way you want, at no extra cost.
No Vulnerability
‘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
Must be a full-time salaried employee with a minimum take-home salary of ₹ 30,000/month
or
Must 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:
Required Documents
Pan Card Number
Professional Selfie
To be taken on the Freo 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
8 Reasons Why Businessmen Need A Personal Loan
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.
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.
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.
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.
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.
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.
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.
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.
