Individual engaged in using professional skill for commercial gain and profess any working activity is considered a self-employed professional. This term applies most readily to doctors, chartered accountants, lawyers , retail merchants and architects. Other profiles such as management consultants from other domain such as finance, supply chain, manufacturing, marketing, etc. as well as professionals from other activity and commercial areas such as HR consultants, teachers/tutors, fashion designers, commission sales agents for a variety of sectors, etc. are usually treated as self-employed individuals.

Banks has listed various specific professions that can be considered for funding on their individual financial merits . For example, doctors looking for loans to set up their own clinics are treated favorably by most lenders due to their steady income and relatively low risk profile.

For a self-employed professional, the risk profile as a borrower is more than that of a salaried person. Therefore, the lenders determine the eligibility of the borrower on the basis of past earnings. Generally, two years Income Tax returns, balance sheet and Profit & Loss statements are required to establish to ascertain borrowing ability, along with bank statements of the last 3-6 months to show creditworthiness of the individual and net portfolio assessment.

Lenders such as banks and other financial institutions offer two kinds of unsecured lending to self employed professionals .

1. Business Loans: Self employed can avail this loan If  practice continues for a period of three years or more, unsecured business loans can be availed of, on the basis of your previous years’ work performance and IT returns. These are effectively a form of personal loan to the business.
2. Personal loans: This is the most frequent form of unsecured loan availed of by self-employed professionals availed for quick money purpose, and is usually available for a tenure of 1-5 years. Amount of the loan, tenure and interest are at the discretion of the lender as per customer profile .

With the increase in numbers of self employed professionals and advent of mushrooming business opportunities , lending has become blessings for all those who need money for specific purpose in no time . Emerging India has witnessed tremendous growth in working opportunities and has enamored high class individuals opting for such professional to use their dynamic skills to earn manifold . Thus “Unsecured Loans” in the capacity of borrowers has turned to be a hot cake selling product for their immediate working capital needs . Shubhbank.com specializes in such products for the purpose of immediate lending from reputed banks and financial institutions .

Personal loans are arguably the most commonly used loan options to raise funds for any personal needs various public and private sector banks offer personal loan to its customers after checking their credit rating and income documents. Personal loans are quick to be administered because they do not require elaborative .Paperwork and are sometimes passed in as early as one working day. Funds from personal loans can be used as per the wishes of the customer making them serve a wide range of purpose. The growing competition among financiers to tap the financial affluence in the country by providing more and more personal loans has been a boon to the customer who now enjoys a lots of additional benefits that are being offered by the banks and financing institutions.  There are several wonderful schemes on offer which makes the experience of availing a personal loan from ShubhBank all the more pleasant. The wide range of innovative of features that are attached to a simple personal loan to make it appear irresistible is a direct product of the competitiveness that exists in the market today among financiers of all categories. “Personal Loan From ShubhBank” comes as a boon and helps us fulfill all our last minute desires.

“Online Personal Loans” can be life saver if used for appropriate reasons as per their attractive interest rates. So before proceeding for personal loan, here are some rules you need to keep in mind to avoid any debt trap. One of the important rules to follow while taking a loan is not to exceed your EMI from your monthly income because defaulting on payments can create a dent in your credit report. Keep your loan tenure short because if you go for longer tenure, the bigger the interest burden is. Banks charge lower rates to new customers so switching a lender is more beneficial to avoid any unpleasant experience. Do not ignore other goals of life as it puts down your future financial security in jeopardy. It’s advisable to first look around for the best deals of interest rates before settling for loan that comes your way. It’s important to do your homework keeping these points in mind for the perfect loan.

In every household and family, there are certain financial requirements and wishes of lifestyle improvement that often get ignored due to other priorities. It is designed to help you meet financially demanding situations in life. From a new furniture set, to purchasing gold jewellery for the women of the house, medical expenses to marriage expenses. “Personal loan can be availed to meet authentic personal expenses“. The loan scheme is meant to aid all its users to a convenient ways to make their smaller dreams come true. It is armed to add people in their quick and smaller financial requirements which at the moment cannot be afforded in full. With flexibility of loan amount and tenure, our loan has more to offer its customer than meets the eye. Our efficient team will help you to let know your repayment capabilities and your credit worthiness that how much loan quantum you can secure and at how much interest rates.