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Can I Use Personal Loan for Business Purposes?

Wedding in house or want to go for a travel in India or striving to go for a long pending overseas trip with family and friend or looking for some extra funds to finance your daughter's education - however worried for financing such events. Availing Personal loan is one of the best solutions to take care of such situation. That's why today millions of individuals are leveraging the benefits of personal loans to take care of their financial requirements.

Spouse or kids want to start a new business, you are looking for a side business start-up to make extra income or to satisfy your business entrepreneurship, personal loan or business loan will be a boon to provide finance to start such business.

No security to provide, Unsecured Personal loan and Business Loan are available to take care of your requirements.

Personal Loan is easy to avail, since not much information is required for assessing the credit worthiness of the borrowers. Business loan availability depends on many factors like past business history (Vintage), documentary proofs for business start-up, etc. Most of the personal loan are all purpose loan, hence many of individuals looking for finance to help their own aspiration of running business or of their spouse and Children's do avail personal loan to start business. Once the business starts and running, availing Business loan is convenient.

Why You Need A Good CIBIL Score?
Credit score plays an indispensable role - high credit score ensures faster processing of loan as well as lower interest rate with better terms and conditions. Learn how to improve your Credit score by clicking here

How to Overcome the Problem of CIBIL Score?
Many of times, because of ignorance or situation beyond control, some of the borrower's default in payment of their loans in time and their Credit Score get impacted adversely. In such scenario, one should try to consolidate their loan in such a way that their EMI payment start happening in time. While availing loan, its always advisable to become sincere in sharing the real cause of such stress / default and also to make clear how the situation is different now. There are lending institutions and agencies who help in improving Credit score by educating the borrowers and bringing back financial decline in their borrowing behaviours. Learn how to improve your Credit score by clicking here

Can I get loan without guarantor?
Yes you can avail loan without security and Guarantor, Personal loan do come unsecured. However, a Good guarantor helps in availing loan at lower interest rate and faster disbursal.

While personal loan for personal are business loan is a fabulous support system, it is important that a person borrow only in accordance with their own ability to pay the EMIs. Any abrupt borrowing, not being able to service in time, result into poor Credit score and financial stress; which not only reduces the chances of getting loan in future, also increases the cost of borrowings in future.

Every financial prudent personal should ensure for timely payment of loan EMIs so that they can avail loan, in case of requirements with ease and lower interest rate.

How come, India's leading Peer to Peer lending platform helps in getting Personal Loan / Business Loan - OMLp2p provides online unsecured loan to the extent of 10 lakh for various purposes including Business loan for Working Capital, Equipment Financing, Business Expansion, Office Purchase, Debt Consolidation at a very competitive interest rate with minimum formalities like;

  • Identity Proof: PAN Card
  • Address Proof: Voter ID / Aadhar Card / Driving License / LPG Bill
  • Passport size photograph
  • Income Proof:
    For Salaried Person - a) Last three months' bank statement into which salary is credited b) Form 16 / Last three months' salary slips
    For Self-Employed Person - a) Last twelve months' bank statement b) Last two years' Income Tax Returns (ITR) c) last two years Profit & Loss accounts and Balance Sheet

While one apply on P2P lending platform, one need to ensure that the platform is Registered with RBI (Reserve Bank of India), leading P2P lending platforms in India are,, etc.

With OMLP2P, you can put all your loan requirements to rest and apply online for easy loans. So register today and fulfil your needs and goals with personal loans OMLP2P.


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