Guide to taking Personal Loan for Self-Employed without Income Proof

Guide to taking Personal Loan for Self-Employed without Income Proof

A personal loan is one of the most accessible financing options available in case of an emergency. Easy documentation and minimum processing time characterize ease of drawing a personal loan.

Guide to taking Personal Loan for Self-Employed without Income Proof

You can take personal loans for the following purposes:

  • To invest in a business
  • To fulfill travel expenses
  • For weddings and other domestic functions
  • To fund higher education
  • To pay any unexpected medical bill


For personal loans, you do not have to provide any collateral. You also have the advantage of a flexible repayment tenure that can go up to 5 years depending upon the bank that you choose.

It is usually perceived that getting a personal loan for self-employed or business owner is much harder than a salaried individual. For, it is difficult to provide a stable income proof like a salary slip for small businesses.

However, this is a myth. You can successfully avail Personal Loan for Self-Employed without having traditional Income Proof. Here is a quick guide:


What is the Eligibility Criteria for Self-Employed Individuals?

The eligibility criteria for a personal loan for self-employed may vary from one bank to another. However, whether you are choosing an SBI Personal Loan or a loan from any other financing institution, there are some general criteria that you need to fulfill in order to avail a loan. These are:

  • The borrower should be a resident of India.
  • The minimum age of the applicant is usually between 21 years and 24 years, depending upon the financing institution.
  • The maximum age at the time of maturity of the loan is usually 65 years.
  • The minimum work experience required in the respective fields is 2 to 3 years.
  • The profit or the annual turnover of the applicant should be as per the guidelines of the lender.


How is the Rate of Interest Affected?

Since personal loans do not require any collateral, the rate of interest is usually higher than other types of loans. For self-employed individuals, the rate of interest is higher than salaried individuals because the risk is higher without a guaranteed fixed income each month.

The rate of interest differs from one bank to another. This interest rate is charged as per the profile of the applicant and the scheme that he or she has chosen for. However, the rate of interest is negotiable, and even self-employed individuals can get a better rate of interest with major lenders such as SBI Personal Loan, subject to fulfilling the following requirements:

  • The applicant can get a lower interest rate if he or she has a good credit score.
  • A good credit history without any red flag also helps in acquiring better ROI.
  • The relationship that the individual shares with the banking institution can also influence the Rate of Interest.
  • If the applicant can show various sources of income, such as rent from a property, the ROI can be negotiated.


How to Apply For a Personal Loan For Self-Employed Individuals?

There are two options available for Self-Employed Individuals to Apply for a Personal Loan:

  • Online: You can fill up an application form available on the website of the bank that you choose to take the loan from. Once the application has been submitted online, a representative of the bank will get in touch with you for documentation and other details pertaining to the loan. It is also possible to use your net banking account to apply for a loan with certain banks.
  • Apply at the nearest branch: You can also submit the application form along with the necessary documents at the nearest branch of the bank that you have chosen.
  • Through the Phone: Contact the customer care executives of the bank that you choose to take the loan from to initiate the application process.


What are the Documents Required?

In order to avail a personal loan, the most important step is the documentation. Although the requirement is minimal, you need to make sure that the documents provided are authentic and as per the guidelines provided by the bank. The common documents with most banking institutions are:

  • A duly filled and signed application form
  • Passport sized photograph
  • Photo ID including Passport, PAN Card, Voters ID, or any other Government issued ID Card.
  • Age Proof
  • Proof of Residence including rental agreement and utility bills
  • Latest IT returns along with a computation of income
  • Profit and Loss Statement of the business over the last 2 years
  • Signature verification proof
  • Last 3 months’ bank statements or 6 months bank passbook copies.

Loans for Self-Employed Individuals with Bad Credit Score

Even with a poor credit score, it is possible for self-employed individuals to get a personal loan. The best option available to get quick funds for a financial emergency is a secured personal loan. This is a loan against any term deposit, fixed deposit or other assets including property. Based on the valuation of the asset provided, one can avail a personal loan with quick turnaround time.


However, to improve the rate of interest and to get a better deal, it is a good idea to follow these steps to improve your credit score:

  • Ensure that repayments towards credit card and other credit facilities are regular.
  • Maintain the right mix of secured and unsecured loans.
  • Repay your debts and try to close as many loan accounts as possible.
  • Reduce the loan utilization ratio. This is the amount that you use from the loan amount sanctioned.
  • Avoid opening new credit cards that you may not put to use.
  • Do not make cash withdrawals on your credit card unless it is a financial emergency.
  • Reduce the outstanding balance on your credit cards with revolving credit facilities.

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How to Choose the Best Flashlight for Travel

How to Choose the Best Flashlight for Travel

Summer is here. And if you are an outdoorsy mom, you are definitely planning a camping trip for your family. Nothing refreshes the mind more than being close to nature.

How to Choose the Best Flashlight for Travel

Packing all of the essentials is a great way to make that trip successful. A good flashlight tops the list of the necessary essentials. A flashlight not only helps you see the surrounding area but also keeps you safe.


Is Carrying a Flashlight Really Important?

A light source is indispensable if you are traveling. Whether it’s camping, a road trip, maybe just a walk back to the hotel, or a power outage, a flashlight saves the day.

It’s quite handy when you are leaving neon lights of the city behind. You don’t want to spend your vacation worrying about safety. A good flashlight reduces that stress for you.

So how do you pick the right flashlight when there are a lot of options to choose from? Whether you are using it for camping, around the house, or hiking you want a flashlight that is bright and durable.


Here is a list of criteria you should definitely consider while picking your flashlight.



Flashlights have become very compact nowadays. A small and light flashlight is easier to carry while traveling as it doesn’t take up much space in your luggage.

You can put them in your pocket and go on about your business.



The brighter the light, the easier for you to see straight ahead, so brightness is an important criterion to consider. A LED flashlight is the right pick if you want a brighter light.

It is more focused and sends a narrow yet very bright beam. Decide on how bright you want your flashlight to be and pick the right lumen.



Different flashlights use different power sources. Some use alkaline batteries, while others use rechargeable ones. Then, there are the rechargeable USB flashlights.

I wouldn’t quite necessarily use recommend using a rechargeable flashlight as finding an outlet to charge them may not be an option while you are traveling.

Also, the rechargers add weight to your luggage. Flashlights that use AA or AAA batteries are ideal for traveling. You can get these batteries almost everywhere.



Tactical flashlights give you that extra sense of security. If you are traveling far and are in troubled waters, a tactical flashlight is just the thing for you.

You are most likely to carry the flashlight all the time, so pick a lightweight one. However, if you are traveling by air, you won’t get past security with a tactical flashlight. It’s better to leave it at home in this case.



If you are planning for a beach gateway, fishing, or camping, you will find a lot of occasions to get wet. It’s better to be prepared for such watery adventures with a waterproof flashlight.

Buy a waterproof flashlight just in case it gets drenched in rain or splashed with pool water.



Flashlights with different models and different features are available in the market. You can get different beam variations in one flashlight. Pencil beam, wide beam, and flash mode all come in one flashlight.

Any of the modes might come in handy while traveling. Buy a flashlight with two or three modes. It’s better to be prepared.



Most flashlights come with push buttons or sliders. Usually, these are operated with thumbs. Some flashlights require the use of both hands.

Nowadays, some flashlights come with a safety lock so there is no risk of lights being accidentally turned on and batteries being drained. Pick one that is easy for you to use. You don’t want to fumble with the turn on a button in the dark.


Shape and Material

Most of the flashlights in the market have bodies made of an aluminum alloy or plastic. Some flashlights with impact resistance use stainless steel in the head of the light.

Some aluminum flashlights are light to carry, while some are heavier than the others. Some flashlight bodies provide gripping and knurled edges to reduce slipping.

Buy something that feels comfortable around your hands.


Impact Resistance

Buy a sturdy flashlight. If you drop your flashlight, it might stop working. Buy one with good impact resistance so it keeps on working even after accidental drops.

Dropping a flashlight takes a toll on lights and batteries. Denting on the body may cause batteries to lose the contact needed for it to work.



Since there are several different flashlights, there is a wide price range. Let’s face it; we leave and lose a lot of things while traveling. It will hurt if you lose an expensive flashlight.

You also don’t want to buy the cheap ones that stop working after one time. Buy something that is durable and reliable and within your price range.



Just like the price, there are many available brands of flashlights. If you want to buy the high-end brands, get ready to pay a high-end price. Almost all of these brands have about the same features.

A good brand name gives you the value of reliability. Pick a brand that you can afford and has features you will use.



It’s crucial to pack a good flashlight while traveling. The weather can change quickly while you are camping or hiking. It’s best to prepare for these unprecedented events.

A flashlight is such a handy tool that might even save your life. Go through the steps we have mentioned and pick a flashlight best-suited for your needs.


You not only want to buy the best flashlight, but you also want the best value for the money you have paid. Choose wisely and pick the one that has all your required features.

Happy shopping!

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Things to do When Visiting the State of Washington

Things to do When Visiting the State of Washington

With summer around the corner, many people from around the USA and around the world are looking forward to their vacations. Summer is a very popular time to travel and there are a ton of great places across the country to check out. Whether you want to get outdoors, see a big city, or lay by the beach, there are plenty of places to go to!

Things to do When Visiting the State of Washington

While it might not be one of the top 10 most visited states, Washington has a lot to offer people who visit. It offers a lot of options such as outdoor activities, miles, and miles of coastline, cities to explore, and so many other things. With that in mind, this article is going to look at three of the best things to do when visiting Washington.


Check Out the National Parks

As mentioned in the introduction, one of the best things that the state of Washington has to offer is its beautiful parks and outdoor areas. Washington is home to several breathtaking national parks including Mount Rainier National Park, Olympic National Park, and North Cascades National Park.

These parks are great places to hike, camp, swim, and see some of the best geographical landscapes the country has to offer. The scenery is second to none, and you would be doing yourself a disservice if you didn’t check out a national park on your next trip to Washington. Many are full of wildlife as well.


Head to the Top of the Space Needle

If you think of Seattle, your mind will likely go to the Space Needle fairly quickly. The Space Needle is an observatory tower that stands over 600 feet high. It was built way back in 1961 and officially opened in 1962. Over 1 million people visit it annually, making it an incredibly popular tourist attraction.


Instead of just visiting it, you should head up to the top. The views you get are unmatched in the area. In addition to the skyline of the city, you can also see islands, mountains and can truly appreciate the beauty in the area. Also, the Space Needle has the world’s only spinning glass floor, which is 500 feet in the sky, which is worth checking out. In addition to the Space Needle, there are also plenty of other things to see in Seattle. There are great restaurants, stunning museums, and unique architecture throughout the city.


Don’t Forget the Other Cities

While Seattle is clearly the most popular place to go to in Washington, don’t forget to check out the other cities and towns. Sure, Seattle has lots to do and see, but so does the rest of the state. For example, if you head over to Leavenworth, WA, you will be greeted by a unique Bavarian village full of great things to do or see.

Also, if you are interested in learning more about weapons or learning how to safely use them, the Bellevue Gun Club in Bellevue is the perfect place to go. They also offer an indoor range and unique shooting simulator. Simply put, the state’s other cities and towns are full of great things to do, no matter your interests. All you need to do is a little bit of research ahead of time to see which towns/cities are worth checking out and which you can save until your next trip.


Hopefully, this article has helped you learn what to do and check out in Washington. Of course, what you actually end up doing will depend on your own interests and hobbies, but you can’t go wrong with these three.

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Microservices Explained: How To Transform Your Business

Microservices Explained: How To Transform Your Business

Wondering about microservices? In this article, microservices are explained and you’ll learn how to transform your business.

Microservices Explained: How To Transform Your Business

Today’s consumers are more demanding than ever before. They want the best customer experience delivered fast and reliably.

If your business is slow in delivering its solutions, you’re out of luck. They’ll abandon it and look for faster alternatives.

A business should make the best use of IT. More so to ensure that it delivers uniform and complete solutions across its different platforms.

This article looks at microservices explained. Read on to learn how you can use it to transform your business and stay ahead of your competition.


Microservices Explained: How It Works

According to a study done by Lightstep, 9 in 10 enterprises have already adopted or are planning to adopt microservices. What’s more, 60% of them report that the implementation of the framework is already in advanced stages.

So what is Microservices architecture? It is a method for software development that involves building small individual service modules. These modules work together to address a larger complex business problem.

They form part of a well-defined interface. Microservices speeds up processes that would have otherwise been too slow.

A business would, therefore, have to identify and define its core digital assets and align them to the business’ capability. It would then proceed to build single-purpose applications for each of these core assets. Below are some defining characteristics of microservices architecture:

  • The larger software can be broken down into independent and isolated service modules.
  • Microservices are distributed.
  • Systems implemented using Microservice architecture display a higher degree of fault-tolerance.
  • The architecture adopts a straightforward routing process.
  • Microservices focuses on individual business capabilities.
  • It is highly scalable.

You might want your customers to access your system on a variety of different devices. Or, you want a framework that can support your rapidly growing business. Either way, microservices architecture is the logical solution.


Microservices Architecture vs. Monolith Systems

In a microservices framework, each unit runs autonomously. It communicates with its counterpart through an API. Each module is robust, flexible and complete.

Monolith architecture, on the other hand, means that all the components of the program code are interdependent. They share the same memory space and are designed to work together as a single cohesive unit.

This becomes a problem when any updates or changes need to be made to a monolith system. The entire technology stack would have to be built and deployed at once.

So what happens if you decide to implement the solution using a new framework? It would have to be written from scratch.


Microservices Architecture Explained: How It Can Transform Your Business

If you are wondering how microservices can transform your business, it all boils down to speed and ease. Let’s look at these in more detail below:


  1. Easy Application-Building Processes

Each microservices module is a single application. Each has its own block of code. Say there’s a particular application that you are developing.

You only need to focus on the code within the specific module you’re working on. What’s more, microservices can be implemented in most programming languages, databases and software environments.

It gives developers more freedom to build, rebuild, deploy and re-deploy each application. This can be done in a manner that’s independent of all other modules in the software.


  1. Easy Application-Maintenance Processes

Once every application module is up and running, troubleshooting and maintenance of the entire system are straightforward. There’s one major advantage of microservice architecture over monolith applications.

If there’s a problem with one aspect of the module, only the associated service is affected. The functionality of other parts of the program carries on as usual. So, in the event that one portion of the software fails, it’s easy to compensate.


  1. Unmatched Flexibility

Monolith applications are yoked to the specific programming language they’re written in. Microservices, however, can have each module written using different technologies.

A developer can pick and choose which programming language is the most appropriate for a particular aspect of the software. This offers a level of flexibility you wouldn’t get in monolith programs. The fact that different modules can be written in different languages doesn’t affect the functionality of the entire system.


  1. Supports Innovation

Developers thrive in organizations that have implemented a microservices architecture. They are less inclined to try and test out new ideas on monolith systems. This is because any changes would impact the entire system.

What’s more, in the event those changes don’t take, it becomes difficult to roll them back. Doing so would negatively affect the operations of the business. This stifles innovation that would inevitably leave the business stuck in a rut.

Microservices allows individual teams in an organization to take ownership of specific services. They’re free to test out new progressive ideas that improve the functionality and productivity of their unit.

They do so without affecting other parts of the business. If the new ideas fail, rolling back is easy.

Such businesses are capable of continuous innovation. This ultimately promotes business growth and enhanced customer experience.


  1. Improves Program Quality

Microservices borrows a leaf from the object-oriented approach of software development. Dividing a program into smaller constituent modules makes the coding process easier. It’s also less prone to mistakes.

Composing, maintaining and reusing code in other aspects of the program becomes easier. It gives the program a higher level of accuracy in the code.


  1. Increases Speed and Productivity

Microservices focuses on breaking down programs into smaller easier to manage service modules. This means the development of different services can occur simultaneously. Doing so shortens the overall development time.

Teams that are working on different modules don’t have to worry about being held back by others. Quality assurance also becomes easier. This is due to the fact that each team can work on testing and improving their services.

They don’t have to rely on other modules that might be taking a bit longer to develop their units. In this way, microservices architecture boosts profitability and productivity. Speed of the entire business is also enhanced.


  1. Easy Scalability

What happens if you think of a new way that your business can implement to enhance the overall customer experience? Microservices architecture lets you do that without having to reconfigure the entire system.

You can develop and add a new application to the existing framework. What’s more, if a particular component no longer works or is outdated, it becomes easy to update the application or remove it altogether.

This comes in handy if the module no longer serves a purpose. An emerging network paradigm, for instance, can benefit from the ease of scalability that microservices architecture offers.


  1. Improves Availability

With a microservices architecture, it’s easy to identify and isolate a failing module. It implements techniques like caching, health-checking, circuit breakers, and bulkheads.

These enable you to contain the impact of a failing unit. Doing so improves the availability of the whole program.


  1. Supports Autonomy

Suppose that your business has adopted a distributed model. How would you develop and implement a monolith system?  With cross-functional teams working in different parts of the country/globe, the whole process can be messy and cumbersome.

Microservices architecture gives developers the leeway to work autonomously in much smaller groups. This drastically reduces the time taken to make technical decisions. It ends up being a massive gain when developing a large solution.


  1. Built Around Business Capabilities

The focus point of microservices is building functionality as opposed to working on projects. Businesses express what functionalities or capabilities they want to support service delivery.

The developers then work on developing these modules. They should be able to support these capabilities. This is regardless independent of technologies used in their construction.

That way the services can be reused in multiple business channels. It would all depend on the requirements. The result is that these services become adaptable over various contexts.


The Bottom Line on Microservices

Microservices explained: Do you need to implement a large solution for your organization? Or do you have a startup whose system functionality you intend to scale-up in the future?

Whichever way you look at it microservices architecture is your only option. It supports rapid growth, real-time processing and simplifies cross-team coordination.

It’s a great tool to use to provide more value to your customers and stakeholders. Go on – give your business the boost it needs.


Do you dream of what it would be like to work for yourself? Read about how you can create a successful online business that’s built around your lifestyle.

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Is Freelancing Profitable?

Is Freelancing Profitable?

When it comes to jobs, most of us prefer working in the comfort of our homes- without restrictions, without barriers. This is where the idea of freelance work comes into place. Freelancers are simply their own managers and decide when to work or not at their own places of volition. And while you may be pondering on whether to join this field is a process- But first, let’s share information on whether it is worth your time and effort.

Is Freelancing Profitable?

To those who think that freelancing is a non-profitable venture- it is time to reconsider your thoughts.  According to Bryan Collins, Forbes entrepreneur writer successful freelancers must find enough time to work on their projects, find new clients and even market themselves.  The author adds that most media professionals, academics, journalists and business executives seek the services of these freelancers to work on their tasks.


Top 5 reasons why freelancing is profitable

1- Dynamism – the claim that freelancing is a venture for those who fail to secure jobs is completely misguiding. What every freelancer enjoys is dynamism- Being able to maneuver easily through the job market. For instance, if a large business is failing in its business sector, it will spend a lot of time and make decisions while looking for an excellent opportunity. A freelancer, on the other hand, is accustomed to such failures and will easily down the tools on this task and move to the next one. This means that if a freelancer can change to another job tomorrow if the current one does not suit him and not next year or after a considerable time like most businesses.  For instance, a freelance dissertation expert could also handle proofreading and transcription jobs.


2- Lower costs of operation – The modern freelancer requires only a few tools to run their business. For instance, a freelance writer will only require a computer, internet connection and maybe a pen and book. The freelance writer will not require an outside office but can set up one within his/her residence. This lowers the costs of operation, as they do not have to pay commuting fee and taxes fees.


3- Ability to multitask – Most freelancers in the market now are multitaskers who can handle more than one task. As such, when you compare and a business with one activity and a freelancer, who can handle more than six tasks- They are completely different. For starters, if the business activity fails, the business will experience losses; but for the freelancer, if one venture is bringing losses, they can easily switch to the next one.


4- Freedom of work – According to the 2018 freelancer industry survey by Upwork, men and women freelancers have different reasons for choosing the contract work. While most women prefer freelancing for the freedom and flexibility it provides while their male counterparts prefer freelancing for pursuing their passions.

Freelancers, unlike most office workers, have their own freedom on the type of jobs to work on. These individuals have no contracts with any companies and they can, therefore, leave if they do not like the job, client or pay. Being free also places these individuals at a better place, as they can easily accept those jobs that match their skills and reject the ones that exploit them. Freelancers can also work from anywhere they are and can work with any client, which improves their chances of getting more work.  Besides, once a freelancer establishes oneself as a professional and quality architect, clients will be streaming for his/her services.


5- The flexibility of working hours – As a freelancer, an individual is not limited by time on when to do work. A freelancer can decide to work during the day, night or both. As such, they enjoy unlimited working hours that enable them to be more productive. This works only if a freelancer is hard working enough. The flexibility also allows them to manage their work and prioritize the ones that require more attention and time. However, a freelancer should be diligent and professional enough to balance between commitments and family.


Want to join freelancing? You should realize that joining the market could be frustrating for a newbie- But with hard work and dedication, you will soon enjoy the numerous benefits that come with freelance work. With the gig economy rising, you will surely enjoy a profitable career being a freelancer.

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