Personal loans are available for self-employed and partnership business individuals. It is a flexible form of loan that both salaried and self-employed individuals can take. If you are in a partnership business with your partner, you can take a loan separately if you wish to meet some expenses or emergencies in your personal life. Sole proprietors can definitely get a personal loan by meeting the eligibility criteria and various requirements imposed by the loan providers. Documentation for personal loan apply online will vary from one loan provider to another, wherein in a partnership you need to have joint documents since the business is jointly managed and owned. Therefore, self-employed individuals and easily take an instant personal loan by meeting the following eligibility criteria.A business credit score is important for a self-employed individual to get a personal loan. However, if a business is new into the market and does not have enough credit history to show coma the individual or business owner needs to show the personal credit score. Therefore it is recommended to improve and build both your personal and business credit score. A business credit score speaks about the creditworthiness of the business and credit stability in terms of debt payment, credit history, financial stability.Documentation is important for an individual to get a  personal loan. A business needs to prove its financial stability and background with the help of the right types of documents as required by the loan provider. Some of the most important documents are the balance sheet, profit and loss statement, cash flow statement, asset management,  emergency fund, bank account, and ownership. Without all the documents it is not possible for a loan provider to process the instant personal loan application and get approval for the business.Business revenue is important in case a self-employed individual needs a personal loan to meet various kinds of expenses. If your business is generating a good amount of income, your business becomes an asset to the loan provider and you instantly get instant personal loan approval. However, if your business is in debt and does not generate enough revenue, it becomes questionable whether you will be getting a personal loan or not.A business needs to have a good business plan that shows growth and stability to the loan provider in order to get a personal loan. A business plan is a blueprint of business and it should be a positive one in order to convince the loan provider that the business is remarkably well built and planned.Debt to income ratio is important for a self-employed individual to get a personal loan. If the ratio is more than 50%, it means that the 50% business revenue is going into paying debt already.  You are not going to get a new personal loan from a loan provider because there will be a risk of repayment. Therefore you need to close up all your existing loans before you apply for a new instant personal loan.Emergency funds and cash reserves are important for a business to show that they are financially stable and will be able to pay the monthly installment for a personal loan from the emergency fund in case the business is not able to generate enough revenue. Therefore every business needs to build an emergency fund so that they are able to convince the loan provider in getting an instant personal loan in Mumbai.Wrapping upFor a smooth and instant personal loan apply online process, the sole proprietorship businesses, as well as partnership businesses, needs to meet the business loan eligibility criteria. You can get an instant personal loan only when the business is doing well.