•  Loading your search... Loading your search...
  • Personal Loan for Self Employed is Rated as "Great!" by 91070 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN
    rated 4.0/5.0 by 91070 users

    Personal Loan for Self Employed

    Personal loan is a type of loan where in there are no restrictions as to what the loan amount can be used for by the borrower.The loan amount advanced for personal loan can be used for any personal expenditures including wedding expenses,home renovation,a vacation,medical expenses,cosmetic procedures and other such expenses. Personal loan works like any other loan but it offers more flexibility and is pretty much available to everyone. There are unsecured personal loans and secured personal loans. There is no need for collateral or security with unsecured personal loans.

    Perfect Personal Loan Deals for you

    Personal loan for self-employed

    Self employed individuals are those who own an unincorporated business all by themselves. They are the sole proprietor of the business. Though it might seem like it might be hard for self employed individuals to avail personal loans due to the fact that they are not salaried, that is not the case. They can easily avail personal loans without any hassles. Usually personal loans are granted for salaried,non salaried and self employed individuals. The documentation and interest rate offered for personal loans might be different for a self employed individuals.

    Personal loan from Banks and NBFC for self-employed

    Banks and Non-Financial Banking companies provide Personal Loans to self-employed individuals easily. The difference between the personal loans offered by banks and NBFCs is that banks have stringent rules and some of the banks provide personal loans only for individuals with good credit but NBFCs are more lenient with the requirements when providing personal loans. NBFCs charge a higher interest rate compared to banks when it comes to personal loans.

    Personal loan for self employed with bad credit

    Having a bad credit is never a good thing when one has to apply for loans. A bad credit history can ruin or lessen the chances of getting a good loan.But it is still possible to avail loans with bad credit. Self employed individuals with bad credit score or credit history can avail loans through no credit check loans or secured personal loans. Banks don't require a good credit history for a secured personal loan as there is a collateral that they can bank on. It is a win win for both the lender and the borrower.

    Features of personal loan for self-employed

    Listed below are the features of personal loan for self employed.

    • Competitive interest rates
    • Quick processing of the loan
    • The loan amount can be used for any personal expenditures
    • Flexible tenure periods
    • No collateral
    • Loan amount depends on the repayment capacity of the individual
    • Some banks charge no processing fee for the loan advanced
    • Additional benefits

    Interest rate: The rate of interest offered for personal loans depends on the loan amount and the repayment capacity of the borrower. Different banks offer different interest rates so it's best to shop around before you make a decision.

    Benefits of personal loan for self-employed

    Listed below are the benefits of personal loan for self employed.

    • No restrictions on how the loan can be used
    • Quick approval
    • Option of using collateral
    • Simple documentation
    • Transparency
    • Some banks offer additional benefits like personal accident insurance with the loan
    • Competitive rates

    Disadvantages of personal loan for self-employed

    Listed below are the disadvantages of personal loan for self employed.

    • Higher interest rate compared to other loans
    • No part payments
    • A good credit history is important to avail a personal loan
    • Mandatory bank account
    • Late payment charges apply

    Personal loans for self employed in India

    A self employed individual can avail a personal loan in India with no hassles whatsoever. The loan amount granted to a self employed individual depends on the repayment capacity of the individual. Different banks offer personal loans for the self employed based on different terms and conditions.

    Top 5 personal loans for-self employed in India

    Listed below are the top 5 personal loans for self employed offered in India.

    • ICICI Bank personal loan- ICICI Bank Personal Loan is a multipurpose loan that comes with a fixed interest rate.The loan can be repaid in easy installments and there is no need for collateral or security.It comes with easy documentation and quick processing.
    Eligibility:

    Listed below is the eligibility criteria for ICICI Bank personal loan

    • Minimum age: 28 years(25 for doctors)
    • Maximum age:65 years
    • Minimum turnover:Rs.40 lakh(non-professionals) and Rs.15 lakh(professionals)
    • Stability: In the business for at least 5 years
    • Relationship with the bank: Minimum 1 year of liability relationship or asset relationship

    Interest rates- The rate of interest offered for personal loans for self employed ranges between 11.99% to 20%

    Documentation required:

    Listed below are the documents required for ICICI Bank personal loan.

    • Proof of identity
    • Address proof
    • Audited financials of the recent two years as a proof of income
    • Last 6 months bank statement
    • Office address proof
    • Proof of workplace ownership
    • Proof for continuity of business
    • 2 passport size photographs
    • SBI Saral personal loan-SBI Saral Personal Loan for self employed helps one fund their dream vacation, home renovation or for purchasing an asset. The loan has attractive interest rates and flexible payment terms. SBI Saral personal loan doesn't insist on margin amount.
    Apply for Personal Loan Eligibility criteria:

    Listed below is the eligibility criteria for SBI Saral personal loan

    • Any self employed engineer, doctor, chartered accountant,architect or an MBA with 2 years standing is eligible.
    • Minimum income amount:Rs.24,000 in urban areas and Rs.10,000 in rural areas
    • Maximum income amount:Nil
    • Repayment term:48 months

    Interest rate:The interest rate offered for SBI Saral personal loan is 8.50% above base floating rate.

    Documents required:

    Listed below are the documents required for SBI Saral personal loan.

    • Passport photograph
    • Identity proof
    • Address proof
    • Proof of business
    • Office address proof
    • Latest 6 months bank statement

    Citibank personal loan-Citibank offers personal loan for the unemployed which will be granted within a span of two days.The loan offers full and part repayment options along with additional funds. It offers loans for terms ranging from 12-60 months.

    Eligibility criteria:

    Listed below is the eligibility criteria for Citibank personal loan

    • Any self employed individual
    • No income proof required
    • Existing citibank customers

    Interest rate:The interest rate offered for Citibank personal loan starts at 14.00% p.a.

    Documents required:

    Listed below are the documents required for Citibank personal loan.

    • Photograph
    • ID proof
    • Proof of residence
    • Proof of age
    • Proof of continuity of business
    • Proof of occupation
    • HSBC personal loan- HSBC Personal Loan for self employed comes with flexible repayment terms and attractive interest rates.The personal loan can be used for any personal expenditure.
    Eligibility criteria:

    Listed below is the eligibility criteria for HSBC personal loan

    • Applicant must have an account with HSBC
    • Should be a resident Indian
    • Minimum age: 21 years
    • Maximum age:65 years
    • Minimum net annual income: Rs.40,000 p.a.

    Interest rate:The interest rate offered for HSBC personal loan starts at 12.99% p.a.

    Documents required:

    Listed below are the documents required for HSBC personal loan.

    • Valid Id proof
    • Valid proof of residence
    • Proof of age
    • Certified financials
    • IT returns of last 2 years
    • Latest 6 months bank statements
    • IDBI personal loan-IDBI personal loan helps meet unexpected financial emergencies. Be it a wedding expense or a luxury trip, IDBI personal loan is there for your aid.
    Eligibility criteria:

    Listed below is the eligibility criteria for IDBI personal loan

    • Minimum age: 22 years
    • Maximum age:60 years
    • Minimum annual average balance: Rs.25,000
    • Minimum annual business income: Rs.2,40,000
    • Minimum tenor:12 months
    • Maximum tenor:60 months

    Interest rate:The interest rate offered for IDBI personal loan ranges at 13.00% p.a.

    Documents required:

    Listed below are the documents required for IDBI personal loan.

    • ID proof
    • Address proof
    • Age proof
    • Proof of business
    • Proof of continuity of business
    • Latest 6 months bank statements

    Personal Loan for Self Employed Reviews

    • Kotak Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The required loan amount has been approved by the KOTAK MAHINDRA BANK and they have disbursed the loan amount within the promised time. The customer support service and the response is good with the kotak mahindra bank. the rate of interest and the charges are average here.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 20, 2018
    • Axis Bank Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      My loan experience with AXIS bank for personal loan was very good, the process was quick and i received my loan amount within 2 days. The rate of interest was nominal when compared to other banks. Customer service was not up to the mark and the tenure period of this loan is 5 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 20, 2018
    • Citibank Personal Loan
      "Personal loan with CITI"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan from CITI bank and the approved loan amount was 1.2 lakhs. The rate of interest was 14% annually and it will be diminishing after every EMI payment.. The approval was on time.The processing fee was 2% of the principle amount.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 20, 2018
    • SBI Personal Loan
      "Personal loan with SBI"
      0.5 4.5/5 "Excellent!"
      I have taken personal loan from SBI and the approved loan amount was 6.5 lakhs. I took this loan on 2015 and i closed by January 2018. The rate of interest was 9.7%. The EMI was flexible and the service was really good.The process was also very quick.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 20, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      Got the personal loan from the HDFC bank around 3 years ago. They took around a day time to deliver the credit card . The customer support service and the response is good with the HDFC bank . The rate of interest and the charges are average with the HDFC bank personal loan service.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 20, 2018
    • Bank Bazaar Personal Loan
      "Very good"
      0.5 4.0/5 "Great!"
      I had a good experience with BANK BAZAAR. The customer service and responses was really satisfactory . I have used their mobile application which is amazing and it has got many good options. I have used their credit score option to check the credit score. In a nutshell, the entire experience was really good.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 19, 2018
    • ICICI Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have my personal loan with ICICI Bank. The loan amount was 1 lakh and the interest rate 10,95% which is satisfactory .The customer service and responses was up to the mark. The process was hassle free and I have not faced any issues. The process got delayed for 2 weeks .
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 19, 2018
    • HDFC Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have my personal loan with HDFC bank 3 years back. The loan amount was 75,000 and the interest rate was 14.25% which is bit high and the tenure period was 36 months, The possessing fee was high but the whole process was quite good. The pre carouser is allowed after one year.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 19, 2018
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken my personal loan via BANK BAZAAR. The customer service and responses was quite good. Here I have sued their website which is amazing with many good features . I have even tried using the credit score option to check my credit score.My overall experience was really good.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 19, 2018
    • ICICI Bank Personal Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      My personal loan was taken with ICICI Bank.The loan amount was 75,000 and the interest rate was 14.755 which is satisfactory . The customer sere and responses was up to the mark. Here I did not receive the actual documents from the bank which is bit disappointing . They have sanctioned the loan with the committed time.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 19, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken my personal loan with BANK BAZAAR. The customer service and responses was up to the mark. The website has many good options on banks and interest rate . The website issues friendly and easy to navigate . I have not faced any run time or down time error while using the site.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 19, 2018
    • HDB Financial Services Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have my personal loan with HDB finance.The loan amount was 3 lakhs and the interest rate was 13% which is average . The tenure period was 5 years . Here the processing fee was good and the executives were helpful.They have sanctioned the loan within the committed time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 19, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      Got the personal loan from the HDFC bank around 3 years ago. The customer support service and the response was good with the HDFC bank and they gave me good response in regards to my personal loan application. I have got the loan amount within 7days of time. The required loan amount has been given and I am satisfied with it. The pre closure options are not available in the HDFC bank personal loan process.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 19, 2018
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken my credit card with BANK BAZAAR. The customer service and respo9nses was really good .I have not faced nay issues with the service .I have used their website only which has m,any good options. Its a very informative and the accuracy is good. MY overall experience was satisfactory.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 19, 2018
    • HDFC Bank Personal Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      I have my personal loan with HDFC bank . The loan amount was 6.78 lakhs and the interest rate was 10.99% which is average and the tenure period was 4 years . They haves sanctioned the loan with th committed time and the process was also quite easy . Its was paperless documentation and the processing fee was nominal.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 19, 2018
    • Axis Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with AXIS Bank 2.5 years back. The loan amount was 1 lakh the interest rate was 12% which is average and they tenure period was 5 years . The customer service and responses was really good . The processing fee was also nominal here and the pre closer is after 6 years .
      Was this review helpful? 0
      , vijayawada
      Reviewed on Apr 19, 2018
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My experience was really good with BANK BAZAAR. The customer service and responses was quite good. I have not faced any run time or down time error while using their website . Its a very Informative and user friendly , The options are so very useful so I would like to recommend to others.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Apr 19, 2018
    • Fullerton Personal Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      My personal loan was taken w ith FULLERON . The loan amount was 1.8 lakhs and the Interest rate was 30% which is very high in the market and the tenure period was 3 years . The customer service and responses was up to the mark. The processing fee was nominal.My overall experience was good.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Apr 19, 2018
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken my credit card via BANK BAZAAR. The customer service and responses was quite good.I have used their website which ha many o good options and I have even tried using the tools like EMI calculator and credit score options which are useful.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 19, 2018
    • HDFC Bank Personal Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with HDFC bank . The loan amount was 2.5 lakhs and the interest rate was 10.99% which is average in the market. The tenure period was 4 years. The process was really good and hassle free . The loan was approved on time.My overall experience was good.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 19, 2018
    Common Loader Icon
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.