Multiple banks. Different interest rates. Call it a "conflict of interest".
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    Personal Loan for Self Employed

    We found 32 Personal Loan for Self Employed

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.99% - 15.99% Fixed
    1% to 2.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad
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    Perks
    Fees & Charges
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    Eligibility Criteria
    Customer Reviews
    10.99% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad
    What you'll love
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    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12% - 18% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad INSTANT DECISION
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    Fees & Charges
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    Eligibility Criteria
    Customer Reviews
    11.99% - 19.50% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    13.99% - 16.99% Fixed
    1% - 2% One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless Approval Option Available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.59% - 18.49% Fixed
    2.25% (min. ₹1149) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.85% - 11.85% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time Within 30 minutes
    Guarantor Required Paperless approval option available
    What you'll love
    Documents
    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.99% - 19.8% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.99% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.5% - 13.25% Fixed
    0 One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria

    Personal Loan for Self Employed is Rated as "Great!" by 73830 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    Personal loan

    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.

    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
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  • Personal Loan for Self Employed Reviews

    • ICICI Bank Personal Loan
      "Average "
      0.5 3.0/5 "Satisfactory"
      Due to lacking of documents only especially when it comes to address proof, I have not taken the personal loan with the ICICI bank and the rate of 12%. I would like to say that the customer service needs to improve with the ICICI bank and the response too.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • ICICI Bank Personal Loan
      "Good in Response"
      0.5 5.0/5 "Blown Away!"
      The interest rate is too high for the personal loan with ICICI bank,which is of 16.5% so I just cancelled my loan application. But from the bank I received very good response for the loan application. I do have multiple account with ICICI bank. All their service are good.
      Was this review helpful? 0
      , meerut
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Wonderful "
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is an excellent one because they have contacted me in couple of times, also I am using it from the last two to three months of time. I would like to say that the response is good one with the Bankbazaar.com and am happy with them.
      Was this review helpful? 0
      , satara
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Financial Advisor"
      0.5 5.0/5 "Blown Away!"
      My experience with Bank Bazaar is good, The website is good to check the interest rates of ICICI, Axis and other banks and its convenient to choose the best bank in the market. I got instant response from Bank Bazaar website once I have posted the request for personal loan.
      Was this review helpful? 0
      , chennai
      Reviewed on May 24, 2017
    • ICICI Bank Personal Loan
      "Need to improve"
      0.5 2.0/5 "Expected more"
      ICICI bank have not reverted to me till now and the rate of interest was around 14.5% and the customer service was not good like I have went there thrice to their place for submitting the documents. I would like to suggest that ICICI bank need to be more transparent with the customers.
      Was this review helpful? 0
      , satara
      Reviewed on May 24, 2017
    • ICICI Bank Personal Loan
      "Hassle free process"
      0.5 5.0/5 "Blown Away!"
      ICICI Interest rate is competitive as per the market, but first time when I applied for the personal loan through online channel it was rejected, again I went to bank personally and I took the personal loan with nominal interest rate, I am fine with that.
      Was this review helpful? 0
      , chennai
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Good"
      0.5 3.0/5 "Satisfactory"
      Bankbazaar.com is also good and they have approached me and they have helped in a good way. I have used it for the first time. Website of the Bankbazaar.com is easy to access and the response is an immediate one with them.
      Was this review helpful? 0
      , pune
      Reviewed on May 24, 2017
    • HDFC Bank Personal Loan
      "Satisfied"
      0.5 4.0/5 "Great!"
      I got the personal loan with the HDFC bank for the interest rate as 12.9% and the customer service was pretty good,. Within a week of time, the loan amount got disbursed to my account and the response was very good. Processing charges and the insurance charges were around 7000 Rupees, which should be optional.
      Was this review helpful? 0
      , pune
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Better service with bankbazaar"
      0.5 5.0/5 "Blown Away!"
      I have made a web search for the personal loan , then I have found bankbazaar.com, There web portal is easy to use and customer friendly. The customer support with bankbazaar is really helpful and supportive. This is my first product getting through bankbazaar.com.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • Standard Chartered Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My personal loan application went smooth with the standard charted bank. The documentation process also went smooth. They just took around 2 to 3 days to disburse my personal loan. The rate of interest is nominal with them. Overall the service is better with Standard Charted Bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Informative web portal"
      0.5 5.0/5 "Blown Away!"
      I got an excellent service from bankbazaar. They provided a lot of information about the loan. It was easy to select the bank for the loan as they are providing the bank details. Since they are providing the information in detail, it is very easy to go with the bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • ICICI Bank Personal Loan
      "Good bank"
      0.5 4.0/5 "Great!"
      ICICI bank closed my personal loan application due to constrains with eligibility criteria. When I submitted the application they were so active and very responsive towards my application. There was no issues with ICICI bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Helpful"
      0.5 4.0/5 "Great!"
      Bankbazaar.com have helped me and the website is good and the response is fast too. I came to know about Bankbazaar.com through some professional knowledge and they have contacted me within three to four months of time from the time of my inquiry.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 24, 2017
    • Oriental Bank of Commerce Personal Loan
      "Satisfied"
      0.5 4.0/5 "Great!"
      I have not taken the personal loan with the Oriental bank of commerce because I have postponed the plan to some extent. Rate of interest was around 10% for the personal loan and the customer service was good one and they were polite too.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Good services"
      0.5 4.0/5 "Great!"
      The experience at Bankbazaar has been good in the services and they responded well to me and on time. The calls continued till the end of the process checking my loan application has been on track. The website is designed well and very informative.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 24, 2017
    • Fullerton Personal Loan
      "High ROI & charges"
      0.5 3.5/5 "Pretty good"
      Since I was not in town I could not submit the documents for the personal loan at Fullerton. More over the rate of interest was extremely high and so was the processing charges. I got a rate of 19%. The services and response was on time to check on my requirement.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The overall experience was good at Bankbazaar as the process was on time and the services was fast. I received a follow up call as well which was helpful. The website is good and it is easy to access and also informative with the details of various banks
      Was this review helpful? 0
      , panchkula
      Reviewed on May 24, 2017
    • IndusInd Bank Personal Loan
      "Disappointed with the service"
      0.5 1.0/5 "Really Bad"
      I have not received good response from Indusind bank for my personal loan application. Actually they informed me that since Iam salaried person loan cannot be sanctioned to me if Iam salaried then only it can be done it seems I have opted for 4 laks loan,
      Was this review helpful? 0
      , panchkula
      Reviewed on May 24, 2017
    • ICICI Bank Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I had taken the personal loan from ICICI bank. The interest rate is around 16.75% which is little higher than the other banks. But I got very good response from the bank, the entire process went good without any hassles.
      Was this review helpful? 0
      , indore
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Good in Customer service"
      0.5 4.0/5 "Great!"
      Customer service is good with bankbazaar. I received regular updates and proper service on my application. Website was quite easy and it is accessible. I did not find any challenges with bankbazaar while processing my loan request with them.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 24, 2017
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