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

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 20% Fixed
    0.25% to 2%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Ad
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12.50% - 19.50% Fixed
    0 One time fee
    25L Max
    1-6 Years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.49% - 18.49% Fixed
    2.5% (min. ₹1149) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.49% - 19.8% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    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
    0.25% to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.99% - 17% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.49% - 20.15% Fixed
    1% to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    13% - 20% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    INSTANT DECISION
    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
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    14.00% - 16.25% Fixed
    1.25% to 1.75% One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    15.95% - 18.95% Fixed
    2% One time fee
    20L Max
    1-3 years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    12.99% - 14.50% Fixed
    0.99% to 2% One time fee
    45L Max
    1-5 years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    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.

    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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