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    Personal Loan for Self Employed

    Personal loan is a type of loan wherein there are no restrictions as to what the loan amount can be used for by the borrower. The loan amount received using a personal loan can be used for any personal expenditures including wedding, home renovation, cost of a vacation, medical treatments, cosmetic procedures, and other such expenses. This loan works like any other loan but it offers more flexibility and is pretty much available to everyone. There are two types of personal loans - unsecured and secured. There is no need for collateral or security in the case of unsecured personal loans whereas secured personal loans require the borrower to provide the same.

    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. Even 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 these loans without any hassles. Usually, personal loans are granted to salaried, non-salaried, and self-employed individuals. The documentation and interest rate offered for personal loans might be different for a self-employed individual.

    Personal loan from banks and NBFCs for self-employed borrowers

    Banks and non-banking financing companies (NBFCs) provide personal loans to self-employed individuals without any hassle. The difference between the personal loans offered by banks and NBFCs is that banks have stringent rules and some of the banks provide these loans only to individuals with a good credit score, while NBFCs are more lenient with the requirements when providing this type of a loan. NBFCs charge a higher interest rate compared to banks when it comes to personal loans.

    Personal loan for a self-employed individual with bad credit profile

    Having a bad credit history is never a good thing when one has to apply for loans. It can ruin or reduce the chances of getting your loan application approved. However, it is still possible to avail loans with a low credit score. Self-employed individuals with a bad credit profile can avail loans through no-credit-check loans or secured personal loans. In such cases, lenders offer a loan to the applicant based on the collateral provided by him or her. Therefore, it is a win-win for both the lender and the borrower.

    Features of personal loan for self-employed persons

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

    • 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 credit offered

    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 borrowers

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

    • 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 applicants

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

    • 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 individuals in India

    A self-employed individual can avail a personal loan in India without any hassles. The loan amount granted to a self-employed person depends on his or her repayment capacity. Different banks have various terms and conditions to provide these loans to their self-employed customers.

    Top 5 personal loans for self-employed customers in India

    Listed below are the top 5 lenders that offer personal loans for self-employed offered in India.

    1. 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.

    Loan features
    • Quantum of loan for self-employed customer: Up to Rs.20 lakh
    • Loan tenure: 12 to 60 months
    • Interest rates: 10.99% to 17.99% p.a. (as on June 2018)
    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 (3 years for doctors)
    • Minimum profit post tax deduction: Rs.2 lakh (proprietorship firm or self-employed borrowers) and Rs.1 lakh (non-professionals)
    • Relationship with the bank: Minimum 1 year of liability relationship or asset relationship
    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

    2. Bank of Baroda Personal Loan

    Bank of Baroda (BoB) offers personal loans to self-employed professionals and business persons to help them handle financial requirements such as marriage expenses of self or family member, child’s education, business expansion costs, vacation expenses, home renovation expenses, etc.

    Loan features
    • Minimum loan amount: Rs.1 lakh (metro and urban areas) and Rs.50,000 (semi-urban and rural areas)
    • Maximum loan amount: Rs.10 lakh (metro and urban areas) and Rs.5 lakh (semi-urban and rural areas)
    • Loan tenure: Up to 48 months
    • Interest rates (as on June 2018):
      • 1-year Marginal Cost of fund-based Lending Rate (MCLR) + Strategic Premium + 3.00% to 1-year Marginal Cost of fund-based Lending Rate (MCLR) + Strategic Premium + 6.00% p.a. (existing BoB customers with account relationship of at least 6 months)
      • 1-year Marginal Cost of fund-based Lending Rate (MCLR) + Strategic Premium + 5.00% to 1-year Marginal Cost of fund-based Lending Rate (MCLR) + Strategic Premium + 8.00% p.a. (other bank customers with account relationship of at least 6 months)
    Eligibility criteria
    • Minimum age: 21 years
    • Maximum age: 65 years
    • Minimum business experience: 1 year of stable business
    • Minimum gross monthly income (GMI): 6 times of GMI (GMI less than Rs.75,000) and 8 times of GMI (GMI more than Rs.75,000)
    • Account relationship:
      • Satisfactory standing relationship with any bank for at least 6 months (loan up to Rs.2 lakh)
      • Satisfactory standing relationship with BoB for at least 6 months (loan above Rs.2 lakh)
    Documents required
    • Passport-size photograph
    • Proof of identity
    • Proof of address
    • ITR of last 2 years
    • Proof of business continuity
    • Bank statement of last 6 months

    3. Citibank Personal Loan

    Citibank offers personal loan to self-employed borrowers which can 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.

    Loan features
    • Quantum of loan: Rs.1 lakh to Rs.30 lakh
    • Interest rate based on annual gross take-home (as on June 2018):
      • Self-employed non-professionals - 17.99% to 18.99% p.a. (for up to Rs.9.99 lakh) and 15.99% to 17.99% (for more than Rs.10 lakh) p.a.
      • Self-employed professionals - 15.99% to 16.99% p.a. (for up to Rs.9.99 lakh) and 14.99% to 15.99% (for more than Rs.10 lakh) p.a.
    • Partial prepayment option available
    Eligibility criteria

    Listed below is the eligibility criteria for Citibank Personal Loan:

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

    4. HSBC Personal Loan

    HSBC Personal Loan for self-employed individuals comes with flexible repayment terms and attractive interest rates. The personal loan can be used for any short-term financial crisis.

    Loan features
    • Quantum of loan: Up to Rs.30 lakh (based on the credit policy of the bank)
    • Interest rates: 11.29% to 17.50% p.a. (as on June 2018)
    • Loan tenure: 6 to 60 months
    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. Rs.4 lakh
    Documents required

    Listed below are the documents required for HSBC Personal Loan:

    • One passport-size photograph
    • Valid ID proof
    • Valid proof of residence
    • Proof of age
    • Certified financials
    • IT returns of last 2 years
    • Latest 6 months’ bank statements

    5. IDBI Personal Loan

    IDBI Personal Loan helps meet unexpected financial emergencies. Be it a wedding expense or a luxury trip, you can avail this scheme to receive the required funds during a financial crisis.

    Loan features
    • Quantum of loan: Rs.50,000 to Rs.5 lakh
    • Interest rate: 12.49% to 13.49% p.a.
    • Loan tenure: 12 to 60 months
    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 (for previous 2 financial years)
    • Applicant should have liability relationship with the bank for at least 1 year or asset relationship after full disbursement with at least 6 timely EMI payments
    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

    • Bank Bazaar Personal Loan
      "Good website for credit score"
      0.5 3.0/5 "Satisfactory"
      Bank Bazaar online application is good I used to check my credit score. I am fine with the report and information but I suggest post process should be improved, based on the customer's profile the loan eligibility should be more. However the response is good from your end.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 25, 2019
    • Kotak Personal Loan
      "Network should be enlarged"
      0.5 4.0/5 "Great!"
      My area pin code was listed in Kotak Mahindra bank, there was no alternate option to take the personal loan. However the response is very good they reached me on time. I believe the interest rate and charges are nominal for the personal loan. They need to include all area for the loan approval.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 25, 2019
    • Bank Bazaar Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      My friend had suggested me about the bank bazaar for checking credit score as he regularly check his score through bank bazaar,and this was my first experience even i have check credit score through bank bazaar,and i got call from them that i am eligible for loan,so i have applied, i have downloaded mobile application,it is easy to access.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 25, 2019
    • Early Salary Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      The service was good but one i will do payment i will get to know about it,and The loan amount which they have given me was not sufficient i have been expected more,and the rate of interest they have charged me was nominal,they have charged me up to 5.5% ,and they have not charged me processing fee,but for doing payment i need expected up to 6 months of tenure period but only for 2-3 months they are giving as tenure period.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 25, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have applied my loan through bank bazaar the loan got cancel but i am happy with the services . Their Mobile application is easy to use and light. Overall their platform is really useful for comparing . Only they ask so much of documents . The Customer support follow up was also good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 25, 2019
    • Tata capital Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I applied my loan through TATA CAPITAL but the application got cancel and the reason is i am in need of car loan but they were providing me personal loan . But whatever experience i got was good , i do not have to struggle much it was very hassle free process . Overall it is good .
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 25, 2019
    • HDFC Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have got my personal loan through HDFC BANK , they charge processing fee and tenure period is 3 year . The rate of interest is good with this bank, and they provide sufficient loan amount . Customer support is good and they provide preclosere option with this bank .
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 25, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I applied my loan through bank bazaar but it got cancel because of some personal reasons . Bank Bazaar is a good platform to compare all the banking products available with various banks. I never faced any issues with their services. Overall it has been very good experience with bank bazaar . Website is easy to use .
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 25, 2019
    • Tata capital Personal Loan
      "They need to improve services"
      0.5 3.0/5 "Satisfactory"
      I applied for my loan through TATA CAPITAL . I was in need of business loan but they was providing me personal loan so i rejected the application . I am not happy with their customer service response they said me they will call because i was facing some query but they did not .
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 25, 2019
    • HDFC Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      There is a Personal Loan going with HDFC BANK . R. My application was processed on time and rate of interest are not nominal here. The tenure period is 5 year . The loan amount is 400000 and it is sufficient . Within 5 min i got my loan amount . Overall it is good .
      Was this review helpful? 0
      , pune
      Reviewed on Mar 25, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have been using BANK BAZAAR for while.The customer support is excellent they are very polite when they are talking , i did not face any issue with them and even at the time of documentation, the process was good . I came to know about this website through online .
      Was this review helpful? 0
      , pune
      Reviewed on Mar 25, 2019
    • Tata capital Personal Loan
      "Very slow process "
      0.5 4.0/5 "Great!"
      I had applied for a personal loan with TATA CAPITAL but i cancel the application because here the process was very slow they are not giving the loan soon it was taking so much time . So i took my loan from HDFC BANK they provide me 400000 of loan and within 5 minutes i got it .
      Was this review helpful? 0
      , pune
      Reviewed on Mar 25, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I applied for a personal loan via Bank Bazaar. I have been using the Bank Bazaar services for a while. Mainly i use to check credit score , credit card offers through bank bazaar . After applying for loan they use to call immediately that was best thing of bank bazaar .
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 25, 2019
    • Early Salary Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My personal loan amount was taken with EARLY SALARY , the customer support is excellent with this bank , i can connect them easily with them . The tenure period is 1.5 month and loan amount is up to the mark . They provide interest rate . I do not have to struggle much .
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 25, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using the Bank Bazaar services for a while. The service is best, I got the loan with in few days, Documentation was very good and hassle free. Bank Bazaar is a convenient time saving services to purchase various financial products from one website.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 25, 2019
    • Tata capital Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I had applied for a personal loan with TATA CAPITAL and i am happy for the reason that my application processed on time and there was no delay. The rate of interest is 13.5% reasonable here. My loan has a tenure period of 3 years . I applied for 100000 and i got the same amount .
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 25, 2019
    • HDFC Bank Personal Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      I had applied for a personal loan with HDFC BANK and it happened to take few days. Over all I am happy with their service. I close this loan . I thought i would get loan on instant Approval, but when contacted they said they have some technical issue and later it was sorted out. Interest rates are reasonable here.
      Was this review helpful? 0
      , indore
      Reviewed on Mar 25, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      Customer service response is very satisfactory, i did not face any difficulties throughout the process. I have been using bank bazaar service for past many month. I came to know about their services when i am checking credit score . Overall my experience was good.
      Was this review helpful? 0
      , indore
      Reviewed on Mar 25, 2019
    • Kotak Personal Loan
      "Shud stick to the promise ROI watever they said initially"
      0.5 3.5/5 "Pretty good"
      My personal loan was taken with KOTAK MAHINDRA BANK , they provide 200000 of loan amount . The tenure period is 3year . They charge very high processing fee it is 4000 and service was good . Initially they said 10.99% rate of interest but later they charge 11.25% .
      Was this review helpful? 0
      , indore
      Reviewed on Mar 25, 2019
    • HDFC Bank Personal Loan
      "Good door step service provider"
      0.5 5.0/5 "Blown Away!"
      I got the door step service through HDFC, the field executive came to my place for documentation. I got preapproved loan because I am an existing customer. I got 12% of interest for the personal loan amount Rs. 3.7 lakhs with the tenure of 60 months. They have foreclosure option after 6 months of emi but charges applicable.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 25, 2019
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