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  • Personal Loan for Self Employed is Rated as "Great!" by 92205 Users

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    rated 4.0/5.0 by 92205 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

    • ICICI Bank Personal Loan
      "Need to reduce charges"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with ICICI bank and the experience was good, the loan amount was for Rs 2 lakhs with high interest rate of 15.5%. The process was quick and i received my loan amount on time. I paid Rs 12000 for insurance and the tenure period for this loan is 48 months.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 19, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It has been a very good experience with them and the process in getting the loan has been very good. The security with them had been good and i am satisfied with the loan amount which they had provided. The interest rate has been good with them and the whole process had been good. It has been almost two to three months since i have taken the loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 19, 2018
    • Axis Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a good process in getting this loan and i am satisfied with the loan amount which have been provided by them, The interest rate with them had been good as well as the process has taken less time and there has not been any issues so far.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 19, 2018
    • ICICI Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good experience with this loan and the loan amount which they had provided had been satisfactory as well. The interest rate with them has been quite good compared with the market rate. The whole process had been pretty smooth and easy where it has taken very less time in getting the loan amount.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have a good experience dealing with this on line tool. I received good customer service and response as when I applied for the product on their website. They have an user website where we can navigate through everything hence it was easy to choose. I am very much satisfied with their services.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2018
    • Tata capital Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from Tata Capital, it was a good choice that I have made, the processing my loan amount at the earliest it was not delayed, the customer service was also good, they assisted me well. The rate of interest they have charged is also quite OK as compared to others.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      The services I received from this on line tool was good, they have many options to choose the financial product from their website, it was good and hassle free, I received good customer service who helped me and assisted me in processing my application and documents, I was quite happy with the services they have provided.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 19, 2018
    • IndusInd Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from IndusInd bank, the services were quite good, I got good assistance in processing my loan application, but however the loan process was delayed a bit with documentation other than that there is no issue. Even the rate of interest was good enough.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      My experience that I had with this on line portal has been good n terms of services and the processing they did. I received proper communication for the product I have chosen and it went smoothly. But my only complain is that I get repeated calls in same day for same queries, if they could do some proper management for that and improve on that aspect it would be great.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 19, 2018
    • IndusInd Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from IndusInd bank, everything was OK, except the rate of interest they have charged which I believe is a bit high as compared to others. They have charged me around 15.5 % for loan amount of Rs. 5,00,000 for 4 years. Rest assured I received the amount on time everything was smooth I am happy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      I have a good experience with this on line tool, the services I have got has been good. The good part about their services is reaching out to customer service is very easy, you don't have to go through any IVR and they are directly approachable for your quick queries. I am quite satisfied.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 19, 2018
    • Tata capital Personal Loan
      "Average"
      0.5 3.5/5 "Pretty good"
      My experience of personal loan with Tata Capital has been some what OK as I received the loan amount on time and I was aware about the rate of interest they have charged, however there was no annual fees but there was an insurance fee that they have charged which I came to know in mid process I was not quite happy about that.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 19, 2018
    • Standard Chartered Bank Personal Loan
      "Wonderful"
      0.5 4.0/5 "Great!"
      Rate of interest is around 11.49% for the personal loan with the Standard Chartered bank. Customer service is good too with the Standard Chartered bank. Everything is better one with them till now. All of the aspects are better one with the Standard chartered bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Best"
      0.5 4.0/5 "Great!"
      Bankbazaar.com is good one and am using it from the February onward. I would like to say that the customer service is good one and the response is also good too. I am happy with the Bankbazaar.com till now.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Jun 19, 2018
    • HDFC Bank Personal Loan
      "Best"
      0.5 4.0/5 "Great!"
      Interest rate is around 17.5% for the personal loan with the HDFC bank. I would like to say that the response is good one for me with them and the processing charges are on higher end like its around 7000 Rupees.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Wonderful"
      0.5 4.5/5 "Excellent!"
      I am using Bankbazaar.com from the last three years of time. All of the financial products, I used to get it through them. Everything is an excellent one for me with them as such. I have never faced any such issues with them till now.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2018
    • HDFC Bank Personal Loan
      "Wonderful"
      0.5 4.0/5 "Great!"
      Rate of interest is around 11% for the personal loan with the HDFC bank. I would like to say that the processing charges are on higher end. Apart from that everything is good one with the HDFC bank for the personal loan.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Good "
      0.5 4.0/5 "Great!"
      Bankbazaar.com is good one and am using it from the last two months of time. I would like to say that the customer service is good one with the Bankbazaar.com. I am really happy with the Bankbazaar.com till now.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2018
    • ICICI Bank Personal Loan
      "Okay"
      0.5 4.0/5 "Great!"
      10.99% is the rate of interest for the personal loan with the ICICI bank. I would like to say that the response is good one with the ICICI bank. Everything is better one for me with the ICICI bank, also am really happy with them till now.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Good "
      0.5 3.0/5 "Satisfactory"
      I am using Bankbazaar.com from the last one year of time. I would like to say that the customer service is good one with them and the online portal is easy to access. Everything is better one for me with the Bankbazaar.com.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 19, 2018
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