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.
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.
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.
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.
Listed below are the features of personal loan for self employed.
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.
Listed below are the benefits of personal loan for self employed.
Listed below are the disadvantages of personal loan for self employed.
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.
Listed below are the top 5 personal loans for self employed offered in India.
Listed below is the eligibility criteria for ICICI Bank personal loan
Interest rates- The rate of interest offered for personal loans for self employed ranges between 11.99% to 20%
Listed below are the documents required for ICICI Bank personal loan.
Listed below is the eligibility criteria for SBI Saral personal loan
Interest rate:The interest rate offered for SBI Saral personal loan is 8.50% above base floating rate.
Listed below are the documents required for SBI Saral personal loan.
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.
Listed below is the eligibility criteria for Citibank personal loan
Interest rate:The interest rate offered for Citibank personal loan starts at 14.00% p.a.
Listed below are the documents required for Citibank personal loan.
Listed below is the eligibility criteria for HSBC personal loan
Interest rate:The interest rate offered for HSBC personal loan starts at 12.99% p.a.
Listed below are the documents required for HSBC personal loan.
Listed below is the eligibility criteria for IDBI personal loan
Interest rate:The interest rate offered for IDBI personal loan ranges at 13.00% p.a.
Listed below are the documents required for IDBI personal loan.