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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.

    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. 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
    Apply for Personal Loan

    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

    • RBL Bank Personal Loan
      "excellent"
      0.5 5.0/5 "Blown Away!"
      My personal loan experience is very good with RBL bank and even they have provided sufficient loan amount to me . Rate of interest is 18% which is up to the mark and tenure period is 3 years . Customer service is good and documents were collected on time . I use to pay EMI 1044 and processing fee is 3500 . There is no preclosere option .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 19, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken personal loan with ICICI BANK . I use to pay EMI 9000 and tenure period is 3years . I am happy with customer services because i can connect them easily . There is no charge for processing fee, rate of interest is 14.2% and it is too high in the market . My loan amount is up to the mark .
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 19, 2018
    • HSBC Bank Personal Loan
      "AVERAGE CARD"
      0.5 3.0/5 "Satisfactory"
      Documentation from the bank end was late after that only i got the card, they can also improve the customer service in terms on responsiveness, because responsiveness is little delayed from them, almost the processing time was around 2 weeks they have taken which is little longer period.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 18, 2018
    • HDFC Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with HDFC Bank 11 months back.The loan amount was 3 lakhs and the interest rate was satisfactory . The EMI period was 5 years . The customer service was really good and there was no delay at all in the process . They have provided door step service for collecting documents.
      Was this review helpful? 0
      , jaipur
      Reviewed on Aug 18, 2018
    • Fullerton Personal Loan
      "Overall good"
      0.5 5.0/5 "Blown Away!"
      I have taken my personal loan with Fullerton and the experience is fine. The customer services and response is good and there are no hassles to get the loan. They done a good job. Though the interest rate and charges is on the higher side, I am pretty happy with the service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 18, 2018
    • Kotak Personal Loan
      "More than satisfactory"
      0.5 5.0/5 "Blown Away!"
      Kotak Mahindra Bank has been really beneficial and they provided me with a personal loan. The rate of interest and processing charges is normal and I had no issues to get the loan through. The customer services and response is good and overall no issues.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Aug 18, 2018
    • ICICI Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken my personal loan with ICICI bank 8 months back. The loan amount was 98,000a nd the interest rate was satisfactory . The tenure period was 24 months . The customer service was very good and there was no delay at all. The loan was approved on time infact they follow paperless approval process.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 18, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar provides best services when compared to others in the market. I am using the services of bankbazaar from more than 1 year. The website of bankbazaar is easy to use and is user friendly. Customer service was good and they followed up on time.
      Was this review helpful? 3
      , bangalore
      Reviewed on Aug 17, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      It was a good experience with HDFC bank for personal loan, the loan amount was for Rs 4 lakhs with nominal interest rate in the market. The process was smooth and it took 10 days to receive the loan amount. Customer service was good and they followed up on time. The tenure period for this loan is 2 years.
      Was this review helpful? 3
      , bangalore
      Reviewed on Aug 17, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I know bankbazaar.com from last 2 years but i have used bankbazaar for the first time. The services provided by bankbazaar is good when compared to others. Customer service was good with bankbazaar and their response was on time. The website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 2
      , mumbai
      Reviewed on Aug 17, 2018
    • Standard Chartered Bank Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      It was an average experience with Standard Chartered Bank for personal loan, the process was quite long and it took 20-25 days to complete. Documents were collected on time and the customer service was good. The loan amount was for Rs 6 lakhs for 5 years with high interest rate.
      Was this review helpful? 2
      , mumbai
      Reviewed on Aug 17, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar provides best services when compared to others in the market. I am using the services of bankbazaar from last 1 year. Customer service was very good and they responded on time. The website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 2
      , chennai
      Reviewed on Aug 17, 2018
    • Tata capital Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have my personal loan application approved with TATA CAPITAL and the experience was good, the loan amount was for Rs 2 lakhs with the tenure period of 3 years and the rate of interest is nominal when compared to other banks. Customer service was good and they responded on time.
      Was this review helpful? 4
      , chennai
      Reviewed on Aug 17, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I know bankbazaar.com from last 3-4years, the services provided by bankbazaar is good when compared to others. Customer service was good with bankbazaar and they responded on time. Mobile application of bankbazaar is easy to access and is user friendly.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Aug 17, 2018
    • HDFC Bank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have my personal loan application approved with HDFC bank and the experience was good, the loan amount was for Rs 3 lakhs with the tenure period of 4 years and the rate of interest is nominal when compared to other banks. Customer service was good and they responded on time.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Aug 17, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I am using the services of paytm from last 1 year, the services provided by bankbazaar is good when compared to others. Customer service was good with bankbazaar and their response was on time. I check my credit score on the website of bankbazaar.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Aug 17, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My experience was very good with ICICI bank for personal loan,, the process took more than 15 days to complete. The loan amount was for Rs 1 lac with nominal interest rate. Customer service was good and they followed up on time. The tenure period for this loan is 3 years.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Aug 17, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      It was a good experience with bankbazaar so far, they provide good services when compared to others in the market. Customer service was good with bankbazaar and they responded on time. The website of bankbazaar is easy to navigate and is user friendly.
      Was this review helpful? 1
      , kolkata
      Reviewed on Aug 17, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      It was a good experience with Kotak Mahindra bank for personal loan, the loan amount was for Rs 3 lakhs with nominal interest rate in the market. The process was quite long and it took 15 days to receive the loan amount. Customer service was good and they followed up on time.
      Was this review helpful? 2
      , kolkata
      Reviewed on Aug 17, 2018
    • Axis Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with AXIS bank and my loan experience was good, the loan amount was for Rs 4 lakhs with nominal interest rate when compared to other banks. The tenure period for this loan is 4 years and there are no preclosure charges.
      Was this review helpful? 2
      , bangalore
      Reviewed on Aug 17, 2018
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