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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

    • Fullerton Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this loan a long time back and it has been a good experience i had with them. The loan amount which they had provided had been satisfactory and there has not been any additional charges which they had with them. The interest rate with them also had been nominal as well and their customer support also had been good as well.
      Was this review helpful? 2
      , chennai
      Reviewed on Oct 12, 2018
    • Kotak Personal Loan
      "In all good"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Bank is pretty good in the personal loan services. The customer support is fine and they are very quick to collect the paper work and process the loan. The rate of interest and processing charges are on the higher side though. In all good.
      Was this review helpful? 2
      , bangalore
      Reviewed on Oct 12, 2018
    • HDB Financial Services Personal Loan
      "Good. Can do better in ROI"
      0.5 4.0/5 "Great!"
      My process with HDB financial services is good. They are very fast in the process to get the persona loan. The customer support and response is good. The rate of interest and processing charges is not satisfactory. It is very pretty high when compared.
      Was this review helpful? 2
      , bangalore
      Reviewed on Oct 12, 2018
    • Central Bank of India Personal Loan
      "Process is too slow"
      0.5 2.5/5 "Just OK"
      The good thing about the personal loan with Central Bank of India is, they offer a very good rate of interest and processing charges, when compared to the other banks. The loan is provided as per my request too. But the major drawback is they take a very long time to process the loan request.
      Was this review helpful? 3
      , bangalore
      Reviewed on Oct 12, 2018
    • Citibank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It was completely a good experience i had with them with this personal loan where the loan amount which they had provided had been satisfactory. The interest rate with them has been nominal and there has not been any sort of additional charges which had been made by them. Even their customer support had been helpful as well.
      Was this review helpful? 2
      , pune
      Reviewed on Oct 12, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      To get a personal loan from them it has been smooth and easy and the loan amount which they had provided had fulfilled my requirements. There has been some nominal charges which had been made by them and the processing fee also had been nominal. Their customer support also had been responsive as well where they had been helpful during the process.
      Was this review helpful? 2
      , pune
      Reviewed on Oct 12, 2018
    • Capital First Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been taken a personal loan with capital first and my experience was good with this non financial institute , the loan amount i got very soon they didn't took much time, the rate of interest and processing fee they have charged is nominal.
      Was this review helpful? 3
      , chennai
      Reviewed on Oct 11, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with HDFC bank and my experience with this bank was good,the loan which i expected i got even rate of interest and processing fee is nominal compared to other banks.customer support team is good and they response to me very well.
      Was this review helpful? 1
      , chennai
      Reviewed on Oct 11, 2018
    • Cashe Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with CashE and my experience was good, the loan amount was for Rs 20000 with nominal interest rate when compared to others. Customer service was good and they responded on time. The tenure period for this loan is for 3 months.
      Was this review helpful? 3
      , chennai
      Reviewed on Oct 11, 2018
    • SBI Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      It was a good experience i had in getting this personal loan from them where the process has not been bad. I was happy with the loan amount which they had provided and the interest of 11% with them has been nominal when compared with the market rate. Even the manager from the branch had been very much helpful and has been responsive during the process.
      Was this review helpful? 1
      , new delhi
      Reviewed on Oct 11, 2018
    • ICICI Bank Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      My experience was good with ICICI bank for personal loan, the loan amount was based on my requirement with nominal interest rate. I took this loan because i had a health issue. Customer service was good and they responded on time. The tenure period for this loan is 2 years.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 11, 2018
    • ICICI Bank Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      It was quite a good experience i had with this loan but the processing fee was a little high when compared, where they had taken 1500. There has also been some charges which had taken from my end. I had taken this loan almost to years and the loan amount has been sufficient and the interest rate has been nominal when compared with the current market rate.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Oct 11, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My experience was good with bankbazaar, i have visited bankbazaar for the first time. The website of bankbazaar is easy to access and is user friendly to use. Customer service was very good with bankbazaar and their response was on time.
      Was this review helpful? 1
      , ranchi
      Reviewed on Oct 11, 2018
    • Fullerton Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The process was very smooth with Fullerton personal loan application, i received my loan amount within 4 days. The loan amount was for Rs 1 lac with the tenure period of 5 years and with high interest rate. Customer service was good and they collected documents on time.
      Was this review helpful? 1
      , ranchi
      Reviewed on Oct 11, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I am using the services of bankbazaar from last 3 years, the services provided by bankbazaar is good when compared to others. Customer service was good and their response was on time. The website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 1
      , pune
      Reviewed on Oct 11, 2018
    • Tata capital Personal Loan
      "Needs to improve on customer service"
      0.5 4.0/5 "Great!"
      My personal loan application was approved with TATA CAPITAL and my experience was not up to the mark. The loan amount was for Rs 5 lacs for 4 years with nominal interest rate when compared to others. Customer support was not that good and there was lack of information.
      Was this review helpful? 1
      , pune
      Reviewed on Oct 11, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      It was a good experience so far with bankbazaar, they provide good services when compared to others in the market. Customer service was good and they responded on time. The website of bankbazaar is easy to navigate and is user friendly.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 11, 2018
    • HDFC Bank Personal Loan
      "Need to reduce ROI"
      0.5 5.0/5 "Blown Away!"
      It was a good experience with HDFC bank for personal loan, documents were collected on time and the process was completed within 1 week. The loan amount was for Rs 2.5 lacs for 4 years with little high interest rate. Customer service was good and they followed up on time.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 11, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 4.5/5 "Excellent!"
      My experience was good with bankbazaar so far, they provide good services when compared to others in the market. Customer service was good and they responded on time. The website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 11, 2018
    • Tata capital Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My experience was very good with TATA CAPITAL for personal loan, the process was smooth and i received my loan amount in 1 week. The loan amount was for Rs 3 lacs with nominal interest rate. Customer service was good and they collected documents on time. The tenure period for this loan is 2 years.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Oct 11, 2018
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