The growth in small business and startups has created a need for self employed personal loans to help them achieve their needs with ease. Getting an instant loan for self employed can help you enjoy various benefits whether you own a start-up or a well-established company. You can get collateral-free loans at reasonable interest rates.
With a loan for self employed, maintain your cash flow with ease and support the daily functioning of your business with the help of an online personal loan for self employed from various banks like HDFC or SBI or NBFCs. This will help you achieve your financial goals and pave the way for success.
As people are exploring entrepreneurship and freelancing, there has been a rise in self employed professionals in India looking for a personal loan for their small business. Financial flexibility is crucial, and having access to instant online personal loans for your business at reasonable interest rates is no less than a boon. Let's explore the highlights of these loans, the advantages they offer:
|Interest Rate||9% (p.a) onwards|
|Loan Amount||50000 to 50 Lakhs|
|Tenure||1 to 5 years|
|Approval||Working days of the bank|
The interest rates of instant loans for a self-employed person can vary based on factors; credit score, income stability, loan amount, tenure, and lender policies. Borrowers with higher credit scores and stable incomes get loans at lower interest rates. Whereas, personal loan for self employed with low cibil score might get a higher interest rate. Other additional factors also play a role here.
The table below generically indicates various interest rates offered by the best personal loan lenders in the market:
|Interest rate||9% (p.a) onwards|
|Processing fee||Up to 6%|
|Prepayment charges||Up to 2%|
|Pre-closure charges||2% - 5%|
|Late payment charges||1% - 3%|
|Stamp duty||4% and 6%|
|Cheque bounce charges||₹200 - ₹500|
Eligibility for self-employed personal loans varies with different lenders. These differences could be with minimum income requirements, or CIBIL score or any other factor required by the lender. Some of the common criteria includes-
|Age of the borrower||21 - 60 years old|
|Credit score||600 above|
|Minimum monthly income||₹15,000|
Documents provide lenders with essential information to evaluate the applicant's instant loan eligibility, creditworthiness, and also the ability to repay the loan. The requirement may vary among lenders, so it's advisable to verify with your financial institution for self-employed personal loans. Here's a list of documents for self-employed personal loans and why they’re needed:
Calculating your EMI for a personal loan for self employed cannot be skipped. It helps in planning for your finances better and helps you maintain a good credit score.
With Buddy Loan EMI calculator, you can easily calculate how much EMI you need to pay; Enter the basic details like tenure, interest rate and your loan amount. The calculation is quick and easy.
|Year||Month||Principal (A)||Interest (B)||EMI (A+B)||Balance||Loan Paid to Date (%)|
You can also calculate your EMI manually with the formula provided below-
EMI = P x R x [(1+R)^N] / [((1+R)^N) - 1]Where in,
Self-employed borrowers face unique challenges when seeking personal loans. This table highlights some of the best loan lenders who can cater to your financial needs. This simplifies your decision-making to secure loans & align with financial goals.
|State Bank of India||11.00% p.a onwards|
|HDFC Bank||10.05% p.a onwards|
|ICICI Bank||10.75% p.a onwards|
|Axis Bank||10.49% p.a onwards|
|Kotak Bank||10.99% p.a onwards|
|IndusInd Bank||9.5% onwards|
|Yes Bank||9.75% onwards|
|RBL Bank||10.5% onwards|
|Capital Float||16% onwards|
|Bandhan Bank||11.55% p.a. onwards|
|Mahindra Finance||18% onwards|
|Bajaj Finserv||16% onwards|
|Aditya Birla Capital||18% onwards|
|Tata Capital||16% onwards|
|AU Finance||17% onwards|
Self-employed individuals have unique financial needs, which can make it challenging to qualify for loans. However, there are a number of lenders that offer instant loans to self-employed professionals in India. This introduction is an overview on types of loans available to self-employed individuals, as well as some of the key features and benefits of its type;
Personal loan for the self-employed have several benefits and here are few features that help you comprehend and make the most of your EMIs and banks that facilitate the below,
Get a personal loan for self employed from Rs 50000 to Rs 50 lakhs
Get instant , hassle free loan
Enjoy transparent, no extra charges loan.
Hassle-free application and 100% transparency
Personal loans starts at 10% p.a.
Flexible tenure ranging from 1-5 years
Applying for a personal loan for self employed through Buddy Loan is a hassle-free journey, ensuring you get the funds you need quickly.
Step 2 - Fill out the application form including the loan amount, the tenure months, and contact details.
Step 3 - Fill out the eligibility form and provide:
Step 4 - Cross verify the given information and submit the application.
With Buddy Loan, you can expect a swift turnaround, as we prioritise your needs and aim to disburse the loan at the earliest possible, so you can address your financial requirements with ease.
In financial trouble as a self employed professional, personal loans for self-employed can be a great way to reduce your burden. An instant loan for self employed offers flexibility, convenience, and competitive interest rates. Getting a loan for self employed without ITR or income proof can be challenging, but understanding the eligibility and documents required for personal loan for self employed can help you get the financial help you need.
We've also highlighted the importance of understanding your financial needs, comparing loan options, and maintaining a good credit score for being able to take a loan for self employed.
With all the information you need about instant personal loan for self -employed in India, it's time to take action towards your financial goals. So, why wait? Take the leap towards your dreams today. Apply now and turn your aspirations into reality!
Ready to take next step ?
Yes, a self-employed professional or person can apply for a personal loan for self employed.
Self-employed people can use personal loans to get money for their business or personal needs
The maximum amount for a personal loan for self employed and for a personal loan for self-employed professionals is up to Rs 50 Lakh.
Self-employed people can use a personal loan for anything they need, such as business expenses, personal expenses, or debt consolidation.
To know how to apply for a self employed personal loan online and offline, you can follow the steps mentioned above and get loans starting at Rs 50000/- for self employed.
The eligibility criteria for a personal loan for self-employed individuals can vary based on the different banks. You can find the detailed eligibility criteria from the list above.
Self-employed individuals can provide proof of income, business documents, and personal financial statements to apply for a personal loan.
Self-employed individuals can receive funds from a personal loan within a few days to a few weeks, depending on the lender.
No, you may not need to provide security or collateral to take a personal loan for self-employed in India.
Interest rates on personal loans for self-employed individuals typically range from 9% to 10% p.a. onwards.
The minimum income for a personal loan for self-employed individuals varies from lender to lender, but it is typically around Rs. 15000 per month.
Yes, it is possible to get a loan if you are unemployed, but it may be more difficult and you may have to pay higher interest rates.
Yes, it is possible to get a personal loan for self employed without an ITR, but it may be more difficult and you may have to pay higher interest rates.
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