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Apply Business Loan For Self-Employed at Lower Interest Rates
Every business is different and so are its financial needs, and it can be quite challenging to fulfil these financial needs. A business loan is one of the best ways to add capital or bring in funds. Whether for business growth or expansion, working capital requirement, or simply to fund purchases, entrepreneurs can meet a variety of their business demands by opting for this loan.
A small business loan for self-employed individuals can help professionals or business owners serve any short-term financial needs, labour capital requirements, and more. Furthermore, women entrepreneurs have an added advantage of discounted interest rates, which most banks or NBFCs offer as an incentive.
Business loans for self-employed professionals offer flexible funding tailored to your unique needs. Here are the key features to know:
Business loans are unsecured loans, which entails that no security is required from the applicant. Banks and other lending institutions check the credit scores of the applicant and the business in order to facilitate the loan.
The repayment tenure offered by most lenders is flexible.
Business loans offer a fixed rate of interest that is applicable for the entire loan tenure. This rate of interest does not change during the loan tenure, despite any change in economy, market conditions, etc.
Business loans also have an option of floating rate of interest, also known as variable or adjustable rate of interest. The rate of interest varies i.e., ‘floats’ reflecting the market or economic conditions.
If you have all the documents and paperwork in place, business loans are usually processed quickly, and the amount is disbursed in no time.
Take a look:
Available Offerings |
Min Interest Rate (p.a.) |
Processing Fee |
|---|---|---|
Aditya Birla Capital UDYOG PLUS Business Loan |
22% |
3% to 4% of the loan amount + GST |
Ambit Finvest Business Loan |
20% |
3% of the loan amount |
AYE Finance Business Loan |
29.50% |
Up to 2% of the loan amount |
Bajaj Finance Business Loan |
14% |
Up to 4.72% (Inclusive of applicable taxes) of the loan amount |
FlexiLoans Business Loan |
18% |
Up to 2.5% of the loan amount |
IIFL Finance Business Loan |
16.50% |
Up to 2.50% of the loan amount + GST |
InCred Business Loan |
24% |
2% to 5% of the loan amount |
Indifi Business Loan |
22% |
Up to 3% of the loan amount + GST |
KreditBee Business Loan |
18% |
3% to 4.25% of the loan amount |
L&T Finance Business Loan |
15.50% |
2% + GST |
Lendingkart Business Loan |
19.20% |
Up to 3% of the loan amount |
Protium Business Loan |
20.5% |
1% to 6% of the loan amount |
Credit Saison Business Loan |
22% |
Up to 4.72% (Inclusive of applicable taxes) |
UGRO Capital Business Loan |
24% |
Nil |
A business loan for self-employed individuals with no collateral depends on many factors, including the lender's risk appetite and the borrower's creditworthiness. Here is the basic eligibility criteria that most banks and NBFCs have for individuals who wish to apply for a business loan:
Business loan applicants must be an Indian national.
Loan applicants should be minimum of 18 years of age and a maximum of 65 years at the time of maturity.
All self-employed professionals, private limited companies, sole proprietors, and partnership businesses, etc., are eligible to opt for unsecured business loans.
Applicants must have no previous loan or credit defaults with NBFCs, banks, or other lending institutions.
Applicant’s creditworthiness, repayment track record, CIBIL score of 700 and above, etc., are ideal for business loan eligibility.
Before you apply for a business loan, or any loan for that matter, it is always advisable to have the basic set of documents handy. This helps your loan application get approved faster and in a more hassle-free manner. Take a look at the basic documents that you must have handy before you apply for a business loan for self-employed:
KYC documents of the loan applicant – Aadhaar card, Passport, PAN card, Voter’s ID, Driving Licence, Utility bills, etc.
PAN card of the business
Address proof of the business
Establishment Certificate or company incorporation proof of business
Bank statement of last 1 year
Business or company’s Income Tax Returns of the past year
Filled-out unsecured business loans for self-employed application form
2 passport-sized photographs of the applicant
Follow this step-by-step guide if you’re looking to opt for a business loan for the self-employed:
Select the ‘Check Eligibility’ button on the page.
Fill in your personal and business information in the application form.
Specify the loan amount and your desired repayment term.
Submit the form for verification.
After the loan application is submitted, a representative of the bank or lending institute reaches out to the applicant regarding their loan application and document verification. The representative from that point on will then handle your process. If you want additional information about business loans and understand more details, then you can also choose to visit the lender’s nearest branch and fill out the application in person.
A business loan is one of the most common ways of raising capital for a company, business, or even to help self-employed professionals. With the help of a business loan for the self-employed, you can take care of your business expansion requirements, working capital needs, labour financing, and much more. Take a look at some of the salient features of business loans, understand lender requirements and apply online at ease!
Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.
A business loan for self-employed professionals is designed to help individuals such as doctors, lawyers, consultants, and entrepreneurs expand or sustain their businesses. These loans are typically unsecured and can be used for various purposes like purchasing equipment, improving cash flow, or renovating business premises.
A self-employed individual can typically access business loans ranging from ₹1 lakh to ₹75 lakhs or more, depending on factors like business turnover, credit score, and the age of the business. In certain cases, some lenders provide collateral-free loans up to ₹1 crore for eligible applicants
To secure a ₹50 lakh business loan without a salary, self-employed individuals need to provide proof of their business income, such as bank statements, income tax returns (ITRs), and financial statements. Applying online with minimal documentation is often possible with lenders offering unsecured loans, and a good credit score and stable business performance increase the chances of quick approval.
Self-employed individuals can apply for small business loans directly through banks or NBFCs. The application process generally requires basic documents such as identity proof, business registration, ITRs, and bank statements. Many loans do not require collateral, and the process is often quick and can be completed online.
