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.
An unsecured business loan for the self-employed 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.
Take a look at the interest rates for a business loan for the self-employed, offered by some of the well-known banks and NBFCs in India:
Our Partners |
Interest Rate Range |
Max Loan Amount/ Tenure |
Avail Loan |
20% onwards |
36 months |
||
28% onwards |
36 months |
||
12% onwards |
36 months |
||
18% onwards |
60 months |
||
20% onwards |
48 months |
||
16% onwards |
36 months |
||
15% onwards |
9 months |
||
15% onwards |
36 months |
||
1.25% p.m. onwards |
72 months |
*Interest rates mentioned in the above table can vary from one lending partner to the other and are subject to change.
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