Personal Loan for Self-employed

Subtext- Learn about the process of getting a personal loan for self-employed individuals, including eligibility criteria and required documents.

As a self-employed individual, managing your finances can often come with unique challenges. Without a fixed monthly salary, lenders may evaluate your application differently, focusing on your income consistency and business stability. 

However, personal loans can help meet various financial needs, such as funding a business expansion, covering personal expenses, or addressing unforeseen emergencies. With tailored offerings and flexible terms, personal loans for self-employed individuals provide quick access to funds when needed.

You can apply for an instant personal loan for self-employed individuals through Bajaj Markets using a streamlined application process.

Refer below table:

*Disclaimer: The mentioned details are subject to change at the lender’s discretion.

To qualify for a personal loan as a self-employed individual, you need to fulfil certain eligibility requirements as follows:

• Applicant must hold Indian citizenship

• Should be employed, either salaried or self-employed

• The age criterion is 18 years or above

• Monthly earnings should not be less than ₹10,000

• At least one year of professional experience is essential

• A minimum CIBIL score of 600 is required

It’s important to note that these requirements may vary depending on different financial institutions. You should, therefore, review the specific criteria set by your chosen lender before initiating your loan application.

When applying for a personal loan as a self-employed individual, you will need to provide certain documents to verify your identity, income, and business stability. 

These documents include:

Identity Proof: Any one of these documents:

• PAN Card

• Aadhaar Card

• Voter Identification Card

• Passport

• Driving Licence

Address Proof: Provide any one from the following:

• Voter Identification Card

• Aadhaar Card

• Passport

• Driving Licence

• Electricity Bill

• Telephone Bill

Income Proof: Submit salary slips or bank account statements for the past three months

Photographs: Two passport-sized photographs are needed

Required documents may vary depending on the policies of different lenders. It’s always a good idea to check the specific requirements with your chosen financial institution before applying.

Applying for a personal loan for self-employed on Bajaj Markets is an easy process. Follow these steps to get started:

1. Begin by clicking on the ‘Check Eligibility’ button on the website

2. Enter your personal information along with income-related details to help assess your eligibility

3. Indicate the loan amount you wish to borrow and select your preferred repayment tenure

4. Carefully verify all the information you have provided before submitting the application form online

Once submitted, your application will be evaluated by the partnered lenders. They will reach out to you for further verification and guide you through the subsequent steps.

Personal loans for self-employed individuals offer a convenient way to manage financial needs, whether personal or professional. By meeting the eligibility criteria, submitting the required documents, and following a straightforward application process on Bajaj Markets, you can access quick and flexible funding solutions tailored to your requirements. Always ensure you review the terms and conditions carefully before proceeding to make an informed decision.