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.
Lender |
Starting Interest Rate |
Processing Fee |
Loan Amount |
Tenure |
Bajaj Finance |
10.00% p.a. |
Up to 3.93% of the loan amount (Inclusive of applicable taxes) |
₹50,000 to ₹35 Lakhs |
12 months to 96 months |
CASHe |
34.00% p.a. |
Up to 5.5% of the loan amount + GST |
₹50,000 to ₹3 Lakhs |
9 months to 18 months |
Federal Bank |
11.00% p.a. |
0.70% to 2.80% of the loan amount + 18% GST |
₹50,000 to ₹5 Lakhs |
Up to 12 months |
Fibe |
14.00% p.a. |
Up to 2% of the loan amount |
₹50,000 to ₹5 Lakhs |
Up to 36 months |
Finnable |
15.95% p.a. |
Up to 3% of the loan amount |
₹20,000 to ₹10 Lakhs |
Up to 60 months |
IIFL Finance |
16.50% p.a. |
2% to 6% of the loan amount + GST |
₹70,000 to ₹5 Lakhs |
Up to 24 months |
InCred |
16.00% p.a. |
2% to 5% of the sanctioned amount |
₹10,000 to ₹10 Lakhs |
Up to 72 months |
Kissht |
14.00% p.a. |
3% to 5% of the loan amount |
₹5,000 to ₹4 Lakhs |
6 months to 24 months |
Kotak Mahindra Bank |
10.99% p.a. |
Up to 1.50% of the loan amount + GST |
₹50,000 to ₹40 Lakhs |
24 months to 72 months |
KreditBee |
15.00% p.a. |
Up to 3% of the loan amount |
₹1,200 to ₹5 Lakhs |
Up to 24 months |
L&T Finance |
12.00% p.a. |
Up to 2% of the loan amount + GST |
₹50,000 to 7 Lakhs |
Up to 48 months |
MoneyTap |
18.00% p.a. |
5% to 10% of the loan amount |
₹5,000 to ₹5 Lakhs |
3 months to 36 months |
moneyview |
16.00% p.a. |
Starts from 2% of the approved loan amount |
₹30,000 to ₹10 Lakhs |
Up to 60 months |
mPokket |
24.00% p.a. |
₹50 to ₹200 + 18% GST (maximum APR of 48%) |
₹500 to ₹45,000 |
Up to 90 days |
Muthoot Finance |
14.50% p.a. |
2% to 4% of the loan amount |
₹50,000 to ₹10 Lakhs |
Up to 60 months |
Olyv |
18.00% p.a. |
2% to 12% of the loan amount |
₹1,000 to ₹1 Lakh |
2 months to 12 months |
PaySense |
14.00% p.a. |
2% to 2.5% of the loan amount + GST or ₹500 + GST (whichever is higher) |
₹5,000 to ₹5 Lakhs |
Up to 60 months |
Privo |
9.99% p.a. |
1% to 3% of the loan amount + GST |
₹2 Lakhs to ₹5 Lakhs |
6 months to 60 months |
SMFG India Credit |
12.00% p.a. |
0% to 6% of the loan amount |
₹50,000 to ₹25 Lakhs |
Up to 60 months |
Upwards |
18.00% p.a. |
Up to 4% of the loan amount |
₹25,000 to ₹5 Lakhs |
Up to 36 months |
YES BANK |
12.50% p.a. |
1.15% to 2.75% of the loan amount |
₹1 Lakh to ₹50 Lakhs |
12 months to 72 months |
Zype |
18.00% p.a. |
2% to 6% of the loan amount |
₹3,000 to ₹5 Lakhs |
6 months to 12 months |
*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:
Begin by clicking on the ‘Check Eligibility’ button on the website
Enter your personal information along with income-related details to help assess your eligibility
Indicate the loan amount you wish to borrow and select your preferred repayment tenure
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.
Yes, instant loans for the self-employed can be used to address business-related expenses, such as purchasing equipment, expanding operations, or managing working capital.
Filing an Income Tax Return (ITR) is often a key requirement for self-employed individuals applying for a personal loan. However, some lenders may consider alternative documents to assess your income. It’s best to check the specific requirements of the lender.
A personal loan for self-employed individuals offers versatility and can be used for various purposes, including business investments, personal expenses, emergencies, or debt consolidation. The choice depends on your financial priorities.
Most personal loans for self-employed individuals are unsecured, meaning no guarantor or collateral is typically required. However, this may vary depending on the lender's policies and your financial profile.