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.

Personal Loan Interest Rates for Self-employed by Various Banks and NBFCs

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.

Eligibility Criteria for Personal Loan For Self-employed

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.

Documents Required for 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.

How to Apply for a Personal Loan for Self-employed on Bajaj Markets

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.

Conclusion

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.

Frequently Asked Questions

Can the personal loan for self-employed be used to fund business needs?

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.

I have never filed an Income Tax Return. Can I still apply for a personal loan?

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.

How can I utilise a personal loan for self-employed individuals?

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.

Do I need a guarantor for a personal loan if I am self-employed?

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.

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