Personal Loan

What are the Options for Personal Loan for Self-employed

Finance

Be it a person who is salaried or someone who is an self-employed or any other person, when there is a need of money it does not matter what is the professional background. There is, however, a different set of criteria for a salaried and self-employed. Based on the criteria, lenders accept personal loan application forms.

Banks and NBFCs in India have made it so easier for everyone to get a personal loan. This has happened because unsecured personal loans have always been the most demanding loan. It helps people whenever they need. The only condition is to match the criteria and have all necessary documents. Also, it is also important to have a good credit history.

Why do you need a personal loan?

Whenever there is an urgent or a requirement of funds which is more than how much you have. No one asks you to do take a loan if you can manage it with your the money you have. But, when you don’t, you have the option to opt for a personal loan. This facility is available for both salaried and self-employed professionals. The rates are almost similar to these lenders.

Where can you get this loan?

There are many lenders in India which offer personal loan for self-employed. The eligibility criteria at these lenders is given below:

Bajaj Finserv Personal Loan for Self-employed eligibility

  • Doctors (MS/MD/DM) – No minimum post-qualification experience required
  • Graduate Doctors (MBBS) – Minimum 2 years of post-qualification experience required
  • Dentists (BDS/MDS) – Minimum 5 years of post-qualification experience required
  • Ayurvedic and Homeopathic Doctors: BHMS/BAMS – Minimum 6 years of post-qualification experience required, and must own a house or clinic
  • Homeopathic Doctors: DHMS – Minimum 15 years of post-qualification experience required, and must own a house or clinic

ICICI Bank Personal Loan for Self-employed eligibility

  • Applicant’s age should be minimum 25 years
  • Annual income should be Rs. 40 lakh for non-professionals; Rs. 15 lakh for professionals
  • Rs. 2 lakhs for Proprietorship Firm/Self employed Individuals and Rs.1 lakh for non-professionals
  • Minimum 5 years in existing business
  • Minimum 1 year liability relationship

IndusInd Bank Personal Loan for Self-employed eligibility

For Professionals:

  • Minimum age of an applicant should be 25 years
  • Maximum age at loan maturity should be 65 years
  • Minimum annual net income post tax should be Rs.4.8 lakh
  • Should have 4 years of post qualification experience

For Individuals:

  • Minimum age at the time of application should be 25 years
  • Maximum age at loan maturity should be 65 years
  • Minimum annual net income post tax should be Rs.4.8 lakh
  • Should have 5 years of post qualification experience

What documents do you need for a personal loan if you are self-employed?

The documents you will have to provide to the lender are as follows:

  • Proof of Identity
  • Address proof
  • DOB proof.
  • Proof of Residence
  • Income proof (audited financials for the last two years).
  • Latest 6 months Bank statement.
  • Office address proof.
  • Proof of residence or office ownership.
  • Proof of continuity of business.

 

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