Are you Self Employed with bad credit score or self employed without any income proof? so don’t wait check how you can get personal loans from banks on the basis of bad credit score. Get Personal loan for Self employed for the lowest interest rates. Check your eligibility, Calculate EMI and apply for personal loan for self employed online.
Personal Loan for Self Employed
Personal loan for self employed offered by most of the banks but the interest rates charges are little on higher side than salaried personal loans borrowers. Interest Rates varied from 13.50% to 22.00% per annum. The loan amount advanced for personal loan can be used for any personal expenditures likes Marriage expenses, home renovation, vacation, medical expenses, cosmetic procedures and other such expenses.
Personal Loan Eligibility for Self Employed
The eligibility requirement criteria vary from bank to bank; here’s mentioned some generic eligibility criteria points have a look it below:
- Should be an Resident of India.
- Minimum age of 21 years at the time of application, Maximum age should be 60 to 65 years at the time of loan maturity.
- Turnover or Profit depends on loaner criteria.
- Should be in the same business for at least 3 years.
Personal Loan for Self Employed Interest Rates
Personal Loan Interest Rates 2019
|HDFC Bank||10.99 – 20.75%|
|ICICI Bank||10.99 – 16.50%|
|Bajaj Finserv||11.99 – 16.00%|
|Fullerton India||14.00 – 33.00%|
|Kotak Mahindra||10.99 – 17.25%|
|IndusInd Bank||12.99 – 17.00%|
|Standard Chartered||12.00 – 17.00%|
Fees & Charges – Personal Loans for Self Employed
|Banks||Processing Fee||Pre Payment Charges|
|Bajaj Finserv||Upto 2.00%||Upto 4% post 1st EMI clearance|
|ICICI Bank||1999 to 2.50%||Zero or 5.00%|
|Kotak||1.5 – 2.00%||5.00%|
|HDFC Bank||0.8% – 2.00%||4.00%|
|Fullerton India||2.00%||Upto 7.00%, 0% after 3 year|
||NIL (Zero)||Upto 2.00% of loan amount|
Documents Required for Self Employed Personal Loans
The documents required by the bank or NBFC’s, in general, are mentioned below. The documents should be authentic and legal.
- The duly signed application form.
- 2 Passport size photograph.
- Proof of ID – Passport/ Voter ID/ PAN Card.
- Proof of age – Birth certificate/ passport / Aadhar Card
- Proof of residence – Passport/ Utility bill / Phone Bill / Voter ID
- Proof of income – Latest Income tax return (ITR) along with computation of income or Last 2 years Balance sheet and profit and loss.
- Proof of Signature Verification – Passport/ PAN Card.
- Bank Statement – Last 3 months bank statement/ last 6 months bank passbook.
Personal loan from Banks and NBFC for self-employed
Self employed borrowers can easily get a personal loans from Banks and Non-Financial Banking companies. The major difference between the personal loans offered by banks and NBFCs is that banks have little stiffer / harden rules and most of the banks provide personal loans only to individuals with good credit score over 770 but NBFCs are little soft with the requirements when providing personal loans. NBFCs charge a higher interest rate compared to banks when it comes to personal loans to self epmployed borrowers.
Personal loan for self employed with bad credit
When Having a bad credit is never a good thing when one has to apply for loans. A bad credit history can ruin or lessen the chances of getting a loan at lower interest rates. But it is still possible to avail loans with bad credit. Self employed individuals with bad credit score can go with secured loans options like –
- Loan against property
- Gold Loan
- Property Loan
- Loan against car
- Loan against fixed deposit
- Loan against LIC Policy
Usually, Banks & NBFC’s don’t require a 770 Cibil Score for a secured loan as there is a collateral that they can bank on.
Banks list who offered Personal Loan to Self Employed Borrowers
IIFL Personal Loan – IIFL Personal Loan up to Rs.25 lakhs is designed to ensure that you get express disbursal into your account in just 8 hours.
Bajaj Personal Loan – Bajaj finserv offer secured personal loans to self employed like – Loan against shares, loan against property, loan for machinery, loan for doctors, loan for engineers & loan against fixed deposits.
Compare personal loan for Self Employed
|SBI||HDFC Bank||ICICI Bank||Axis Bank|
|Bajaj Finance||Indusind Bank||Fullerton India||TATA Capital|
|Ratnakar Bank||Citibank||Standard Chartered||Kotak Bank|
|Bank of Baroda||Uco Bank||Dena Bank||Federal Bank|