Personal Loan for Self Employed | Interest Rates 2020 | Documents | Eligibility

Personal loan for Self Employed – Apply Online personal loans for Self Employed. Compare ✓ Lowest Interest rates ✓ Documents ✓ Eligibility and choose the best deals online.

Eligibility Criteria for Self Employed Personal loan:-

  • Applicant should be Indian Citizens
  • Minimum age required is 23/25 years and Maximum 65 years.
  • Minimum 3 years experience in same business.
  • Residence/Office -either Owned, rented or company provided either residence or Office should be self owned.
  • Telephone/ mobile mandatory at residence and office.
  • Partnership firms, Private Ltd. companies and deemed Limited companies are eligible
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Personal Loan Interest Rates 2020

Banks Interest Rates
HDFC Bank 10.75 – 13.45%
ICICI Bank 11.70 – 18.85%
Bajaj Finserv 11.99 – 16.00%
Fullerton India 14.00 – 33.00%
Kotak Mahindra 10.50 – 20.00%
IndusInd Bank 12.99 – 17.00%
Standard Chartered 10.99 – 14.49%

Processing Fees / Prepayment Charges

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%
Axis Bank 2.00% Nil
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
Standard Chartered
NIL (Zero) Upto 2.00% of loan amount

You can always start by checking out with different banks offering you the loan for the best offers – interests – EMI schemes etc. Also find out the eligibility criteria and the documents required to submit before you apply.

What is the rate of interest that will be charged on loan?

The interest rate varies from bank to bank. And usually it varies from 14%-26% depending upon your profile and the policies/scheme you opt for.

Why to Choose Personal Loan?
In this day and age of internet everything you need is just a click away. And so are loans. The loan process has also become more easier and more customer-friendly. Consumerism has increased to such extent that it makes us want things NOW rather than wait for months or even years to save enough money to buy things we want.

Therefore, today we don’t think twice before committing ourselves to indebtedness. The personal loan schemes are quite promising today, no doubt. But we need to be extra careful.

Unsecured loans, such as personal loans are usually very expensive. While availing a loan has become affordable and simple, it does have its drawback.

The personal loan banks may not always tell you the full story. Therefore it is important for us to delve deep into any loan offer and make the right choice.