Top 5 personal loan for self employed in India

Self-employed individuals are those who own an unincorporated business all by themselves. They are the sole proprietor of the business. Though it might seem like it might be hard for self-employed individuals to avail personal loans due to the fact that they are not salaried, that is not the case. They can easily avail personal loans without any hassles.

Features of personal loan for self-employed

Listed below are the features of personal loan for self-employed.

Competitive interest rates
Quick processing of the loan
The loan amount can be used for any personal expenditures
Flexible tenure periods
No collateral
Loan amount depends on the repayment capacity of the individual
Some banks charge no processing fee for the loan advanced
Additional benefits

Interest rate: The rate of interest offered for personal loans depends on the loan amount and the repayment capacity of the borrower. Different banks offer different interest rates so it’s best to shop around before you make a decision.

Benefits of personal loan for self – employed

Listed below are the benefits of personal loan for self-employed.

No restrictions on how the loan can be used
Quick approval
The option of using collateral
Simple documentation
Transparency
Some banks offer additional benefits like personal accident insurance with the loan
Competitive rates

Disadvantages of personal loan for self-employed

Listed below are the disadvantages of personal loan for self-employed.

Higher interest rate compared to other loans
No part payments
A good credit history is important to avail a personal loan
Mandatory bank account
Late payment charges apply

Personal loan for self-employed in India

A self-employed individual can avail a personal loan in India with no hassles whatsoever. The loan amount granted to a self-employed individual depends on the repayment capacity of the individual. Different banks offer personal loans for the self-employed based on different terms and conditions.

Top 5 personal loan for-self employed in India

Listed below are the top 5 personal loans for self employed offered in India.

ICICI Bank personal loan- ICICI Bank Personal Loan is a multipurpose loan that comes with a fixed interest rate. The loan can be repaid in easy installments and there is no need for collateral or security. It comes with easy documentation and quick processing.

Eligibility:

Listed below is the eligibility criteria for ICICI Bank personal loan

Minimum age: 28 years(25 for doctors)
Maximum age:65 years
Minimum turnover:Rs.40 lakh(non-professionals) and Rs.15 lakh(professionals)
Stability: In the business for at least 5 years
Relationship with the bank: Minimum 1 year of liability relationship or asset relationship

Interest rates- The rate of interest offered for personal loans for self employed ranges between 11.99% to 20%

Documentation required:

Listed below are the documents required for ICICI Bank personal loan.

Proof of identity
Address proof
Audited financials of the recent two years as a proof of income
Last 6 months bank statement
Office address proof
Proof of workplace ownership
Proof for continuity of business
2 passport size photographs
SBI Saral personal loan-SBI Saral Personal Loan for self employed helps one fund their dream vacation, home renovation or for purchasing an asset. The loan has attractive interest rates and flexible payment terms. SBI Saral personal loan doesn’t insist on margin amount.

Eligibility criteria:

Listed below is the eligibility criteria for SBI Saral personal loan

Any self-employed engineer, doctor, chartered accountant, architect or an MBA with 2 years standing is eligible.
Minimum income amount: Rs.24,000 in urban areas and Rs.10,000 in rural areas
Maximum income amount: Nil
Repayment term:48 months

Interest rate: The interest rate offered for SBI Saral personal loan is 8.50% above base floating rate.

Documents required:

Listed below are the documents required for SBI Saral personal loan.

Passport photograph
Identity proof
Address proof
Proof of business
Office address proof
Latest 6 months bank statement

Citibank personal loan-Citibank offers personal loan for the unemployed which will be granted within a span of two days. The loan offers full and part repayment options along with additional funds. It offers loans for terms ranging from 12-60 months.

Eligibility criteria:

Listed below is the eligibility criteria for Citibank personal loan

Any self-employed individual
No income proof required
Existing Citibank customers

Interest rate: The interest rate offered for Citibank personal loan starts at 14.00% p.a.

Documents required:

Listed below are the documents required for Citibank personal loan.

Photograph
ID proof
Proof of residence
Proof of age
Proof of continuity of business
Proof of occupation
HSBC personal loan- HSBC Personal Loan for self-employed comes with flexible repayment terms and attractive interest rates. The personal loan can be used for any personal expenditure.

Eligibility criteria:

Listed below is the eligibility criteria for HSBC personal loan

Applicant must have an account with HSBC
Should be a resident Indian
Minimum age: 21 years
Maximum age:65 years
Minimum net annual income: Rs.40,000 p.a.

Interest rate: The interest rate offered for HSBC personal loan starts at 12.99% p.a.

Documents required:

Listed below are the documents required for HSBC personal loan.

Valid Id proof
Valid proof of residence
Proof of age
Certified financials
IT returns of the last 2 years
Latest 6 months bank statements
IDBI personal loan-IDBI personal loan helps meet unexpected financial emergencies. Be it a wedding expense or a luxury trip, IDBI personal loan is there for your aid.

Eligibility criteria:

Listed below is the eligibility criteria for IDBI personal loan