A Complete Cheat Sheet On Personal Loans For Self Employed

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Are you a self-employed individual who wants to avail a personal loan? But worried whether lenders give away the loan to you or not? Well, if you are thinking that being a self-employed it is difficult to avail a personal loan, my friend you are absolutely wrong. Yes, because these days, plenty of leading and renowned lenders are there that offer loans for self-employed individuals, help in fulfilling their various personal needs. So, let’s just talk more about the same in the article below.

 

Interest Rate

Well, the personal loan interest rates vary from bank to bank. Different lenders charge different rates for self-employed and the rates usually range between 10.99%-25% per annum depending on your profile and credibility. An individual must fulfill the eligibility criteria of a bank. And, if you have fulfilled the same and if you are an old customer of the bank, you can even bargain for an attractive interest rate. So, before you apply for a loan, it is important that you should check the rates and the eligibility with the lenders.

 

Eligibility Criteria

Talking about the eligibility, it differs from bank to bank. But for your help, below we have mentioned the general eligibility norms that you can read.

  • The applicant should be Resident of India.
  • The applicant should have the minimum age of 21 years at the time of application, the maximum age should be 60 to 65 years at the time of loan maturity.
  • The minimum turnover or profit of the applicant should be as per lender’s requirements.
  • The minimum work experience in the current business for at least 3 years.

 

How to Apply

Applying for a personal loan is absolutely an easy and a hassle-free process. There are many simple and quick options that you can choose to apply for this unsecured credit facility. Wanna know such routes? Read the points below…

  • Visit the branch
  • Online application
  • Through email
  • Over the phone

As per your convenience and choice, you can opt for any of these routes and apply for this unsecured credit facility in a hassle-free manner. These methods come with an easy and transparent process, hence allow all the applicants to freely apply for the same.

 

Documents Required

For a hassle-free and a smooth journey to loans for self employed, it is important that you have a complete list of documents ready at your end. Make sure the documents submitted by you should be correct and legal so as to avoid any last minute hassle. Take a look at the documents below…

  • The duly signed application form.
  • Passport size photograph.
  • Proof of ID – Passport/ Voter ID/ PAN Card
  • Proof of age – Birth certificate/ passport
  • Proof of residence – Passport/ Utility bill/ Allotment letter.
  • Proof of income – Latest Income tax return (ITR) along with computation of income, Last 2 years Balance sheet and profit and loss certified by a CA.
  • Proof of Signature verification- Passport/ PAN Card.
  • Bank statement – Last 3 months bank statement/ last 6 months bank passbook.

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