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21 February 2018, 12:27   Report Abuse

Anvi Sharma

[ Scorecard : 80]

When it comes to availing a personal loan, it would not be wrong to say that many people have this perception that it is not an easy ride for a self-employed individual to avail the loan.


This is the reason that people always ask many questions regarding a personal loan for self-employed. And, in order to keep all the confusion and questions away, we are here to help.


You read that right! Today, in this article, we are going to clear your confusion and tell you how a self-employed individual can also apply for personal loan online. Curious to know the same? Just read the article below…


Rate of Interest


Any personal loan online journey begins from knowing the personal loan interest rates. Yes, it is the most crucial aspect that can actually make or break the situation for you. Talking about the rates available for self-employed, they range between 10.99%-25% per annum, which are currently the lowest personal loan interest rates in the marketplace. However, this figure varies according to the profile of an individual. An individual can also negotiate with the lenders as far as rates are concerned.

Eligibility Criteria


Another prominent factor that plays a pivotal role in your overall loan journey is the eligibility criteria. Different banks and NBFCs have different eligibility criteria and based on that they decide whether a loan should be given to an individual or not. Thus, it is important for an individual to meet the required personal loan eligibility norms so as to enjoy a hassle-free experience. So, take a look at the points below to know more about the eligibility conditions:


  • The applicant should be a Resident of India.
  • The individual should have a 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 for Personal Loan


When it comes to applying for this unsecured credit facility, you would be glad to know that there are plenty of ways to do the same. Read the points below to know more about the same…


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


Credit Score


Now you must be wondering how a credit score is an integral component here. Well, so let me tell you that before offering the loan amount to the applicants, it is a regular habit of lenders to check the credit score. With the help of doing so, they would be able to know the creditworthiness of an individual. Usually, the score ranges between 300-900 and a score of 700/750 out of 900 is considered to be a good score to grab the best deal. And, the best part is that you can anytime check credit score online in just a few minutes. There are plenty of sites are available online that allow you to know your score in the best way.


Documents Required


Next thing you need to pay the attention is the documents needed. One should have all the documents ready in order to avail this credit facility. Read the article further to know more about the documentation needed.


  • 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.


Things to Remember


  • The tenure of personal loan for self-employed generally is 5 years as the same has been offered by maximum lenders.
  • Talking about the loan amount, most of the lenders the loan amount that range between 50,000-40 Lakh to all the applicants.
  • As far as processing fee is considered, it ranges between 1.50%-2% of the loan amount, which is a one-time non-refundable fee that an applicant needs to give away to the lender at the time of availing the loan.


16 March 2018, 15:44  

anna desoza

[ Scorecard : 22]

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01 June 2019, 15:54  


[ Scorecard : 22]

All the points you've mentioned are important and I know that loans ph are beneficial from any point of view. Personally, I take loans really seldom but the opportunity to take a loan is a necessary part of our life.

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