Generally, personal loans are taken by salaried people. But, anyone and everyone go through a phase when there is an urgent need for money. So, irrespective of which profession are you into, there are banks that offer the loan.
You can easily read about the banks offering personal loans to salaried people but in this article, we are only talking about the options you have if you are a self-employed professional or non-professional and looking for a personal loan.
Here, we will give you the list of banks that have the option of personal loan for self-employed
. We will also give you the eligibility criteria required for this loan, documents checklist, interest rate and processing fee along with the maximum loan amount available under this category.
1. Bajaj Finserv
2. Capital First
3. Tata Capital
4. ICICI Bank
5. IndusInd Bank
- Age between 22-55 years
- Business vintage of at least 3 years
- Filing of business IT returns for at least past 1 year
- Previous year’s turnover duly audited by a CA
- Eligibility for Capital First Personal Loan for Self-employed
- The business must have been in existence for a minimum period of 3 years
- The company’s profit after tax (PAT) for the last two years should be positive
- Minimum Age: 28 years; Maximum Age: 68 years, at the time of loan maturity
- Age of the applicant should be between 25-65 years
- The annual income of Rs. 2 lakhs
- Minimum loan amount of Rs. 3 lakhs
- Maximum loan amount of Rs. 20 lakhs
- Loan tenure 12-48 months
- ID proof, Address proof
- Last 6 months bank statement
- Post of highest professional degree
- Latest income tax return and balance sheet and profit & loss for last 2 years certified by CA
- Age should be 28 years (self-employed individuals) and 25 years (for doctors; Maximum age - 65 years
- Annual income should be Rs. 40 lakh for non-professionals; Rs. 15 lac for professionals; as per audited financials
- Rs. 2 lac for Proprietorship Firm/ Self-employed Individuals and Rs. 1 lac for non-professionals as per audited financials
- In current business for at least 5 years and minimum 3 years for doctors
- Minimum 1-year liability relationship (current or savings account) or Asset relationship (loan) either live or closed in the last 36 months; repayment track as required
- Minimum age at the time of application should be 25 years
- Maximum age at loan maturity should be 65 years
- Minimum annual net income post tax should be Rs.4.8 lakh
- Should have 4 years of post qualification experience
- Minimum age at the time of application should be 25 years
- Maximum age at loan maturity should be 65 years
- Minimum annual net income post tax should be Rs.4.8 lakh
- Should have 5 years of post qualification experience
Talking about interest rates, it is a little higher than a salaried person. At present, the rates are available from 10.99% per annum at Citibank. The rates vary from one bank to another.
Srishti Singh writes on topics such as social issues, entertainment, trending topics, finance, and horoscope. Here she has given her inputs on a personal loan for self-employed. This article gives you the idea of which banks offer this facility and what is the eligibility required for it.