A self employed personal loan is a specially designed personal finance product exclusively for self employed customers. A little more money can be a lot more helpful to realise your dreams with smile. With ample funds, you can be sure to make the most of a well deserved luxury holiday or fulfill a temporary financial need.
Eligibility Criteria for Self-employed
- You should be a self-employed individual
- You should be at least 21 years old
- Minimum credit score should be 750 or above
- Your annual income should match the eligibility criteria set by the bank
- Your business should be running for at least 2 years
Documents Required for Loan application
- Duly filled application form with passport-sized photographs
- ID Proof: Aadhaar Card, PAN Card, Voter ID Card, Driving License, Passport, etc.
- Address Proof: Ration Card, Utility Bills (Electricity Bill, Phone Bill, etc.), PAN Card, Aadhaar Card, Voter ID Card, etc.
- Business Proof: Proof of Business Existence, Certificate of Incorporation, Certificate of Registration with Appropriate Registration Body
- Income Proof: ITR of Past 2 years, Certified Profit and Loss Statement
- Any other document required by the bank
Factors Affecting Loan
- Credit Score: Before approving a personal loan, lenders check the applicant’s credit score to evaluate his creditworthiness. A good credit score (above 750) indicates that you have been disciplined with your repayments and the lenders do not hesitate to offer you a lower interest rate
- Tenure of Business: If your business is running in profit for at least 2 years, you get a personal loan at a low-interest rate due to stability in business
- Relationship with the Bank: If you already have a current or savings account with the bank or you have an existing loan that you have been repaying regularly, you may get a personal loan with a lower interest rate