Self-employed persons make enquires on personal loans, but in india most of the banks& nbfcs give personal loans to salaried employees, who are having good salary and sound cibil score.
what about Self-Employed Personal Loans for individuals?
Then my doubt is who are providing Self-Employed Personal Loans for individuals. wheather there are any bank or nbfcs are providing the loans.
The answer is yes, there are many banks and nbfcs are rendering services to self-employed personal loans, let us discuss in detail.
IndusInd bank: is providing loans for self-employed in hassle free process, simply visit the bank website, where you can find personal loans for self-employed and apply with your credentials will process and sanction the loan according to your eligibility.
Before applying the loan once go through the terms& conditions of the respective bank, know your processing fee for your loan and tenure, have clarity on emi.
HDFC BANK: is providing Self-Employed Personal Loans for individuals up to 40 lakhs, their is flexibility to choose tenure (12 to 60 months) and repayment option like pocket friendly emi starting at 2,149 per lakh.
Know your eligibility before applying a Self-Employed Personal Loans for individuals?
Eligibility Criteria:
Self-employed individuals need to meet certain eligibility criteria set by banks. These can include:
Minimum age should be 25 years at the time of application
Maximum age should be 65 during loan maturity
Minimum annual net income threshold (after taxes)
Career experience for a certain number of years after qualifications.
Documentation and Proof of Income:
Banks may require a different set of documents at the time of sanctioning of loan, and for disbursing personal loans for self-employed people.
Regarding income proof, the list of documents generally includes:
Income tax returns (ITRs) for the last two to three years
Bank statements (for active current account and primary savings account)
Other financial statements evidencing proof of income. (example rental income etc)
Is a credit score is myth?
Credit scores play an important role for taking any loan, while applying a loan one should check their credit score first. If the credit score is above 750+the chances are bright to get a loan, if an individual credit score is less, here are some tips to improve credit score.
There are Some ways to boost your credit score, if your credit score is low
Paying off outstanding debts, paying your emi on time help to improve credit score.
Maintaining a low credit utilization ratio also helps to improve the score.
Conclusion:
By carefully considering various factors, such as income proof, credit score, loan amount, etc., you can select the best loans for self-employed individuals in india.
IndusInd Bank offers self-employed Personal Loan solutions to meet the unique needs for Competitive interest rates, instant loan approvals, flexible repayment options, an entirely digital application process, etc.,
So, IndusInd bank is offering personal loans for salaried and self-employed with competitive rate of interest.
HDFC bank is providing self-employed Personal Loan for attractive rate of interest, on can consider because of its flexible payments.
