As a Self Employed person, you can get a personal loan for business expenses. The minimum documents required to get the loan. Personal loan for Self Employed in India starts from Rs. 20,000 to Rs. 50 lakhs.
The loan tenure starts from 1 year to 5 years. The minimum interest starts from 10.75% to 28% p.a. This is a collateral-free business loan.
Personal Loan for Self Employed Business
| Lenders | Interest Rate | Loan Amount | Tenure |
| IIFL | 11.25% – 33.75% p.a. | Rs.50,000 to Rs.30 lakh | 1 – 5 years |
| Faircent | 12% – 28% p.a. | Rs.50,000 to Rs.5 lakh | 1 – 3 years |
| LendingKart | 12% – 24% p.a. | Rs.50,000 – Rs.50 lakh | 1 – 4 years |
| NeoGrowth | 19%- 24% p.a. | Rs.50,000 – Rs.75 lakh | 1 – 7 years |
| Hero Fincorp | 12% – 25% p.a. | Rs.50,000 – Rs.5 lakh | 1 – 4 years |
| Prefr | 18% – 36% p.a. | Rs.10,000 – Rs.3 lakh | 6 months – 3 years |
Features of Personal Loan for Self Employed
Digital Application: 24hrLoan provides you with digital business loans for self-employed people. You can apply for a loan online without going brunch.
Flexible Tenure: The lenders provide flexible loan tenure. You may get the repayment tenure as per the lenders you choose.
Higher Loan Amount: You may require a higher loan amount. We will fulfill the requirement. Our lending partners provide higher loans of up to 75 lakhs.
Minimal Documentation: For a personal loan for a self-employed person, you can apply for a loan with minimal documents. Required income proof & KYC documents only.
Affordable Interest-rate: Lenders provide competitive interest rates. You will get the best rate ever.
Also Read: WeRize Personal Loan
Personal Loan for Self Employed Eligibility Criteria
- Indian Citizenship
- Applicant minimum age 21 years to 60 years require
- Credit Score -1 or 700+ require
- Applicant should be a Salaried or Self Employed person
Also Read: 6 ways utilize your instant personal loans
Documents Required for Self Employed Person
Salaried Person
- Identity Proof (Pan Card)
- Address Proof (Aadhaar Card)
- Recent 3 years Salaried Slip
- Last 1 year’s bank statement pdf
- Residential Proof (Electricity bill / Water bill/ Property Tax)
- Applicant Photo
Self Employed
- Identity Proof (Pan Card)
- Address Proof (Aadhaar Card)
- Recent 3 years Trade License
- Last 2 years Income Tax File
- Last 6 months’ bank statement pdf
- Residential Proof (Electricity bill / Water bill/ Property Tax)
- Applicant Photo
How to Apply for a Personal Loan for Self Employed
Step 1: Click on the “Apply Loan” button.
Step 2: Fill in all the basic details carefully.
Step 3: You will get a call from 24hrLoan for the documentation process.
Step 4: We will apply for a loan as per your requirement.
Step 5: After the eligibility process, you will get the loan offer.
Step 6: The last process is the verification & E-mandate process.
Step 7: Now you will get the loan after all processes are done.
FAQs on Personal Loans for Self Employed
How much loan is available for a personal loan for self-employed?
You may get up to Rs. 75 lakhs for a personal loan for self-employed.
Is a personal loan available for self-employed people?
As a self-employed person, you can apply for a personal loan to run your business.
How many salaries require to apply for a personal loan?
The minimum net salary is Rs. 12,000 required to apply for a personal loan.
Can I get an instant personal loan for self-employed?
You may apply for an instant loan through Navi, Money View, Kreditbee, etc. But the loan amount will be low.
Can I apply for a loan without ITR?
You can apply for a loan without an ITR file. Some lenders (IIFL, LendingKart, NeoGrowth, Indifi, Tata Finance) provide loans without ITR. You will need a minimum of 3 years’ Trade License & MSME certificate to apply.