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Personal Loan For Self-employed

Your Path to Financial Freedom. Unleash Your Business Dreams. Personal Loans Customized for the Self-Employed Trailblazers!

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Instant Personal Loan for Self-employed

Owning and operating your own business can provide a great sense of satisfaction and independence. However, It also brings certain financial challenges that are unique to independent contractors or self-employed individuals. One’s financial condition may be adversely affected by managing variable revenue, unanticipated costs, and not having a steady salary.

This is where personal loans for self-employed individuals come into play. With substantial loan amounts, flexible tenures, competitive rates, and fast approvals, Grahaan Capital’s personal loan offers a reliable and convenient financial solution.

As a multi-purpose loan, a personal loan for the self-employed has various functions and zero restrictions on how you use your loan amount. You can use the funds for personal reasons such as funding a family vacation or a wedding. With a self-employed personal loan, you can also meet immediate requirements for your business such as overheads or unexpected repairs, etc.

Personal Loan EMI Calculator for Self-employed

50K 40L
12 84
10.75 40%
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Personal Loan Eligibility Criteria for Self-employed

The eligibility criteria for personal loans vary from one lender to another. Qualifying for a personal loan isn’t too difficult, salaried workers can easily obtain a loan from Grahaan Capital for up to Rs 40 lakh, with a minimum interest rate in the market. However, some general rules are usually followed, and they are:

  • Age: The applicant should be between 22 and 58 years.
  • Nationality: The applicant must be an Indian citizen.
  • Salary: At least Rs 15,000 per month for salaried person. Since you do not need any collateral for a personal loan, banks will take into account your disposable income. They decide on the minimum salary requirement based on factors like the borrower’s credit score, nature of employment, previous relationship with the bank, and so on.
  • Credit Score: Preferably 685 and above. Your credit score is a major factor in determining your eligibility for a loan. But there is no need to lose hope if your credit score is not good enough. The fact that you are a salaried employee with a stable job can also work in your favour in this regard.
  • Employment Stability: Minimum 1 year of  work experience
  • Employment Type: Salaried employees working with reputed organizations, MNCs, Private and Public Limited Companies, Govt. organizations, PSUs, and large enterprises.

Documents Required for Self-employed

Documents required for personal loans to establish your identity, income, loan repayment capacity, and place of residence. Our simple documentation process ensures that you don’t deal with a lot of paperwork. You only need to submit a few basic documents, including:
  • Identity Proof: Passport / PAN Card / Voter’s ID / Aadhaar Card / Driving License or any other government-issued ID.
  • Address Proof: Passport / Rent Agreement / Property Purchase Agreement / Utility Bills (not more than 3 months old).
  • Income Proof: Salary Slips (last 3 months) and Bank Account Statement (Last 7 months).
Business-related Documents Include:
  • Balance sheet and profit and loss account, income computation for the last 2 years
  • Income Tax Returns for the last 2 years
  • Business proof (License, Registration proof, GST number)
  • IT Assessment or Clearance Certificate
  • Income Tax Challans for TDS Certificate (Form 16A) or Form 26 AS for income declared in ITR
Note: The above-mentioned loan documents list is indicative. Additional documents may be required during loan processing.

Personal Loan for Self-employed Interest Rates and Charges

Grahaan Capital offers the lowest personal loan interest rate for applicants for a maximum of 84 months, which means you can get a minimum EMI. Please see below, a detailed list of personal loan interest rates, fees & charges.

Particulars Charges
Personal Loan Interest Rates 10.75%* p.a. onwards
Loan Amount ₹1 Lakh to ₹40 Lakh
Loan Processing Fees Minimum 2% plus applicable taxes
Lowest EMI per month Starting from ₹1,699* per Lakh for 84 months
Loan Tenure 12 – 84 months
Prepayment/Foreclosure Charges 0%* If paid from own sources & 4% If paid from other sources
Default Interest Minimum 3% per month
Repayment Instrument Dishonor Charges Minimum ₹500 per bounce plus applicable taxes
Stamp Duty At actuals (as per state)
* No Other Hidden Charges

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Frequently Asked Questions (FAQs)

A self employed personal loan is a specially designed personal finance product exclusively for self employed customers. You could be a professional (such as a doctor, a chartered accountant or a consultant) with your own registered practice, or could operate as an independent contractor.

You can apply for a personal loan for self-employed with us quickly and conveniently. All you are required to do is to follow the steps mentioned below:

  • Step 1: Click on the ‘Apply Now’ button.
  • Step 2: Fill in the required details on the loan application form.
  • Step 3: Upload necessary documents.
On successful verification, the loan will be transferred to your bank account.
To get a personal loan, proof of income documents such as audited financial statements, income tax returns, form 16, etc are necessary, as well as your bank statements. However, to get a personal loan without proof of income, you can choose to apply with a family member who has income proof. However, please note that in such cases, the loan will be in the name of the person who has income proofs, and the same person will be help responsible for making the repayment.
Besides personal expenses, these funds can be invested in your business. You can purchase equipment and machinery, expand to a new location, consolidate existing debt, increase working capital, etc. There are no such restrictions for using your loan amount.
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Find customized Personal Loans

Salaried
Pre-approved
Women
Elite
Wedding
Travel
Doctors
Home Improvement
Medical Emergency
Chartered Accountants
Shopping
Professionals