Top Banks Offering Personal Loans For Self-Employed Individuals?

Many banks and financial institutions are offering personal loans in 2021 to self-employed individuals. The interest rates for such loans are between 10.99%. If you want to choose the bank offering personal loans for self-employed individuals at a low-interest rate, here is the list of top banks.

List of banks and financial institutions offering self-employed individuals in India

You can check the list of banks and NBFCs offering personal loans for self-employed individuals. The list of top banks and financial institutions are listed below:

Fees and other charges of personal loans for self-employed individuals

Here are some common fees and other charges of personal loans offered by various banks and NBFCs for self-employed individuals are listed below:

Documents Required for Self-Employed individuals applying for a personal loan

Listed are some common documents required by the bank or NBFC’s, in general, are as follows:

• The submitting documents should be authentic and legal.

• The application form should be duly signed.

• Submit 2 passport size photographs.

• Proof of ID – Submit Passport/ Voter ID/ PAN Card.

• Proof of age – Submit birth certificate/ passport / Aadhar Card

• Proof of residence – Passport/ Utility bill / Phone Bill / Voter ID

• Proof of income – The applicant must submit their latest Income tax return (ITR) along with computation of income or the Last 2 years Balance sheet and profit and loss account.

• Proof of Signature Verification – Submit passport/ PAN Card.

• Bank Statement – The applicant must submit the last 3 months bank statement/ last 6 months bank passbook.

Personal Loan Eligibility Criteria for Self-Employed individuals

Here are certain eligibility requirement criteria vary from bank to bank, the generic one is listed below:

• The applicant should be an Indian resident.

• The minimum age of the applicant should be 21 years at the time of application, and the maximum age should be 60 to 65 years at the time of loan maturity.

• The turnover or profit depends on the applicant’s criteria while applying for the loan.

• The applicant should be in the same business for at least 3 years for applying for the loan.

In a bottom line:

As per the above information, there are various criteria of the banks and financial institutions. Many banks such as ICICI Bank, Bajaj Finserv, Axis Bank, HDFC Bank, Fullerton India, Standard Chartered, Yes Bank, IndusInd Bank, and more offer personal loans for self-employed individuals. You can compare and choose one of them and apply for a loan from the above-listed banks.

Read More: The Easy Steps To Take When Looking For A Personal Loan