Business Loans for Self Employed

As a business owner, you will experience various stages of growth and expansion. All of these opportunities usually need to be fuelled with the right finance at the right time. Getting flexible, unsecured funding is considered the best, safest way forward. Self employed business loans make for the perfect financial instrument to help you with short term finance and working capital needs. Whether it is for the provision of capital requirements, or any other operational expense essential to keep your business running, we have the right solutions and industry experience to help satisfy your funding requirement.

SMFG India Credit’s unique financial solutions are designed to meet business needs across industries. With our loan for business, you can focus on growing your business, while we take care of arranging and managing your financial needs.

In a competitive financial market and growing economy, businesses like yours require the best possible nourishment to grow. Our customised business loans for self employed professionals are made to help you manage any growth or change that comes your way.

Features & Benefits of Business Loan For Self Employed

Features and benefits of business loans for the self-employed include:

• Flexible loan – SMFG India Credit business loans can be used to service all types of capital requirements for small businesses. Competitive interest rates and easy repayment tenures of up to 48 months make it a top financing option for self-employed individuals. 
• Minimal Paperwork - Meet your business loan requirements by applying for an amount up to Rs. 75 Lakhs* against minimal paperwork that is supported by a hassle-free and instant loan approval process.
• No Collateral Requirement – SMFG India Credit business loans for the self-employed are not accompanied by the requirement of a collateral or co-guarantor sign-off that helps minimise financial stress.

Eligibility for Availing Business Loan For Self Employed

The eligibility for availing of a business loan for the self-employed can be easily established by checking out the outlined criteria on the SMFG India Credit website. Although not an exhaustive list, the minimum parameters include:

• Individuals must be at least 22 at the time of application and not more than 65 years at the time of loan application
• Individuals must be either self-employed or operate a proprietorship, private limited companies, and partnership firms 
• Individuals who have been engaged in the current business for at least three years with a total of five years of business experience
• Enterprises with a minimum turnover of Rs. 10 Lakhs.
• Enterprises making profits for the past two years.
• Enterprises with a Minimal Annual Income (ITR) of Rs. 2 Lakhs per year.

Documents for Self Employed Business Loan

A business loan can be availed by self-employed individuals to meet high-value expenditures directed towards expanding operations, meeting working capital requirements, hiring and training staff and employees, purchasing equipment or machinery, investing in infrastructure, stocking inventory, purchasing raw materials or stocking inventory, and more.  

In order to apply, they need to qualify for the loan and have the necessary documentation available for submission to SMFG India Credit. 

Generally, the documents required for a business loan are:

• Recent photograph
• Valid Identity Proof such as PAN card, Driving License
• Valid Address Proof such as Electricity bill, Passport
• Bank statements
• GST or ITR
• Income proofs
• Proof of Business existence (like Certificate of Incorporation, etc.)

How to Apply for Business Loan For Self Employed?

There are two ways to apply for a business loan for the self-employed at SMFG India Credit – online or by submitting a hardcopy application at your nearest SMFG India Credit office.

Follow this step-by-step process to place your business loan application online:

• Visit the SMFG India Credit homepage, look up the page on “Business Loans’ and click ‘Apply Now’
• Fill in the application and upload soft copies of the documents required
• A business loan expert from SMFG India Credit will contact the applicant once the loan application and the paperwork have been received. 
• If you choose to go the online route, you can submit the application form along with copies of your documents at SMFG India Credit branch office. The SMFG India Credit Customer care executives will be able to guide you in case you need additional assistance.