Personal Loan for
Self Employed

Introduction

Being self-employed brings a lot of freedom and flexibility, but comes with the unique financial challenges of managing your own business. A personal loan for self-employed individuals can provide quick access to funds, giving you the financial boost to manage both business and personal expenses effectively.

Personal loans for self-employed professionals are multi-purpose, i.e., they serve various needs and have little to no restrictions on how you use your personal loan amount. You can use the funds for personal reasons such as funding a family vacation or a wedding. With an instant* loan for the self-employed, you can also meet immediate requirements for your business such as overheads or unexpected repairs, and so on.

Explore and find the perfect personal loan for the self-employed solution for your needs today. Rest assured, you will get competitive personal loan interest rates and value for money service. We ensure that you have a stress-free experience at every step from application to the disbursal process.

Advantages 

• Loan amount up to ₹10 lakhs*
• Competitive interest rates
• Flexible repayment tenure up to 60 months*
• Hassle-free documentation process
• Quick loan disbursal
• Special benefits for existing SMFG India Credit customers
• Instant personal loans online

Eligibility Criteria for Instant Personal Loan for Self-Employed

SMFG India Credit determines personal loan eligibility based on factors such as age, income, or any existing EMI obligations. The basic eligibility criteria for instant loans for self-employed applicants are as follows:

You can check our online personal loan eligibility calculator to estimate the maximum loan amount you may be able to apply for. Make sure that the calculator is set to ‘Self-Employed’ before you generate an estimate.

Given above are the basic eligibility criteria for self-employed personal loans. The actual eligibility will depend upon various parameters including SMFG India Credit’s policy at the time of loan application.

Documents Required for an Instant Personal Loan for Self-Employed Professionals

SMFG India Credit requires minimal documentation so that the personal loan approval process is as quick and stress-free as possible. Among other requirements, we need KYC proof, business details, and income proof. Keep the following documents ready before applying for an online personal loan for a self-employed person:

Keeping error-free documents ready will help you save time and effort. Please note that additional documents may be requested based on your profile and SMFG India Credit’s policy at the time of loan application.

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

Fees and Charges for Personal Loans for Self-Employed

Eligible self-employed individuals can get attractive interest rates that begin at 13%* per annum. We offer loan amounts of up to INR 10 lakhs* with a repayment tenure of up to 60 months*.

Features and Benefits of Personal Loan for Self Employed

SMFG India Credit offers customized financial solutions for your business aspirations. Take a look at the features that makes us the ideal partner for accessing the funds you need:

• Get loan amounts of up to INR 10 lakhs* without the need for collateral.
• Attractive interest rates starting at only 13% per annum*.
• 100% paperless application process so that you can apply for a personal loan anytime, anywhere.
• Minimal documentation with no heavy paperwork involved.
• Quick disbursal of the loan amount to your account, within 30 minutes* of loan approval.

How to Apply for an Instant Personal Loan for Self-Employed Professionals

You can apply for instant loans for the self-employed at SMFG India Credit online or offline.

1. Enter Key Details

Start the process by entering essential details such as your mobile number, PAN, pincode, and employment type (select ‘Self-Employed’).

2. Verify Mobile Number

Verify your mobile number by entering the 6-digit OTP sent to your device.

3. Provide Additional Personal Details

Proceed to provide additional information like your email address, date of birth, gender, and annual household income. Additionally, ensure to verify your email ID.

4. Employment Details

If employed, furnish relevant employment details.

5. Bank Statement Submission (For Salaried Individuals Only)

Please upload your bank statement or share it through Net Banking or an Account Aggregator. The submitted banking information will be used to create a loan offer.

6. Identity Verification

Complete the identity verification process by taking a selfie and sharing your address details through established methods such as CKYC, Offline Aadhaar XML-based KYC, or DigiLocker.

7. Submit Bank Details

Share your bank account details for verification purposes.

8. Fill in Additional Information

Once your bank account is successfully verified, you will proceed to the 'Additional Details' stage, where you can provide information like marital status, loan purpose, father’s name, and mother’s maiden name.

9. Set Up E-NACH for Re-payment

Choose your preferred re-payment mode between a debit card or internet banking and complete the E-NACH setup.

10. Sign the Loan Agreement Digitally

Thoroughly review the loan agreement, digitally sign it to acknowledge the terms and conditions, and finalise the process by validating the 6-digit OTP sent to your registered mobile number.

Take the first step towards achieving your financial goals today by following these simple steps to secure your personal loan for entrepreneurs with SMFG India Credit.

How to Apply Offline

• Visit your nearest SMFG India Credit branch.
• We will discuss your requirements after which you can fill out the offline application form.
• Submit all the required documents.
• The loan amount will be disbursed to your account shortly after approval.

Factors Affecting Self-Employed Personal Loan Rates

Personal loan interest rates for self-employed individuals are affected by several factors such as age, credit score, occupation, and existing relationship with the lender. Here are the ideal criteria for getting lower interest rates:

• Age: The individual must be above 25 years of age at the time of application and should not be close to 65 at the time of loan maturity.
• Credit Score: The individual must have a credit score of 750 or above.
• Business: The individual should not be engaged in business that might be viewed as riskier by the lender.
• Low Debt-to-Income (DTI) ratio - A low DTI ratio, preferably of 30% or less, is more favoured by lenders.
• Relationship with lender: If you have an existing relationship with a lending institution, you may get preferential rates, provided you meet other eligibility criteria.

Conclusion

Personal loans are one of the best finance options for self-employed professionals. They give you the flexibility and financial support necessary to manage both business and personal expenses. 

With SMFG India Credit, you can expect competitive interest rates starting at only 13%* per annum, minimal documentation, and a seamless application process from start to finish. Apply for an online personal loan for self-employed professionals today to get access to substantial funds of up to INR 10 lakhs*. Our free-to-use personal loan eligibility calculator will give you a good estimate of the maximum amount you may qualify for depending on your eligibility.