Personal Loan for Self Employed Interest Rates Apr 2020

Self Employed Personal Loan April 2020 – Compare ✓ Interest Rates ✓ Documents ✓Monthly EMI ✓ Loan amount ✓ Processing Fees ✓ Prepayment charges ✓ Loan disbursal time ✓ Eligibility before applying for the loan.

  • Stop HDFC Bank Credit Card EMI for 3 Months - Click Here
  • Download Application Form to Stop SBI Loan EMI - Click Here
  • Process to Stop SBI Bank Credit Card EMI for 3 Months - Click Here
  • Fullerton India EMI Postponed / Stop Request Process - Click Here
  • Bajaj Finserv EMI Postponed / Stop Request Process - Click Here
  • Other Banks Application Form to Stop Loan EMI - Click Here

Comparison of personal loan interest rates are always better because it helps your to know how much extra amount you have to pay to the bank, what are the different aspects of various banks? which is the best bank who offered the best deals in minimum time period? what are the hidden terms & expenses you have to pay for your personal loans?.

Personal Loans for Self Employed Quick Apply

Professional Details
Loan Amount
Occupation
Yearly Income
City
Disclaimer: We do not provide Personal Loans but help you to connect with banks to get best deals.
All loans are on sole discretion on the respective banks

Personal Loan Interest Rates

Banks Interest Rates
State Bank of India 10.50% - 13.50%
ICICI Bank 11.25% - 18.00%
HDFC Bank 10.75% - 18.00%.
Bajaj Finserv 11.99% - 16.00%
Axis Bank 12.00% - 20.00%
Kotak Mahindra Bank 10.99% onwards
Fullerton India 11.99% - 20.00%
Bank of Baroda 11.15% - 16.15%
Bank of India 12.20% - 14.20%
Tata Capital 10.99% onwards
Standard Chartered 11.00% - 19.20%
IndusInd Bank 11.25% onwards
  • Proof of Identity:- Passport / Driving License / Voters ID / PAN Card (any one)
  • Proof of Residence:- Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one).
  • Latest 3 months Bank Statement (where salary/income is credited).
  • Salary slips for last 3 months.
  • 2 Passport Size photographs.
  • KYC Documents : Proof of Identity; Address proof; DOB proof.
  • Proof of Residence:- Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one).
  • Income proof (audited financials for the last two years).
  • Latest 6 months Bank statement.
  • Office address proof.
  • Proof of residence or office ownership.
  • Proof of continuity of business.

What are the Reasons to Take Personal Loan?

  • Credit Card Dues
  • Medical Emergencies
  • Expenses of Marriage/Wedding
  • Down payment for new car/home
  • Renovation of current homes
  • Abroad Travels for vacations

Personal Loan Eligibility criteria for Self- Employed

  • Applicant should be Indian Citizens
  • Minimum age required is 23/25 years and Maximum 65 years
  • Minimum 3 year’s experience in current business
  • Address Proof of Residence/Office
  • Telephone/ mobile mandatory at residence and office
  • Partnership firms, Private Ltd. companies and deemed Limited companies are eligible

Documentation Required in Personal Loan for Self-Employed

  • 1 photocopy of PAN Card
  • Balance Sheets of business
  • Profit & Loss Account of business
  • Partnership Deed & other mandatory documents, etc.

Self-employed Personal Loan FAQs – Frequently Asked Questions

Personal loan for self employed is an unsecured (do not put any type of security) loan provided by a bank and non-banking financial company (NBFC) based on – income, previous credit record, repayment capacity, employment type and more.

What is Self employed personal loan?

This is a unsecured loan and helps you to meet your financial requirements. You don’t usually need to pledge any asset as collateral or security for availing personal loan. It is totally based on your credit record and CIBIL Score.

How to apply online self employed personal loan?

You can apply easily online for personal loan at emicalculator-india.

What are the Interest Rates for self employed?

Interest rate is the value that borrower have to pay on the principal loan amount.

What is Personal Loan EMI Calculator?

It is online tool that help to calculate personal loan emi, give you an idea about interest to be paid.

What are eligibility criteria for self employed person?

  • One must have a regular source of income.
  • One must have proper credit record and good CIBIL.
  • Final amount sanctioned will depend on your income and eligibility and some other factors as per the lender’s criteria.

Can I foreclose or prepay my Personal Loan?

Yes, you can foreclose your self employed personal loan, most of lender allow foreclosure after 12 EMI, it depend on lender to lender. And also you have to pay pre-closure charges of 2% to 5% of principle loan amount. For prepay, payment can be made through cash, cheque or demand draft.

What is processing fee for self-employed?

Processing fee is depend on bank to bank and lender to lender around 2% to 4% of sanction loan amount.

Top-up facility for self employed.

Top Up facility is available for those who have paid 12 EMI on the existing Personal Loan. You can Place the request for Top up on existing Personal. The facility is based on your existing personal loan record.

How can I repay my Personal loan?

You can repay the loan in Equated Monthly Instalments (EMIs). You can pay your EMI through auto debit, ECS, PDC.

Who can become a co-applicant?

For self-employed: Son, Daughter, partners with at least 51% Stake to be taken co-applicant, one director to be taken co-applicant.

Leave a Reply

Your email address will not be published. Required fields are marked *