It is just a myth that personal loan is provided only to salaried employees. Banks and non-banking financial companies allow personal loans to both salaried as well as self-employed individuals but the eligibility criteria for salaried is quite different from that of self-employed. Self-employed professionals like Chartered Accountants, doctors, lawyers, etc. can avail a personal loan for Self-Employed. It can be used for any personal or business related financial use like the renovation of a home, vacations, medical contingencies, expanding business etc.
The minimum age of self-employed is 21 years and a maximum is up to 65 years. Professionals are judged on their work experience and require minimum 3 years experience. The income of self-employed is measured in a gross receipt. So, the minimum gross receipt of 5 lakh and above is required if they want to apply for a personal loan. The documents which self-employed individuals need to submit are KYC documents, duly filled in and signed loan application form, 2 years IT returns with financial statement and last 6 months bank statement. After submission of all relevant documents, the loan would be processed and issued at the earliest. So, if you are self-employed, You can avail the loan easily. Just keep in mind the eligibility requirements and the documents which are to be submitted so that your loan is approved and sanctioned in without delay.
The minimum age of self-employed is 21 years and a maximum is up to 65 years. Professionals are judged on their work experience and require minimum 3 years experience. The income of self-employed is measured in a gross receipt. So, the minimum gross receipt of 5 lakh and above is required if they want to apply for a personal loan. The documents which self-employed individuals need to submit are KYC documents, duly filled in and signed loan application form, 2 years IT returns with financial statement and last 6 months bank statement. After submission of all relevant documents, the loan would be processed and issued at the earliest. So, if you are self-employed, You can avail the loan easily. Just keep in mind the eligibility requirements and the documents which are to be submitted so that your loan is approved and sanctioned in without delay.
Great post would like to know more on tips to avail personal loan for self employed
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