Personal loans allow you to access funds for personal financial needs such as weddings, medical expenses, and home renovation. While salaried individuals find it straightforward to get personal loans, it may be challenging for self-employed people to secure formal loans.

Many banks and NBFCs offer tailored personal loan schemes for self-employed applicants. This article will explore personal loan eligibility criteria and the critical benefits for self-employed and salaried individuals.

Personal Loan for Self-Employed

As a self-employed professional, leading private banks and NBFCs in India could offer you a small loan with a loan amount ranging between a few thousand to some lakhs.

Critical criteria of eligibility to avail of a personal loan for self-employed include the following:

Minimum work experience of 3 years.
Annual business turnover above Rs 6 lakhs.
A strong credit score of 750+.
Ability to provide income tax returns and bank statements

Top Features and Benefits of Personal Loan for Self-Employed

Let us look at the top features and benefits of small personal loans for self-employed people. Notable features and benefits are:

Quick loan processing and disbursal. Most financial institutions in India disburse the loan within a few days of completing the loan application.
Financial institutions in India offer special schemes for professionals such as doctors, CAs, and consultants.
You can get a flexible repayment tenure extending up to 7 years.
There are no prepayment and foreclosure charges.
Attractive interest rates starting from 10.99 % p.a.
Minimal documentation and quick processing of loan application(s).

Loan applicants usually experience variations in their loan terms depending on their creditworthiness. Please note that all the information above is subject to revision without prior notice.

Personal Loan for Salaried Individuals

It is easier for salaried individuals to obtain a personal loan if they have their salary slips. Financial institutions view these slips as a proof of your ability to repay the loan amount on time.

Key criteria of eligibility to avail of a personal loan for Salaried individuals include the following:

Stable employment for a minimum of 1-2 years.
Minimum monthly income of ₹25,000.
Minimum age of 21 years.
Salary account with a formal financial institution for at least 6 months.
Salary slips of the past six months.

Multiple financial institutions in India offer personal loans for salaried individuals. You could experience certain variations in the eligibility criteria of these institutions.

Top Features and Benefits of Personal Loan for Salaried Individuals

Notable features and benefits of personal loans for salaried individuals include the following:

Quick approval is available within a few days of your loan application.
Customised loan amount is based on your creditworthiness and income eligibility.
Entirely online application through a website or mobile application.
Flexible tenure of up to 7 years
Attractive interest rates start at just 10.99% p.a.
Pre-approved offers for existing creditworthy customers.

Conclusion

Personal loans are now more accessible for salaried and self-employed applicants. Before applying for the best personal loan deal that suits your financial needs and repayment capability, check eligibility criteria, interest rates, and other applicable charges.

(DISCLAIMER: The information in this article does not necessarily reflect the views of The Global Hues. We make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information in this article.)