Personal Loan for Self-Employed with No Income Proof

Personal Loans

Personal Loan

Quotes from 18 banks | Instant Approval | Maximum Loan Eligibility

    Almost done, few more details required.

    The personal loan is the best way to secure your finance and meet the requirements and need. All the banks and NBFCs provide the personal loan to its customers. It can be of huge help at the time of emergencies. Self- employment is exciting in a way as you are your own boss and can do the work as per your convenience. You can enjoy the freedom from 9 to 5 job. Whereas it is convenient in terms of working it also can be equally fluctuating in terms of finances. There is no job security or income guarantee for the self-employed people. It is one of the biggest concern for all who have their own business or are the freelancer. As they have to manage all the expense as well as their business.

    The requirement of the fund is the situation that can hit you anytime. For all such requirements, the personal loan is the ideal solution to manage the finances for the self-employed. The personal loan can be taken by the self-employed individuals/ professional/ firm/ companies anytime. Almost all the bank except a few provides it to them. However, for the different lender, the eligibility criteria and documents required are different from that of the salaried individual as they do not have the regular and fixed monthly salary like them. It is difficult for them to provide the income proof.

    Must Read  What is the interest rate on a personal loan?

    There are very few banks which give the personal loan for self-employed with no income proof documents. For the pre-approved loans, sometimes the banks do not ask the income proof. Whereas the requirement may differ depending on several other factors that contribute in the approval of the loan.

    Eligibility criteria required for the self- employed

    The eligibility required differs from bank to bank and the given below is the general eligibility criteria that are required for the sanction of the personal loan:

    • The applicant should be Resident of India.
    • The applicant should have the minimum age of 21 years at the time of application, the maximum age should be 60 to 65 years at the time of loan maturity.
    • The minimum turnover or profit of the applicant should be as per lender’s requirements.
    • The minimum work experience in the current business for at least 3 years.

    Documents required

    The documents required by the lender, in general, are mentioned below. The documents should be authentic and legal.

    • The duly signed application form.
    • Passport size photograph.
    • Proof of ID – Passport/ Voter ID/ PAN Card
    • Proof of age – Birth certificate/ passport
    • Proof of residence – Passport/ Utility bill/ Allotment letter.
    • Proof of income – Latest Income tax return (ITR) along with computation of income, Last 2 years Balance sheet and profit and loss certified by a CA.
    • Proof of Signature verification- Passport/ PAN Card.
    • Bank statement – Last 3 months bank statement/ last 6 months bank passbook.
    Must Read  Why you should not opt personal loan for home renovation?

    How to apply?

    You have all the option available for the application of the personal loan. You can opt to fill the application through online as well as offline method. The different process through which can fill the application are:

    • Visit the branch
    • Online application
    • Through e- mail.
    • Over the phone

    For most of the lenders, these are must documents that are must be submitted for the approval of the personal loan. The loan can be used for almost all the purposes where the requirement of reason is not necessary. It is an all-purpose solution with its own drawbacks. It is a high-interest loan product as compared to others. So, you should be careful while availing one for yourself. You should shop around a bit before choosing the lender. Though with no income proof documents you have restricted the number of lenders still you should thoroughly check with all the lenders and select the one which has optimum benefits.