Personal Loan for Self Employed

Personal Loan for Self-employed – Highlights

Note: The above-mentioned interest rates, fees and charges may change and shall depend on the sole discretion of the banks/NBFCs.

Personal Loan Interest Rates for Self Employed

Starting from a minimum of 9.98% p.a., personal loan interest rates for self-employed professionals and self-employed non-professionals may vary from individual to individual depending upon his/her credit score, loan amount, age, repayment ability, etc.

Eligibility Criteria for Personal Loan for Self-employed Individuals

• You should be a self-employed professional/non-professional
• You should be at least 21 years old
• Minimum credit score should be 750 or above
• Your annual income should match the eligibility criteria set by the bank
• Your business should be running for at least 2 years

Factors Affecting Personal Loan Interest Rates

• Credit score: Before approving a personal loan, lenders check the applicant’s credit score to evaluate his creditworthiness. A good credit score (above 750) indicates that you have been disciplined with your repayments, and the lenders do not hesitate to offer you a lower interest rate
• Tenure of business: If your business is running in profit for at least 2 years, you get a personal loan at a low-interest rate due to stability in business
• Relationship with the bank: If you already have a current or savings account with the bank or you have an existing loan that you have been repaying regularly, you may get a personal loan with a lower interest rate