Instant Personal Loan for Self-employed

Besides personal expenses, these funds can be invested in your business. You can purchase equipment and machinery, expand to a new location, consolidate existing debt, increase working capital, etc.

You can apply for the loan online, with an SMS or by availing of your pre-approved loan offer. Post completion, an authorised representative will contact you on the next steps.

A self-employed personal loan is an unsecured loan offered to individuals who run their own business or practice, helping them manage personal or business-related expenses without needing to pledge any collateral.

In most cases, a guarantor is not required. However, if your credit profile or income is not strong enough, the lender may request a guarantor to reduce risk.

You apply online, upload your documents and wait for verification and approval. Click Check Eligibility, enter your mobile number and OTP, fill in your personal and business details and upload your last six months of bank statements. A representative then calls to guide you. Once your loan is approved, funds reach you in 48 hours, subject to conditions.

The maximum loan amount depends on your income, credit score, and repayment capacity. Some lenders may offer loans up to Rs. 80 lakh to eligible applicants.

Our eligibility criteria ask for a CIBIL score of 685 or more, so a lower score does not meet them. The loan needs no collateral, so pledging an asset does not replace the score. Other lenders set their own cut-offs, and a lower score may be treated differently there. Check your score before you apply.

Our list names KYC documents (Aadhaar, passport or voter ID), a PAN card, business proof such as a certificate of business ownership or GST registration, and financial documents such as bank statements and income proof. You upload your last six months of bank statements when you apply. The lender may ask for other documents, and the list is indicative.

Self-employed applicants generally need to meet four key eligibility criteria: age, credit score, business vintage, and stable income. Typically, applicants should be aged 24–80 years, have a preferred CIBIL score of 685 or above, and a minimum business vintage of 3 years, subject to the lender's eligibility requirements.

Yes, our Flexi variants suit income that rises and falls, but approval rests on your profile. A Flexi Hybrid Term loan charges interest-only EMIs in the initial tenure, on the amount you use. A Flexi Term (Dropline) loan lets you withdraw within a limit and pay EMIs on what you withdraw. A principal holiday facility carries a fee, and you share your last six months of bank statements.

Our documents table does not name an income tax return. It asks for KYC documents, a PAN card, business proof and financial documents such as bank statements and income proof, and you upload your last six months of bank statements. The lender can ask for other documents, so confirm the final list when you apply. Keep your bank statements and business proof ready.

Not on this loan if your score is below 685, because our criteria ask for 685 or more. CIBIL scores run from 300 to 900. Pay every due on time, keep card balances low, correct any errors on your credit report and apply again once the score improves. This page lets you check your CIBIL score for free before you apply.

Yes. The sanction can fund personal obligations such as a wedding, home renovation, travel and medical emergencies, without any restriction on use. You still have to meet the eligibility criteria: an Indian resident aged 24 to 80 years, a business of at least 3 years and a CIBIL score of 685 or more. Work out the EMI against your business income before you borrow.

The application is online, but funds arrive after approval and not on the spot. You can check your eligibility online in minutes, and once your loan is approved, funds reach you in 48 hours, subject to conditions. Approval rests on your eligibility and your documents. Existing customers may start from a pre-approved offer.

Processing fees are up to 4.72% of the loan amount, including applicable taxes. A bounce charge of Rs. 1,500 applies per bounce, and a penal charge of 36% a year applies per instalment from the due date until you pay in full. A Flexi loan carries a Flexi facility charge of up to Rs. 16,999, and stamp duty follows state law. Both are deducted upfront.

A missed EMI costs money and can hurt your credit. Our charges table lists a bounce charge of Rs. 1,500 for a dishonoured payment or an unpaid instalment, and a penal charge of 36% a year on the delayed instalment until the lender receives it. Missed EMIs may also affect your credit score. If you expect to miss one, speak to the lender early.

Yes, and the charge depends on the variant. A Term loan carries a part-prepayment charge of up to 4.72% of the principal prepaid. The Flexi Term (Dropline) and Flexi Hybrid Term variants carry no part-prepayment charge. Full prepayment of any variant carries a charge of up to 4.72% of the outstanding loan amount, including applicable taxes.

Not on this loan if the business is under 3 years old, because our criteria ask for a business vintage of at least 3 years. The other criteria are an Indian resident aged 24 to 80 years and a CIBIL score of 685 or more. Check your eligibility again once your business reaches 3 years.

You can choose a tenure of 12 to 96 months after you enter the loan amount and pick a variant. A longer tenure lowers the EMI but raises the total interest, and a shorter tenure does the opposite. Use the Business Loan EMI Calculator to compare tenures before you apply, and check the prepayment charge of your variant.

Our page names business owners, freelancers, consultants and independent professionals as self-employed borrowers, and the criteria do not change by profession. Each applicant needs Indian residency, an age of 24 to 80, a business that has run for 3 years and a score of 685 or more. You also need to share KYC, PAN, business proof and financial documents.

Yes. Existing customers get pre-approved loan offers on this loan, with customised terms that suit their financial goals. You can check your pre-approved offer by entering your mobile number and OTP. Read the loan terms of your offer before you accept it.