What is a personal loan for self-employed?
Being self-employed has many benefits – you’re your own boss, you choose your working hours, and you get to work on what you enjoy. But it also brings some financial challenges, especially when it comes to getting a loan.
Banks and traditional lenders often see self-employed people as risky borrowers because their income isn’t always steady.
The good news is that some lenders offer personal loans made especially for self-employed individuals. These loans can help you manage big expenses like home improvements, medical costs, or growing your business. You can also check your business loan eligibility online in just a few steps to explore your financing options with minimal documentation.
This guide will explain what self-employed people need to know to apply for and get a personal loan.
Features and benefits of personal loan for self-employed
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Flexi features
Utilise the Flexi facility to borrow from your pre-approved limit whenever you need it and pay interest only on the amount you withdraw.
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Zero collateral
Self-employed individuals can avail of funding without needing to pledge an asset as security
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Funding up to Rs. 80 lakh
Get a sizable sanction to meet multiple financial needs with ease. Plan your repayment with our EMI Calculator.
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Personalised deals
Existing customers get pre-approved loan offers for a hassle-free experience. You can check your pre-approved business loan offer to unlock customised loan terms that suit your financial goals.
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Digital loan management
Use the online loan account to access essential loan-related information and manage loan EMIs on the go.
Whether you have urgent business expenses or personal obligations to address, the Bajaj Finserv Personal Loan for self-employed individuals is a great fit. With this instrument, you get funds up to Rs. 80 lakh at an attractive interest rate and a flexible tenor that goes up to 8 years.
The loan also has other features to make your experience comfortable and cost-effective. You can qualify for the loan by meeting our simple eligibility criteria and submitting only a few essential documents. With this loan, you also enjoy swift processing since you can get approval within 48 hours*. Our Flexi facility further gives you the option of lowering your EMIs by up to 45%* when you choose to pay interest-only EMIs.
Eligibility criteria and documents required for personal loan for self-employed
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Citizenship
Indian resident
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Business vintage
At least 3 years
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CIBIL Score
Check your CIBIL Score for FREE
685 or more
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Age
18 to 80*
(*age should be 80 at loan maturity)
Documents required:
- KYC documents - Aadhaar/ passport/ voter’s ID
- PAN card
- Proof of business ownership
- Other financial documents
Advantages of a personal loan for self-employed
Personal loans offer self-employed individuals quick access to funds without needing collateral. They can be used for various purposes like business growth, emergencies, or home renovation. With flexible repayment terms and simple documentation, these loans help manage cash flow effectively. Unlike business loans, personal loans depend more on credit score than business financials, making them easier to secure.
Applicable fees and charges on our business loan
| Type of fee | Applicable charges |
| Rate of interest | 14% to 25% per annum |
| Processing fees | Up to 4.72% of the loan amount (inclusive of applicable taxes) |
| Bounce charges | Rs. 1,500 per bounce. “Bounce charges” shall mean charges for (i) dishonour of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason. |
| Flexi Facility Charge | Term Loan - Not applicable
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| Penal charge | Delay in payment of instalment(s) shall attract Penal Charge of 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount. |
| Part-prepayment charges* | Full Pre-payment
Part Pre-payment
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| Stamp Duty (as per respective state) | Payable as per state laws and deducted upfront from loan amount |
| Annual maintenance charges | Term Loan – not applicable. Flexi Term Loan (Flexi Dropline): Up to 0.413% (inclusive of applicable taxes) of the Dropline Limit (as per the repayment schedule) on the date of levy of such charges. Flexi Hybrid Term Loan: Up to 1.18% (inclusive of applicable taxes) of the Dropline Limit during Initial loan tenor. Up to 0.413% (inclusive of applicable taxes) of Dropline Limit during Subsequent loan tenor. |
| Principal Holiday Facility Fees | Principal Holiday (as applicable below) - (Inclusive of applicable taxes) Up to Rs. 6499 (Inclusive of applicable taxes) for loan amount less than Rs. 10,00,000. Up to Rs. 8,999 (Inclusive of applicable taxes) for loan amount between Rs. 10,00,000 and 14,99,999. Up to Rs. 13,999 (Inclusive of applicable taxes) for loan amount between Rs. 15,00,000 and Rs. 24,99,999. Up to Rs. 16,999 (Inclusive of applicable taxes) for loan amount Rs. 25,00,000 and above. Note- The above principal holiday facility fees will be deducted upfront from loan amount. Loan amount includes approved loan amount, Insurance Premium and VAS Charges. |
| Legal and incidental charges | Recovery of charges |
How to apply for a personal loan for self-employed
For an easy online loan application, here are steps to follow:
- 1 Click on ‘APPLY ONLINE’ to open the application form
- 2 Enter your personal and business details
- 3 Upload your last six months bank statements
- 4 Get a call from our representative who will guide you on further steps
Once approved, you will get access to funds in just 48 hours*.
*Conditions apply
**Document list is indicative
Frequently asked questions
Our personal loan for self-employed individuals comes with several features and benefits. For one, you can use the sanction to fund personal obligations such as a wedding, home renovation, travel, medical emergencies and more without any restriction. Secondly, it is easy to qualify for and doesn’t require you to pledge any assets as security. Lastly, it offers a loan amount of up to Rs. 80 lakh, so you can meet professional and personal requirements without needing to part with assets or liquidate investments.
Bajaj Finserv Personal Loan for self-employed does not require you to provide any security or collateral to avail of funds. All you have to do is provide the necessary documents and fulfil the eligibility criteria when you apply.
To apply for a Bajaj Finserv Personal Loan for self-employed individuals, you need the following documents:
- Proof of business ownership
- KYC documents – PAN, Aadhaar card, voter ID, passport, driving license, etc.
- Other financial documents
To avail of a Bajaj Finserv Personal Loan for self-employed individuals, these are the criteria to meet:
- A credit score of 685 or higher
- Age between 24 and 80 years
(*Age should be 80 years at the time of loan maturity) - Business vintage of at least 3 years
- Indian nationality
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.
