Whether you need to manage urgent business costs or take care of personal financial needs, a personal loan for self-employed individuals from Bajaj Finance can be a smart solution. You can avail of a loan of up to Rs. 80 lakh with competitive interest rates and a repayment period of up to 8 years.
Check your business loan eligibility online in minutes to see if you qualify for funding tailored to your business needs.
This loan also comes with several user-friendly features. The eligibility criteria are simple, and you only need to submit a few key documents. With fast processing, loan approval can happen within 48 hours*. Additionally, the Flexi loan facility allows you to reduce your EMIs by up to 45%* by paying only the interest for a selected period.
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 Business Loan 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.
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)
Required documents for personal loan for self-employed
- KYC documents - Aadhaar/ passport/ voter’s ID
- PAN card
- Proof of business ownership
- Other financial documents
Advantages of a personal loan for self-employed
Taking a loan can be a smart move for self-employed professionals looking to grow their business without financial strain. Here are some key benefits:
Supports business growth without affecting savings: Loans give self-employed professionals access to capital needed for hiring staff, buying equipment, or scaling operations, without dipping into personal savings.
Enables faster expansion: With timely funding, business owners can act quickly on growth plans like entering new markets or expanding service offerings.
Unlocks new revenue opportunities: Loans help tap into fresh opportunities, such as new product launches or location expansion, ultimately boosting income potential.
Quick and easy access to funds: Many lenders now offer fast approvals and minimal paperwork, making it easier for self-employed individuals to secure financing when needed.
Flexible usage of funds: The loan amount can be used based on business priorities, whether for upgrading technology, improving infrastructure, or expanding the client base.
Interest Rate on Personal Loan for Self-Employed
| 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 |
Factors that affect the interest rate for Self-Employed Personal Loans
Several aspects play a role in determining the interest rates on a personal loan for self-employed individuals. Understanding these can help you qualify for better terms:
Age matters: Ideally, applicants should be over 25 years old when applying and not nearing 65 by the time the loan ends.
Strong credit score: A credit score of 750 or above indicates good repayment history and improves your chances of securing lower interest rates.
Nature of business: Lenders prefer businesses that are considered stable and less risky. High-risk professions may attract higher rates.
Low debt-to-income ratio: A DTI ratio of 30% or below is seen as a sign of strong financial management and makes you more eligible for favourable rates.
Existing relationship with the lender: If you already have a savings account, loan, or credit product with the lender, you might enjoy better loan terms or quicker approval.
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
**The 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.
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.
The process usually includes filling out an online application form, uploading essential documents like income proof and ID, followed by verification and loan approval, which can happen within a few working days.
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.
It may be difficult to get a personal loan with a low credit score, but some lenders might still approve the application if you offer collateral, have a guarantor, or show strong income proof.
