Can self-employed individuals get a personal loan?
Accepted Answer ✓ Accepted
Yes, self-employed individuals (business owners, professionals, freelancers) can get personal loans from banks and NBFCs, though requirements are stricter than for salaried. Requirements: Minimum 2-3 years of business continuity, ITR for last 2-3 years, Profit & Loss statements and Balance Sheet, Bank statements (6-12 months), Business address proof, higher credit score requirement (750+), GST registration (for businesses). Interest rates: Typically 1-3% higher than salaried rates (12-24% p.a.). Loan amount: Based on average profit over last 2-3 years. NBFCs like Bajaj Finance, Tata Capital are more flexible than traditional banks for self-employed applicants.
Suggested Answers
Yes, self-employed people can get personal loans, but they need to provide business continuity proof (2-3 years), income tax returns, profit statements, and bank statements. NBFCs are usually more flexible than banks for self-employed borrowers, though interest rates may be slightly higher.
Leave a Reply