For self-employed individuals, managing finances for business or personal needs can be a challenging task. Unlike salaried employees, self-employed individuals often face difficulties in obtaining credit due to the irregularity of income. 

But the good news is, personal loans for self-employed individuals are designed to cater to this kind of financial need. Whether you’re a freelancer, a business owner, or a non-salaried professional, you can avail of instant personal loans tailored to your requirements.

Documents required for personal loan if you are self-employed 

For Self-Employed Individuals:

  • Identity proof: Aadhaar card, PAN card, passport, driving license, or voter ID card.
  • Address proof: Aadhaar card, passport, driving license, utility bill (recent), or rental agreement.
  • Income proof: ITR returns for the last 2 years, business proof (license, registration certificate), and bank statements for the last 6 months.
  • Photograph: Passport-sized photograph.

Eligibility criteria instant personal loan for self employed

Before applying for an unsecured personal loan, ensure you meet these eligibility criteria:

  • Nationality: You need to be an Indian citizen to apply for a loan.
  • Age: Your age should be between 21 to 55 years.
  • Employment Type: You should be a salaried employee or be self-employed with at least one year of business activity.
  • Minimum Salary Requirement: A monthly income of at least Rs 12,000 is required for availing a personal loan
  • Credit Score: Your credit score should be more than 600.

How to use personal loan for non-salaried

  • Cover wedding expenses, whether for yourself or a loved one
  • Finance home renovation projects to upgrade your living space
  • Embark on your dream vacation
  • Invest in your children’s education
  • Consolidate and pay off any outstanding debts
  • Purchase the latest gadgets and tech
  • Cover medical expenses not included in your insurance plan

Benefits of Getting a online personal loan for self employed

Taking out a personal loan for self-employed individuals offers several advantages:

  • Quick Access to Funds: Get instant loans for self-employed with minimal paperwork.
  • Flexibility: Use the loan for any purpose—be it business expansion, debt consolidation, or personal needs.
  • No Collateral Required: Most personal loans for self-employed are unsecured, meaning you don’t need to provide any collateral.
  • Tailored Solutions: Many lenders offer specific loan products like self-employed business loans or loans for non-salaried professionals.

Steps to apply for personal loan if you are self-employed 

Follow these simple steps to get your instant 30000 loan:

  1. Check Eligibility

Go to the InstaMoney website or download the app, put in the details, and within 2 mins you’ll get your eligibility status. 

  1. Choose Loan Duration

Choose your loan amount and repayment period from the options available. It ranges from 1 month to 3 months to 5 months.

  1. Upload Documents

Carefully upload all the documents online for verification.

  1. Quick Disbursal 

Once your documents are verified and the loan agreement is finished, the approved amount will be credited to your bank account within 2 hours.

Loan Calculator

Before applying for a personal loan, use an online loan calculator to estimate your monthly repayments. This helps in planning your finances better and ensures that the loan amount is manageable within your income structure.

Planning to empower your personal goals?
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Conclusion

Getting a personal loan as a self-employed individual can be a game-changer for managing your finances. You can use those funds for your personal needs. 

With a range of options available—from quick approval processes to flexible repayment terms—InstaMoney makes it easier than ever to get the support you need. Whether you’re a freelancer, a business owner, or someone who’s self-employed, we are here to guide you. 

Don’t let financial barriers hold you back. 

Apply Now and experience the ease of instant personal loans crafted for your success!

FAQs

  1. Can I get a personal loan without ITR?

      Yes, some lenders offer personal loans for the self-employed without ITR, though the interest rates  may  be higher.

  1. Which is the best loan app for the self-employed? The best loan app for self-employed depends on your specific needs and the terms offered. Research multiple options before deciding.
  2. How long does it take to get an instant loan for self-employed? Most instant loans for self-employed are disbursed within 24-48 hours after approval.
  3. What is the maximum loan amount I can get as a self-employed individual? The loan amount varies depending on your income, credit score, and the lender’s policies. It can range from ₹50,000 to ₹25 lakhs or more.
  4. Do I need to provide collateral for a personal loan? No, most personal loans for self-employed individuals are unsecured, meaning no collateral is required.