Personal Loan Self Employed Professional is a category of personal loans specially designed for professional profiles. If you are a professional self-employed, you can apply for a personal loan. A personal loan is used to get instant finance to solve any financial problem. You can apply for a loan without any collateral.
While all other loans are specific, e.g. a vehicle loan or a home loan, a personal loan can be used for just about any financial problem such as funding a wedding, medical expenses, consolidating all your debts into one etc.
Doctors, Chartered Accountants and Lawyers are the examples of self-employed professionals. With the help of Dialabank, a self-employed person can get a loan in an easy and hassle-free way.
Personal Loan Self Employed Professional Benefits and Features
- A personal loan is collateral-free and thus is easier to avail of. You don’t need to give any precious asset to the bank.
- With Dialabank, the paperwork is easy and simple. You can easily avail of a personal loan through the Dialabank website without leaving the comfort of your houses.
- The loan is characterized by Quick Approval as well as quick disbursal. A typical personal loan gets disbursed within 3 to 5 business days.
- It is designed especially to facilitate the loan availing process of Self Employed Professionals and can be used for any personal expenses.
- You have the option to choose your tenure. This helps you choose a tenure which facilitates your repayment process. The tenure ranges from 1 year to 5 years.
- Attractive interest rates are offered along with affordable EMIs.
- Personal loans offer high amounts of loans, up to Rs. 40 lakhs. The minimum amount offered is Rs. 50,000.
- A personal loan requires only basic documents.
- The loans offered to depend on the repayment capacity of the borrower as well as the credit history.
Personal Loan Self Employed Professional Interest Rates
The interest rates for a personal loan begin from as low as 10.50% and go all the way up to 25%. These differ from one individual to another. You can get a personal loan with low-interest rates in case you have a good credit history, repayment capacity, a good CIBIL score, and a good income. If the borrower is a customer in the bank, he/she can negotiate for even better interest rates.
The rates for some of the main banks and NBFCs are as follows:
|Banks||Interest Rates per annum|
|HDFC Bank||10.75% to 21.30%|
|Fullerton India||14.00% to 33.00%|
|Bajaj Finserv||10.99% to 16.00%|
|IndusInd Bank||10.99% to 16.00%|
|Tata Capital||10.99% to 18.00%|
|ICICI Bank||10.99% to 18.49%|
|State Bank of India||10.50% onwards|
|CITI Bank||10.50% onwards|
|Axis Bank||12% to 24%|
Personal Loan Self Employed Professional Documents Required
These are some of the documents you need for availing Personal Loan Self Employed if you are Professional:
|Photographs||2 Passport Size|
|Identity Proof||Aadhar Card, Passport, PAN Card, etc. (Only 1 is required)|
|Residence Proof||Aadhar Card, Driving License, Ration Card, etc. In case of Rented House then the rent agreement or water/electricity bills for the last three months can be considered. (Only 1 is required)|
|Business Proof||Proof of Business Existence, Certificate of Incorporation, etc.|
|Income Proof||Latest Income tax return (ITR) along with computation of income, Last 3 months Balance Sheet|
Personal Loan Self Employed Professional Eligibility Criteria
The Personal Loan offered by banks to self-employed professional has a basic eligibility criterion which is very easy to fulfil which are:
|Age||24-65 years of age at loan maturity|
|Employment Status||Self-Employed Professional|
Along with the above-mentioned criteria’s, there are several other eligibility criteria’s which are mentioned below –
- The turnover/profit of the Applicant should be as per the requirement of the lender.
- The applicant should be working in his current business for the past 3 years.
- The annual turnover of the applicant should be a minimum of Rs. 1 lakh.
Personal Loan Self Employed Professional EMI Calculator
You can easily calculate the EMIs on your Personal Loan EMI Calculator by using Dialabank’s EMI Calculator. You just need to put the loan amount, the rate of interest that will be charged and the tenure of the loan.
Factors Affecting Personal Loan Self Employed Professional
- Cibil score: This is one of the major criteria based on which bank approves the application os loans as represents the credit history of the applicant and get to know whether he is loyal in paying the loans back or not.
- Level of Income: Higher-income results in you getting a good rate of interest on your loan and depicts your ability to repay the loan.
- Tenure of business: If your business is in profit for at least 2 years, then you getting a good interest rate on your loan is a high possibility.
- Relationship with the bank: If you’re an already existing customer with the bank then there are chances that the bank offers you an attractive rate of interest.
Personal Loan Self Employed Professional Apply Online
- Visit Dialabank.
- Fill the Application form and submit it.
- Wait for a call from our Relationship Managers who are masters of the field and get personalised service by them.
- You can compare among different banks providing Personal Loan and choose the one which offers the best deal.
- You do not need to visit the branch as the bank will provide you with a document pickup facility.
Personal Loan Self Employed Professional FAQs
Can you get Personal Loan Self Employed Professional if you have a low credit score?
Yes, you can get a Personal Loan even if you have a low credit score but you may be charged high-interest rates on your loan. However, keep in mind that lenders see credit score as a major basis of approving applicants for Personal Loan.
Do I have to pay a processing fee to process my loan application?
Yes, all banks and lenders charge a processing fee on your loan application which is usually 1% of the total amount to be loaned + GST. However, the exact amount varies from lender to lender and also depends on the amount of the loan to be borrowed.
What if I fail to pay an EMI?
If you fail to pay an EMI on time you not only will be charged a late fee on the EMI but chances of your Credit Score decreasing are also high.
Can a self- employed professional individual get a loan with no financial or income documents?
No, it is not possible for you to get a loan without your income documents as your prospective lender cannot make the assessment of your repayment capabilities. Therefore, financial or income documents are necessary for getting approval of the personal loan.
How can I apply for personal loan self- employed offline?
You can apply for Personal Loan Self Employed by visiting the nearest bank branch offering loans and filling the due application and submitting it along with the required documents to the loan officer.
Can I prepay/foreclose my personal loan?
Yes, you have the option of prepaying/foreclosing your personal loan. However, most banks/lenders charge a foreclosure fee for the same. Most lenders have a fixed lock-in period which is usually 6 months and defines how many regular EMIs you have to pay before you can foreclose your Personal Loan.
Can I use a personal loan for self-employed for use in business purposes?
Yes, you can use the Personal Loan amount for your personal or professional use. As of now there is no end-use guidelines for the amount received through Personal Loan.