If you are a self employed and want to take a loan from bank.
Lowest Interest Rate | 13.00% |
Processing Fee | Up to 2% of loan amount |
Lowest EMI Per Lakh | ₹ 2,275 for 5 Years |
Loan Tenure | 5 Years |
Prepayment Charges | Up to 5% |
Apply for Loan |
Bank | Personal Loan Interest Rates | Processing Fee |
SBI Personal Loan Rates | 9.60% | 1.00% |
HDFC Bank Personal Loan Rates | 10.50% | Upto 2.50% Min Rs. 1,999 |
ICICI Bank Personal Loan Rates | 10.75% | Upto 2.25% of Loan Amount |
Bajaj Finserv Personal Loan Rates | 12.99% | Starting from 1.50%, Up to 3% |
Citibank Personal Loan Rates | 10.90% | Upto 0.5% |
IDFC First Bank | 11.00% | Upto 1.5% |
Axis Bank | 10.49% | Upto 1.75% |
Tata Capital | 11.25% | Upto 2.50% of Loan Amount |
Fullerton India | 11.99% | 2% |
IndusInd Bank | 11.00% | Min 0.75% to Max 1.75% |
Kotak Bank | 10.50% | Starting from Rs.999 |
RBL Bank | 13.99% | Upto 2% |
IIFL | 12.99% | 1 - 2% |
HDB Financial | 13.99% | Upto 2% of Loan Amount |
Muthoot | 14.00% | 2.5-3.5% |
Union Bank of India | 11.00% | 0.5%, Min Rs. 500 |
Canara Bank | 13.00% | 0.50% |
Bank of Maharashtra | 10.85% | 1.00%, Min Rs. 1,000 |
Syndicate Bank | 13.40% | 0.5%, Min Rs. 500 |
Andhra Bank | 11.55% | Case to Case |
Allahabad Bank | 12.15% | 1.06%, Min Rs. 1068 |
Federal Bank | 11.49% | 0.5%, Min Rs. 500 |
Karur Vysya Bank | 12.00% | 0.40% |
PNB | 8.95% | 1.8% + Taxes |
Indian Overseas Bank | 11.50% | Rs. 204 Per Lakh |
Indian Bank | 11.05% | 0.5%, Min Rs. 508 |
IDBI Bank | 12.00% | 1.00% |
Corporation Bank | 12.95% | 1.5%, Min Rs. 500 |
Bank of Baroda | 10.50% | 2%, Min Rs. 250 |
Standard Chartered Bank | 11.50% | 1.00% |
Yes Bank | 10.45% | Starting from Rs.9999 |
Axis Finance | 13.00% | 2% |
Personal loans which are offered without collateral are easy and instant loan for self employed in India to meet their short term urgent personal or business expenses requirements. For salaried individuals, personal loan are given based on their income, job stability, size and reputation of the company they work for, CIBIL score and other eligibility factors. It is easier for salaried to get approval on a loan application as they can provide income proofs in the form of salary slips, ITRs and Form 16 from their companies.
However, when it comes to self employed, banks have to rely on the income tax returns and audited financial statements of businesses which are prepared and submitted by self employed and businesses on their own. Hence, in many cases there is a risk that the revenues and profits may be under-reported in a bid to save tax or over-reported when the business is trying to get funds.
Self employed are individuals who are not salaried and earn their income by running their own incorporated business. Self Employed can be divided into 2 categories
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