Personal Loan for Self-employee

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Get Quick Loans for self-employed individuals

Personal loans for self-employed individuals are a type of unsecured loan that can be availed of by those who do not have a fixed income and need funds for their personal or business expenses. These loans are specifically designed to cater to the financial requirements of self-employed individuals who may need a regular income or collateral to pledge. Personal loans for self-employed individuals come with several features, such as flexible repayment tenure, quick approval and disbursal, low processing fees, and no collateral requirement. These loans also come with a competitive interest rate and can be used for various purposes such as business expansion, debt consolidation, home renovation, or any other personal expense.

Purpose of personal loans for self-employed

Personal loans for self-employed individuals can be used for various purposes, such as business expansion, debt consolidation, home renovation, or other personal expenses. In addition, these loans can help individuals meet their financial requirements without having to pledge any collateral.

Features of personal loans for self-employed

  • Quick disbursal: PayMe offers quick disbursal of loans, which means that you can get your loan amount in your account within minutes of applying.
  • Minimal documentation: PayMe requires minimal documentation for a loan application, which makes applying for a loan easy and hassle-free.
  • Convenient application: You can apply for a loan through the PayMe mobile app, which is available on both iOS and Android platforms.
  • Low-Interest Rates: PayMe offers competitive interest rates on personal loans, which can help keep the loan' overall cost low.
  • Flexible repayment options: PayMe offers flexible repayment options to its customers, making it easy for them to repay the loan at their convenience.
  • Easy Eligibility Criteria: PayMe has easy and simple eligibility criteria for a personal loan, which makes it easy for customers to avail of personal loans.
  • 100% Paperless Application Process: PayMe is one such platform that offers a 100% paperless application process for a personal loan. It means customers can only apply for a personal loan if they provide physical documents. All the information and documents required for a loan application can be uploaded online or through a mobile app, making the process easy and fast.
  • Instant Approval: PayMe claims to offer instant approval on the personal loan application, which means that customers can apply for a personal loan and get an instant decision on their loan application. It can be a convenient option for borrowers who need funds quickly and want to get a loan approved on time.

Eligibility Criteria for Personal Loan for self-employed

As a self-employed individual, you can apply for an instant personal loan if you match the following requirements:

  • Nationality: Indian
  • Business vintage: At least 3 years
  • CIBIL score: 685 or higher
  • Work status: Self-employed
  • Age: 21 years to 58 years

Documents Required for Personal Loan for Self-employed individuals

Enjoy a stress-free vacation with PayMe' easy-to-get personal loan for self-employed individuals. We simplify the process by requiring only a few documents for loan approval. However, keep these documents on hand for a quick and seamless loan application experience.

  • KYC documents - Aadhaar/ PAN card/ passport/voter' ID
  • Proof of business ownership
  • Other financial documents

How to apply for a personal loan for self-employed individuals?

  • Register yourself on the PayMe app by entering your mobile number.
  • Upload your documents online and complete your KYC process.
  • Provide income proof documents like a bank statement, salary slip (for a salaried individual), or ITR (for self-employed).
  • The loan amount will be credited into your bank account the same day your loan is approved.


Is collateral needed for a personal loan for self-employed?

Self-employed personal loans are unsecured, so banks will not ask for collateral. However, they will analyze your ITRs, financial documents, and other income-related documents before approving the loan.

Is it possible to transfer a self-employed personal loan?

Yes, customers are given the option of transferring the loan to another bank offering a lower interest rate on the personal loan.

What is the tenure of a self-employed personal loan?

Although the loan has a minimum period of 3 months, it can be extended up to 36 months. Tenures can vary from one institution to another.

Can your credit score impact your loan application?

A credit score exceeding 700 will usually get the loan approved quickly. However, the possibility of getting your loan application rejected or getting the loan at a higher interest rate does arise if your credit score could be better.

Does pre-closure of a loan entail charges?

Yes, some institutions charge a percentage of the loan amount as a penalty for premature withdrawal.