How To Get A Personal Loan For Self-Employed Individuals

Posted on Tuesday, November 28th, 2023 | By IndusInd Bank

Are you self-employed or considering this career path in the future?

In recent years, freelancing and self-employment have become popular in India. People want to be their own bosses and work on their own terms. Self-employment comes with a lot of flexibility. It gives you the freedom to choose when to work, how to work and who to work with. But, sometimes, with all this flexibility, the income also becomes flexible (or variable), making it difficult to manage business expenses.

During times of need, an instant personal loan can help you secure the funds.

Why is a personal loan a good option?

A personal loan is worth considering when you are looking to finance short-term expenses. It is an unsecured loan that does not need any kind of security. Moreover, there are no restrictions on what you use the money for. You can start your business, pay your bills, hire a new team, make a home office, expand your business, or cover working capital needs.

Whether you own a new startup or a well-established company, an instant personal loan is convenient for financing business and non-business expenses. Itcan help keep the cash flow smooth. You can focus on business growth without worrying about your bills or expenses. 

At times, getting a personal loan can prove to be difficult when you are a self-employed professional. The varying income makes lenders hesitant to provide loans to self-employed individuals. But all hope is not lost. Reputable financial institutions like IndusInd Bank provide instant personal loans to help you secure the funds you need for your business expenses.

Applying for an instant personal loan with IndusInd Bank can help fund your business without burning your savings. It is hassle-free and completely digital. Let us discuss the eligibility and features of an IndusInd Bank Personal Loan if you are a self-employed individual.

Features and benefits of an IndusInd Bank Personal Loan

• 100% digital application: You do not need to submit any physical paperwork to the bank. IndusInd Bank offers rapid and hassle-free digital loan applications from the comfort of your home or office. You only need valid Aadhaar and PAN details to start your loan application.
  
  
• Flexible loan tenures: You can choose a suitable personal loan tenure ranging from 12 months to 48 months, depending on your financial needs. Flexible tenures make repayment easier. You can use the bank’s personal loan EMI calculator to plan your repayment schedule.
  
  
• High loan amounts: Take advantage of flexible loan amounts ranging between ₹30,000 and ₹5 lakhs, depending upon your eligibility.
  
  
• Affordable interest rates: IndusInd Bank Personal Loan offers competitive interest rates starting at just 10.49% p.a., making loans cheaper than ever. You do not need to worry about huge repayment loan amounts.

Eligibility criteria for an IndusInd Bank Personal Loan

• Age: 25 – 65 years
• Minimum annual net income: ₹4.8 lakhs (after tax deductions)
• Experience: 4 years of post-qualification experience 

How to apply for an IndusInd Bank Personal Loan

Step 1: Fill out the online application. You will need your PAN card number, mobile number, email address, and current PIN code. No income proof is required at the time of application.

Step 2: Based on your details, the bank will fetch the best offers for you.

Step 3: Select the most suitable offer and complete the video KYC process.

Step 4: Sign the loan contract digitally for instant disbursement and get the money in your bank account.

The application is 100% digital, saving you time and effort to visit a branch and deal with hefty paperwork!

Conclusion

Self-employment comes with a lot of perks but also responsibilities. When securing funds to grow your business becomes a struggle, an IndusInd Bank Personal Loan can assist you in fueling your business. No matter how big or small, do not let a lack of funds stop your business plans. Before applying, check your eligibility for the loan and ensure you have a decent credit score.

Want to drive your business towards success? Apply now for an IndusInd Bank Personal Loan!

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.