Personal Loan For Self-Employed

Are you self-employed? Do you need an instant personal loan? Then you’ve come to the right place.

Instant Personal Loan from Moneyview for Self-Employed Individuals

Priya had a tailor shop and wanted to open an apparel showroom. She knew this dream of hers could not be fulfilled without funds. Finding out about personal loans from Moneyview changed her dreams into reality!

Eligibility Criteria for Instant Personal Loan for Self-Employed

If you are self-employed, you need to fulfill the eligibility criteria given below to get a personal loan through the Moneyview digital lending app -

• You must have a minimum monthly income of Rs.25,000

• Income must be credited directly to your bank account

• You must have a minimum CIBIL score of 650

• You must be between the ages of 21 and 57

Documents Required for Instant Personal Loan for Self-Employed

The documentation process for getting an instant personal loan from Moneyview is very simple. All you have to do is - 

• Confirm or enter your PAN number 

• Ensure that your mobile number is linked to your Aadhaar card for KYC verification

• Provide a clear selfie taken in a well-lit area 

Please note that the documentation requirements will vary based on your profile. You may be required to upload proof of address, bank statement, and other supporting documents. 

In case you are required to upload proof of address, any one of the following documents will suffice - 

• Aadhaar Card

• Valid Indian Passport

• Valid Voter ID

• Valid Driver’s License

• Utility Bills (Electricity, Water, Gas) dated within the last 60 days 

If you are required to upload proof of income, you must furnish your bank statement for the last three months. This statement must show your income being credited.

Fees and Charges for Personal Loans for Self-Employed

Moneyview's partner lenders provide instant loans for self-employed borrowers at competitive rates. Take a look at the table below to know more -

Personal Loans for Specific Professions

At Moneyview, we understand that "Self-Employed" isn't just one category. Whether you are a doctor saving lives, a freelancer building the next big app, or a shopkeeper serving your local community, your financial needs are unique. 

1. Personal Loan for Doctors & Medical Professionals

Doctors and medical professionals often practice in their own clinics or run their own business. Personal loans for doctors and medical professionals can be extended to MBBS, BDS, BAMS, BHMS, Physiotherapists, and Specialists. 

The loan amount can be used for - 

• Setting up a new clinic

• Clinic renovation

• Buying medical supplies

• Funding personal travel plans

2. Chartered Accountants (CAs)

Chartered Accountants often need funds to scale their consultancy, hire specialized staff during tax season, or upgrade their office infrastructure. Any practicing CA with a valid practicing certificate can apply for a personal loan for the self-employed.

They can use the loan amount for the following reasons -

• Professional upskilling

• Office digitalization

• Advertising or marketing 

• Debt consolidation.

3. Personal Loan for Freelancers & Digital Creatives

In today’s gig economy, many people choose to work as freelancers. They could be working as a software developer, graphic designer, photographer, social media influencer, or content creator. Personal loans for the self-employed are offered based on your bank statements and income stability.

They might want to use the loan amount for any of the following reasons -

• Buying high-end laptops

• Buying cameras

• Buying equipment

• Software subscriptions

• Sailing through lean months

4. Personal Loan for Architects & Consulting Engineers

Often, architects and engineers work as freelancers, and they can opt for personal loans for the self-employed. As long as their income is credited to their bank account, they are eligible for personal loans.

Some reasons for opting for a personal loan -

• Working capital

• Studio expansion

• Site visit expenses

• Buying software

• Buying high-performance hardware

5. Shopkeepers & Small Business Owners

Local business owners often need immediate funds to stock up on inventory before the festive season or to give their shop a modern makeover. This includes small businesses, grocery store owners, retail shopkeepers, and small-scale manufacturers.

What can they use a personal loan for?

• Bulk inventory purchase

• Shop renovation

• Emergency repairs

Smart Tips to Boost Approval Chances

Self-employed individuals may face a lot of challenges in taking out any kind of loan. As personal loans are unsecured, procuring one with a fluctuating income might be even harder. Lenders may assume that your income is ‘variable’ or ‘unpredictable’. 

But a self-employed professional can get a personal loan. Here are some tips that can increase your chances of approval -

• Maintain Banking Hygiene

Make sure all your income is routed through your bank account. Avoid cheque bounces and maintain a consistent average monthly balance. This will help you build proof of good financial behaviour.

• File Your ITR

You will need to furnish 2 or 3 years of ITR, so regularly file them. That helps show your income trends.

• High Credit Score

Build and maintain a high credit score and history. Having a score higher than 700 will make you unstoppable in procuring loans. A longer credit history also helps your creditworthiness. 

• Low Credit Utilization Ratio

Keep your CUR under 30%. Using up more of your credit shows you as credit-hungry.

• Timely Payments

Pay your EMIs and credit card bills on time every month. In the months that you can’t pay the full amount, at least pay the minimum due amount within the due date.

• Long Work History

Show yourself as a professional with experience or someone who has been freelancing for a long time. That will help build trust in you as a professional. 

• Co-Applicant

Apply with a co-applicant who has a good credit history. That will help boost your profile.

Self-employed individuals may sometimes need help getting a loan due to the uncertain nature of their income. However, through Moneyview, you can get instant loans that can be used for various purposes. As long as you fulfill the eligibility criteria of our partner lenders, you can easily get a personal loan from Moneyview by visiting the website or downloading the app and applying.

Moneyview’s lending partners also offer personal loans to salaried individuals earning ₹25,000, ₹30,000, ₹40,000, or ₹50,000.