Loan Disbursal in Minutes & 100% Paperless Process
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!
If you, too, are self-employed and loan options are limited for you, take a look at personal loans from Moneyview. Check your eligibility, submit the necessary documents, and get loan approvals for up to ₹10 Lakh.
Flexible Loan Sum
Borrow from ₹5,000 to ₹10 Lakh maximum
Unsecured Loans
Applying for a personal loan through Moneyview doesn't require a guarantor or collateral
Quick Processing
After approval, the loan amount is transferred to your bank account within a day
Competitive Interest Rates
Take advantage of interest rates starting from just 14% p.a.
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
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.
Moneyview's partner lenders provide instant loans for self-employed borrowers at competitive rates. Take a look at the table below to know more -
| Fees & Charges | Amount Chargeable |
|---|---|
|
Interest Rate |
Starting from 14% per annum |
|
Loan Processing Charges |
Starting from 2% of the approved loan amount |
|
Penal Charges on Overdue EMI |
24% per annum plus applicable taxes, if any |
|
NACH Bounce |
₹500/- each time |
|
Loan Cancellation |
If you wish to exit the loan after it has been sanctioned, you can do so within 3 days of loan disbursement. |
You can foreclose your loan; however, only after a specific number of EMIs have been paid. It is explained in the following table -
|
Charges |
Amount Chargeable |
|
|---|---|---|
|
Foreclosure Charges |
Nil, but foreclosure can be done only after a minimum number of EMIs have been paid, as illustrated below- |
|
|
Tenure |
Foreclosure |
|
|
Up to 6 months |
Not allowed |
|
|
7 - 18 months |
Allowed after 6 EMI payments |
|
|
Over 18 months |
Allowed after 12 EMI payments |
|
|
Part-prepayment Charges |
Part-prepayment is not allowed |
|
Moneyview Says
Priya got a loan through Moneyview and wants to calculate her monthly EMIs. Let’s assume she got a loan of ₹3 Lakh at an interest of 16% p.a. She wants to know how much she will have to pay every month if her tenure is 1 year, 3 years, or 5 years.
She used the Moneyview Personal Loan EMI Calculator to choose the best tenure for her. According to the EMI calculator, the following are her EMIs based on her tenure -
1 year tenure: ₹27,219; and her total interest amount will be ₹26,631
3 years tenure: ₹10,547; and her total interest amount will be ₹79,696
5 years tenure: ₹7,295; and her total interest amount will be ₹1,35,725
The step-by-step 100% online process of application is mentioned here -
1
Check Eligibility
You can check your eligibility on the Moneyview website or app in just 2 minutes!
2
Select Loan Tenure
Choose the loan amount and repayment period from the options provided to you as per your eligibility.
3
Upload Documents
Complete your e-KYC and the NACH mandate for auto-debit of EMIs. Everything will be completed online, right from your mobile phone, without any hassle.
4
Amount Disbursed
Sign the loan agreement and get the funds in your bank account in 24 hours
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.
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
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.
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
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
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
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 -
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.
You will need to furnish 2 or 3 years of ITRs, so regularly file them. That helps show your income trends.
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.
Keep your CUR under 30%. Using up more of your credit shows you as credit-hungry.
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 by the due date.
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.
Apply with a co-applicant who has a good credit history. That will help boost your profile.
Loan Amount
Min ₹5,000
Max ₹6,000,000
Rate of Interest
Min 6%
Max 36%
Loan Tenure
5
months
Min 3 months
Max 72 months
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.
Financial documents like your bank statement that show a stable income can help self-employed individuals to get personal loans easily.
Yes, you can avail of a personal loan from us even if you have a low credit score, thanks to our partner lenders' in-house credit rating model. However, you must have a CIBIL score of over 650.
|
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Disclaimer
The starting interest rate depends on factors such as credit history, financial obligations, specific lender's criteria and Terms and conditions. Moneyview is a digital lending platform; all loans are evaluated and disbursed by our lending partners, who are registered as Non-Banking Financial Companies or Banks with the Reserve Bank of India.
This article is for informational purposes only and does not constitute financial or legal advice. Always consult with your financial advisor for specific guidance.
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