Apply for Loan with Small Investment

Don’t have any income proof to apply for Personal loan as a self-employed?

Even if you cannot provide income proof, don’t be disappointed! You can avail the personal loan with no income verification. Keep the following details in mind to avail personal loans for self-employed with no proof of income in India.

Personal Loan With No Income Verification

Here, banks that provides personal loans for self-employed with no proof of income in india.https://504e4d1ee8819668d65fd08515cdc313.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html

HDFC Bank

To avail of HDFC Personal Loan as a self-employed without income verification, you will need a current account with the bank and proof of 3-4 years of business stability.

Fullerton India

You must be a current account holder to avail of a personal loan from this financial service provider and need to submit three years of Income Tax Returns proof.

Other Ways To Apply For A Personal Loan

Apart from these institutions, there are other ways to avail personal loan as a self-employed individual. These ways require a borrower to meet certain eligibility criteria and consider below factors to avail personal loan.

You need to maintain your minimum CIBIL score of around 750. That will ensure the lender of your repaying ability. And also helps to negotiate the loan interest rate including other benefits.
If you are not able to submit income verification, simply you can ask your friends or family member, or business partner to sign a loan agreement as a co-applicant or repayment guarantor. In this case, the co-applicant must provide proof of income and also have an acceptable credit score. The lender will consider the repayment ability of the co-applicant when determining the personal loan interest rate and loan amount.

Eligibility Criteria For Personal Loan As Self-Employed

Here are general eligibility criteria that are required for personal loan approval. The personal loan eligibility criteria may vary with every bank’s policy rules. Some of the banks offer personal loans without a salary account too. The borrower must meet all the basic criteria to get a personal loan are as follows:

The applicant must be a resident of India.
At the time of applying for a personal loan, the minimum age of the applicant must be 24 years old. The maximum age should be less than 65 years at the time of loan maturity.
The applicant or self-employed individual must be in the current business for at least 3 years.
The minimum annual turnover of the business should be 1 lakh.

Documents Required For Personal Loan

The documents should be certified and legal. As per the general personal loan document requirements are as follows. These are essential documents that must be submitted to approve personal loans.

Properly signed application form.
Applicant’s passport-size photographs.
ID Proof any of these – Passport/ Voter ID/ PAN Card
Age Proof any of these – Birth certificate/ passport
Residence Proof any of these – Passport/ Utility bill/ Allotment letter.
Income Proof any of these – The latest income tax return (ITR) and calculation of income, the balance sheet of the last 2 years, and loss of profits certified by CA.
Signature Proof any of these – Passport/ PAN Card
Bank statement of last 3 months

Please search well before choosing any lender. Compared with other loan types, it is a high-interest loan. You don’t need to file any reason, this is a general solution with its own shortcomings.

Although there are countable lenders offering personal loans with no income verification. Even so, before applying for a personal loan, you should thoroughly check with all lenders and choose one with the most benefits.

You can apply for a personal loan in three ways. First, apply instant loan without documents online through the bank or lender’s website or internet banking. Second, visit the nearest branch and do all the process manually. And the third one is to apply for a loan on the phone.

Well, hope all your doubts are clear!! And you find a great way to avail a desired personal loan with no proof of income at a minimum interest rate and repay with ease.