Personal Loan for Self Employed

Are you self-employed and wondering whether you can take a Personal Loan? 

Yes, you can. 

Read our guide to Personal Loans for self-employed before you worry about finances the next time.

Why should I take a Personal Loan for self-employed? 
You will receive funds in one go.  HDFC Bank offers loans up to Rs 40 lakh.

You get flexibility to choose tenure (from 12 to 60 months) and repayment options (pocket-friendly EMIs starting at Rs 2,149 per lac).

You can use the funds from a Personal Loan for several purposes.

How can I use a Personal Loan?

  • To pay for wedding expenses (your own or a family member’s)
  • To finance your home renovation projects
  • To go on dream vacation
  • To spend on your children’s education
  • To pay off any pending debt
  • To purchase the latest gadgets
  • To pay any medical expenses not covered by insurance

How can I apply for a Personal Loan for self-employed? 
You can apply for a Personal Loan via HDFC Bank NetBanking or online on the HDFC Bank website. Or you can visit the nearest ATM or HDFC Bank branch to make an application.

Read more on the steps to apply for a Personal Loan here.

What is the eligibility for a Personal Loan for self-employed? 
The bank may require self-employed Personal Loan applicants to have a specified minimum income, which can vary by location. Financial documents that show stability of income will help you easily get a Personal Loan for self-employed. 

The bank may also require self-employed individuals to be in business for a certain amount of time. 

You can check your Personal Loan for self employed eligibility here.

What documents do I need to apply for a Personal Loan? 
Besides the standard documents such as proof of address and proof of identity, you will need additional documents to indicate continuity in your business and steady income. 

These documents can be in the form of recent bank statements, audited financials, tax returns and office lease agreement. 

You may require additional documents depending on the type of profession you practice and your organizational set-up.  

How soon can I receive funds from a Personal Loan? 
HDFC Bank disburses pre-approved Personal Loans to customers in 10 seconds* and to non-HDFC Bank customers in 4 hours*.

Do I need to provide security or collateral? 
Personal Loans are unsecured loans, which means you do not need to provide security or collateral.

So what are you waiting for? Apply for the self employed Personal Loan now!

* Terms & conditions apply. Personal Loan disbursal at sole discretion of HDFC Bank Ltd