Self-Employed Loans

What is a Self-Employed Loan?

A self-employed loan is designed for individuals running their own businesses or working independently. It helps cover business expansion, equipment purchases, or personal financial needs.

How Do Self-Employed Loans Work?

Lenders assess your business income, financial stability, and credit history. You may need to provide documents such as tax returns, profit and loss statements, and business registration proof to verify your income.

Types of Self-Employed Loans

• Business Loan: For expanding operations or purchasing equipment.
• Personal Loan: For personal financial needs unrelated to your business.
• Secured Loan: Requires collateral, such as property or valuable assets.
• Unsecured Loan: No collateral needed, but often comes with higher interest rates.

Benefits

Self-employed loans offer flexible usage for business or personal needs, improve cash flow, aid in business growth, and can help build a stronger credit profile if repayments are made on time.

Eligibility

• 2–3 years of consistent business experience.
• Business bank statements and filed tax returns.
• Good credit score and a stable financial history.

How to Apply

1. Identify your loan needs — business or personal.
2. Research and choose a suitable lender.
3. Prepare and submit necessary documents (income proof, business details, ID proof).
4. Review the loan offer terms, rates, and repayment structure carefully.

Key Considerations

Always compare interest rates, loan tenure, repayment flexibility, and the choice between secured or unsecured options to select the best loan for your financial situation.