A business loan for self-employed individuals will surely fulfill a business's medium-term and immediate funding needs. These loans can help business owners make upgrades, add equipment, and improve the interiors of their workplaces greatly.

These loans are provided both offline and online, making it easier for individuals to get the business Loan for Self-Employed without much hassle. You can receive a business loan of over INR 20 Lakhs immediately. But before you opt for this type of loan, you must gain some information about it.

The Benefits and Features of the Business Loan

The instant loan for self employed contains many features and advantages, which you learn from this section:

No collateral business loans

Individuals will receive over Rs. 20 Lakhs through the self-employed business loans without providing a guarantor, security, or collateral. One can utilize the funds for countless things, such as workplace renovation, purchasing a new office, and so on.

Fast loan disbursal and approval

If you've met all the demanded eligibility criteria and your loan has been approved, then you can expect your loan to be disbursed within 72 hours.

No or less documentation

When applying for a self-employed business loan, you don't have to take care of paperwork or stand in winding and long queues at the bank to obtain the loan. You will just need several documents, including address, income, and identity proof. Today, individuals can apply for a business loan through the online platform, as the process is a lot easier and faster.

Outstanding interest rates

The self-employed business loans come with attractive interest rates. They might differ greatly with the borrowers' repayment and credit history and the business loan's purpose and tenure.

Flexible business tenure

Piramal Finance provides self-employed loans with flexible tenure. This means these business loans will be available for 12 to 60 months.

The Eligibility Criteria for the Self-Employed Loans

Business loans for self-employed are ideal for both large and small business owners. These loans can help their businesses greatly and will enable them to reach all their objectives on time. But when it comes to applying for this loan, one has to fulfill the eligibility criteria to opt for this loan for their business.

  • Applicants for business loans should be between the ages of 21 and 60.
  • Only entities, self-employed professionals, and self-employed non-professionals are eligible for business loans.
  • Businesses must have a minimum annual revenue of Rs. 40 lakhs.
  • Borrowers must have at least five years of total business experience.
  • Borrowers should have at least three years of experience in their current industry.
  • You must earn at least Rs. 1.5 lakhs annually

Types of Customers Can Get the Self-Employed Loans

Individuals will certainly encounter many types of business credit clients. Some of them are self-employed, and industries and enterprises mainly employ others. Piramal Finance provides loans for self-employed persons to two kinds of clients; self-employed non-professionals and self-employed professionals. Both of them have different tenures, scalability, judgment styles, and interest rates. Let's learn more about them in detail:

[SEP] Self-Employed Professionals:

These individuals are designers, architects, organization secretaries, allopathic physicians, and chartered accountants.

[SENP] Self-Employed Non-Professionals:

You will come across manufacturers and traders under this category. Depending heavily on the strategy of the business loans, the tenure will change based on the interest rates, the documents needed, and the eligibility criteria.

What are the Documents Needed?

When one gets to apply for loans for self-employed workers, there are certain documents you need to submit at the bank branch or through the online platform, which include:

  • Filled out a loan application form that should carry passport-sized photographs
  • If it's applicable, applicants need to provide evidence of being a part of the OBC/ST/SC section
  • Provide the previous year's bank statement and ITR
  • A self-written business plan
  • Copy of the business PAN Card
  • Provide utility bills, driver's license, Aadhaar card, voter's card, and passport.
  • Vintage proof and the address of the business
  • All the other documents needed by the loan provider

Before you submit all the documents for the self-employed business loan, it's vital to check that all the documents you're providing are correct. Be sure to take some time out and double-check all the documents. Providing the wrong set of documents can increase the chances of loan rejection. So, make sure this does not occur and get to submit all the correct documents for the loan.

Benefits of Term Loans

The different advantages of opting for term loans are as follows:

Useful for Short-Term Financing Needs

You can apply for term loans to purchase new equipment or assets for your business. It is perfect for expanding your operations and generating higher revenue to repay the loan smoothly.

Have Low-Interest Rates

Term loans come with low-interest rates and flexible repayment terms. You will be able to easily repay the loan without it becoming a financial burden on you.

Helps with Building Business Credit

A term loan is great for building your small business credit. But you should be paying your EMIs to build good credit for your business.

Opt for the Self-Employed Loans from Piramal Finance

Piramal Finance has the reputation of being one of the most reputable loan providers on Indian soil. We offer all types of loans, including business loans. Our loan application process is smooth, and it will not take much time to get the loans in a person's bank account quickly and effectively. We ensure our customers are happy with our services and will certainly do so in the coming years.

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Frequently Asked Questions

How do you apply for a business loan for self-employed online?
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Can a doctor apply for a business loan?
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What is the tenure for the business loan?
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Can I apply for a business loan at the bank?
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What types of documents do I need to provide?
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Can I use any device to apply for the business loan online?
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Is there any collateral needed for these types of loans?
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Do I have to provide my income tax returns for this loan?
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Can non-professionals apply for this business loan?
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