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What Are the Eligibility Criteria for A Personal Loan for Self-Employed Individuals
Posted on Tuesday, July 25th, 2023 | By IndusInd Bank
Self-employed individuals seeking personal loans must satisfy the eligibility criteria, including age requirements, monthly net income, and good credit history.
In recent years, self-employment has become popular due to its freedom and flexibility. According to a report titled “Women and Men in India 2022,” around 39.5% of men and 39.4% of women in urban India declared themselves self-employed. This is slightly higher than the percentages in 2018-19, before the pandemic, which was 38.7% for men and 34.5% for women.
Unfortunately, many self-employed people struggle to obtain personal loans. This is because, unlike salaried individuals with stable incomes, self-employed individuals have variable incomes, making lenders more cautious. Luckily, top banks such as IndusInd Bank offer personal loans to self-employed individuals for meeting their financial needs. Keep reading to explore the features and eligibility criteria of IndusInd Bank personal loans for self-employed individuals.
IndusInd Bank Personal Loan Features and Benefits
Here are some general features and benefits of an IndusInd Bank personal loan:
| No physical documentation | IndusInd Bank provides quick and hassle-free loan processing, with no physical documentation and a streamlined application process. |
| Flexible Loan Tenure | Choose a comfortable loan tenure that suits your financial situation from 1 to 4 years. |
| Higher Loan Amount | Avail of a substantial loan amount ranging from INR 30,000 to INR 5 lakhs to meet your financial requirements adequately. |
| Competitive Interest Rate | Enjoy competitive interest rates starting from 10.49%, ensuring affordability |
Eligibility Criteria for an IndusInd Bank Personal Loan
Personal Loan Eligibility Criteria
- You must be at least 25 years old
- Your age at the time of loan maturity should not be more than 60 years
- Minimum Net Monthly Income of Rs. 20,000
- Good credit history
How Can Self-Employed Individuals Apply for an IndusInd Bank Personal Loan?
Follow the steps below to apply for an IndusInd Bank Personal loan:
- Visit the personal loan webpage and provide essential details, such as your PAN card number, mobile number, email id, and current pin code.
- In the next step, verify your address details.
- Review the personal loan offer and proceed with the video KYC process.
- Share your bank account details for loan disbursement.
By fulfilling the eligibility requirements listed above, self-employed individuals can access the funds they need to invest in their business, deal with unforeseen personal expenses, or meet any other financial objective.
Unlock financial freedom with an IndusInd Bank Personal loan. Apply today!
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
