Digital Loan Application
You can apply for a self-employed Personal Loan online through our app.
Personal Loan for Self Employed
Loan up to Rs. 5 Lakhs
Minimum Salary Required Rs.15K
Instant Approval in 10 Minutes
Personal Loan For Self Employed EMI Calculator
Get Personal Loan for Self-Employed Up to 5 Lakh
The Personal Loan for self-employed is an ideal funding option to expand business, repay debts, or cover working capital needs. Whether you are a start-up or a well-established firm, you can qualify for a self-employed Personal Loan at Hero FinCorp if you have a minimum experience of two years.
You can borrow an instant Personal Loan for self-employed from Rs 50,000 to Rs 5 Lakh to cover your personal or business expenses. The best thing is that these loans are collateral-free, which you can borrow without any security or guarantor. Repay the loan in a flexible term of 12 to 36 months without straining your monthly budget.
Features and Benefits of Personal Loan for Self-employed
If you are a businessperson looking for a Personal Loan, you can apply online through Hero FinCorp’s instant loan app for self-employed individuals.
Quick Verification
Our real-time KYC verification process ensures fast approval and disbursal.
Small Cash Loans
Our loan apps for self-employed offer up to Rs 5 Lakh with minimal documentation.
No Collateral
Hero FinCorp is one of the best loan apps for self-employed, offering collateral-free loans.
Attractive Interest Rates
You get loans at competitive rates when you apply for self-employed Personal Loan online.
Instant Disbursal
Once approved, the loans are directly credited to your bank account via the loan app.
Automated Repayment
Our auto-debit facility ensures timely EMI payments, simplifying your loan repayment process.
Eligibility Criteria for Personal Loan for Self-employed
When it comes to Personal Loan, Hero FinCorp is considered one of the best loan apps for self-employed Individuals. Here are the eligibility requirements.
Age
You must be between 21 to 58 years of age.
Citizenship
You must be an Indian citizen to apply for a Personal Loan at Hero FinCorp.
Work Experience
The minimum work experience for salaried employees is 6 months, and 2 years for self-employed.
Minimum Income
The minimum income requirement is Rs 15,000 per month.
Documents Required for Personal Loan for Self-employed
You should have the required documents ready before applying for the Personal Loan to ensure a smooth and quick application process. Here are the documents required for a Personal Loan for self-employed individuals.
Mandatory Documents
Duly filled application form, Passport-size photograph
Identity Proof
Driving License, Passport, PAN Card, Aadhaar Card (Any One)
Address Proof
Driving License, Passport, Aadhaar Card, Ration Card, Utility Bill (Any One), Office Address Proof (if applicable)
Ownership Proof
Business Existence Proof (Tax Registration, Shop Establishment Proof, Company Registration Certificate)
Income Proof
Last 6 Months' Bank Statements and ITR for 2 Years
Interest Rate and Charges for Personal Loan for Self-employed
When considering a Personal Loan for self-employed individuals, it's crucial to understand the personal loan interest rate and charges involved. Here's a concise overview of what you need to know:
| Fees & Charges | Amount Chargeable |
| Interest Rate | Starting from 1.58% per month |
| Loan Processing Charges | Minimum 2.5% + GST |
| Prepayment Charges | N.A. |
| Foreclosure Charges | 5% + GST |
| EMI Bounce Charges | Rs 350/- |
| Interest on Overdue EMIs | 1-2% of the loan/EMI Overdue Amount Per Month |
| Cheque Bounce | Fixed Nominal Penalty |
| Loan Cancellation | 1. Online loan app does not charge any cancellation charges 2. Interest amount paid is non-refundable 3. Processing charges are also non-refundable |
How to Apply for a Personal Loan for Self Employed?
Starting a new venture or upgrading an existing business requires financial support. Personal Loans for the self-employed are easy to procure and can be quickly applied online:
- 01
Visit the Hero FinCorp website or install the personal loan app
- 02
Go to the Personal Loan page and click ‘Apply Now’
- 03
Enter your mobile number and verify with the OTP received
- 04
Choose the loan amount you need
- 05
Verify your KYC details to check income eligibility
- 06
Click ‘Submit’ to complete your application
Blogs
