Personal Loan for Self-Employed

Self-employed applicants can take a personal loan too, but the assessment is different and the pricing is higher. There is no salary slip, so the lender leans on your filed returns and your bank statements.

How you are assessed

Lenders take your declared profit from the last two or three ITRs, add back depreciation, and treat that as your income. Alongside, they study your bank statements for average balance, regularity of credits and any cheque returns. A single bounced EMI in the last six months can sink an otherwise strong file.

Doctors, CAs and other professionals

Qualified professionals get a distinctly better deal. Doctors, chartered accountants, architects and company secretaries can access professional loan programmes with higher limits, lower rates and lighter documentation, because their income is seen as more durable.

Consider the secured alternative

If you own property and the amount is large, a loan against property will almost always cost far less over the life of the loan. A personal loan makes sense when you need the money quickly, or the amount is modest, or you have nothing to pledge.

Where we help

We read your returns and your statements first and tell you honestly whether an unsecured loan is the right instrument, or whether a secured one would serve you better. Sometimes the most useful thing we say is that you should not take this product.