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Can self-employed individuals get personal loans for their business?

08 Oct 2021 by Team FinFIRST
personal loan for self employed

You can use a personal loan for many reasons, including a business requirement. Learn how to get a personal loan for business if you are a self-employed individual.

Self-employed individuals, businessmen, freelancers and gig workers can avail personal loans, just like their salaried counterparts. They can use an instant personal loan for business or personal reasons, and save the day! This flexibility is one of the best features of personal loans for self-employed individuals.

Benefits of a personal loan for self-employed individuals

Personal loan for self-employed individuals offer many benefits, including:

  • Competitive interest rates on loans up to ₹10 lakhs
  • Flexible repayment terms of up to 60 months*
  • Collateral free loan
  • Quick disbursal
  • Online personal loans can be availed of instantly.
  • Hassle free and paperless process


Things to know before applying for unsecured Personal Loan

How a Personal Loan can help you fulfil your entrepreneurial dream?

How can a personal loan be used for self-employed individuals?

A personal loan taken by a self-employed individual can be used for many reasons. You can take out a loan to renovate your home or to pay the down payment for a new vehicle you have been thinking of purchasing. An instant personal loan can also be used if there is a wedding or celebration in the family, or to meet a health emergency.

What is even better is that certain banks, such as IDFC FIRST Bank, offer competitive interest rates and Easy EMI options. This helps you repay the loan amount with ease. The personal loan application process is completely digital, and the paperless journey enables you to instantly get the loan amount in your account, in a hassle-free manner.

What is the eligibility criteria for for self-employed individuals wanting to take out a personal loan?

As a self-employed individual, you can apply for an instant personal loan if you match the following requirements:

  • The business must be in operation for at least three years.
  • Minimum age requirement: 25 years old
  • Maximum age requirement: At the end of the loan period, the client must be not be over 65 years old.

A modern business needs a digital presence, which requires professional help and funding. A self-employed person can take out a personal loan to expand their business as well. Personal loans are, hence, a great tool for meeting the personal and business requirements of self-employed individuals.


Documents required for a personal loan for self-employed individuals

You can apply for a personal loan online if you have the following documents:

Identity proof

  1. Pan Card. This is the key form of identification that is necessary. If it is rejected for any reason, including image quality difficulties, any of the legally valid documents listed below will work.
  2. Aadhaar Card
  3. Valid Indian Passport
  4. Valid Voter ID
  5. Valid Driver’s License

Address proof

  1. Aadhaar Card
  2. Valid Indian Passport
  3. Valid Voter ID
  4. Valid Driver’s License

Income proof

  1. Bank statement for the last 3 months in a PDF format.

A personal loan is the best way to fund your business and personal requirement. IDFC FIRST Bank offers the best personal loan interest rates to help ease your financial burden. It ensures you have a stress-free experience throughout the entire procedure, from application to disbursement.

IDFC FIRST Bank also offers the best loan app for self-employed and salaried individuals, where everything is easy to use. If you are a self-employed individual who is seeking a personal loan, visit the IDFC FIRST Bank website, where you can get more information on the same and learn the nuances of the working of the loan.

Give your business a kick-start with a personal loan for self-employed individuals now!



The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank 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 mentioned. Please consult your financial advisor before making any financial decision.