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Personal Loan for Self-Employed Individuals

A personal loan is a reliable financing solution for covering personal emergencies, managing business expenses, or expanding operations for self-employed individuals. Personal loans provide instant access to funds without the need for pledging collateral. Read on for more

Personal Loan for Self-Employed Individuals EMI Calculator

Before applying for a personal loan for self-employed individuals, it is crucial to determine how much you will need to repay each month. The FIRSTmoney EMI Calculator allows you to estimate your Equated Monthly Instalments (EMIs) based on the loan amount, interest rate, and tenure.

FIRSTmoney Personal Loans: Tailored for Self-Employed Individuals

FIRSTmoney is an innovative personal loan offered by IDFC FIRST Bank, designed to cater to the unique financial needs of self-employed individuals. It provides instant credit access with flexible repayment options and zero foreclosure charges, whether you need capital for business expansion, urgent medical expenses, or working capital requirements. Read More

Features and Benefits of Personal Loans for Self-Employed Individuals

Fast Processing Fast Processing

Loan Amount Flexibility

Enjoy access to higher loan amounts. Borrow amounts of up to ₹10 lakh based on your financial requirements and eligibility.

Flexible Loan Amounts Flexible Loan Amounts

Instant Approval & Disbursal

Eliminate the hassles of lengthy paperwork and applications. Get quick paperless approval, with funds credited within 30 minutes.

Competitive interest rates Competitive interest rates

Competitive Interest Rates

With affordable personal loan interest rates starting at just 10.70%, repayments remain manageable.

No Collateral Required No Collateral Required

No Collateral Required

Get a loan instantly without pledging assets as security.

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Zero Foreclosure Charges

Pay off your loan amounts in full at any time without extra fees.

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Flexible Repayment Tenure

Choose from various tenure options, ranging from 9 months to 60 months, that suit your financial planning.

Reasons to Apply for a Personal Loan

Here are a few reasons why self-employed individuals should apply for a FIRSTmoney smart personal loan: Read more

Interest Rates and Charges for Self-Employed Individuals

Below are the interest rates and charges applicable for a FIRSTmoney personal loan for self-employed individuals: Read More

How to Apply for Personal Loans for Self-Employed Individuals

Click on Apply Now to start your personal loan application process

Step 1

Click on Apply Now to start your personal loan application process

Register with your mobile number

Step 2

Register with your mobile number

Confirm basic details to check your eligibility

Step 3

Confirm basic details to check your eligibility

Choose your loan preferences and link your bank account

Step 4

Choose your loan preferences and link your bank account

Once verified, receive the loan amount in your account within 30 minutes

Step 5

Once verified, receive the loan amount in your account within 30 minutes

Eligibility Criteria Personal Loan for Self-Employed Individuals

To qualify for a FIRSTmoney personal loan for self-employed individuals, applicants must meet the following criteria:

Age Require to get Self Employed Loan Age Require to get Self Employed Loan

Employment Type: Self-employed professionals and business owners with stable income.

User Icon User Icon

Age: 21 to 60 years.

Credit Score Require for Self Employed Loan Credit Score Require for Self Employed Loan

Credit Score: CIBIL score of 730 or above.

Required Documentation for Personal Loans for Self-Employed Individuals

FIRSTmoney personal loans simplify the borrowing process with a completely digital loan application process.

Documents Require for Self Employed Loan Documents Require for Self Employed Loan

To apply for a personal loan, all you need is to present your physical PAN card during the video KYC process.

You don’t need to upload any documents to apply for the instant personal loan online.

Documents Require for Self Employed Loan Documents Require for Self Employed Loan

You don’t need to upload any documents to apply for the instant personal loan online.

You don’t need to upload any documents to apply for the instant personal loan online.

Tailored Personal Loan Options

Wedding Loans

Make your wedding dreams a reality with our smart personal loan for weddings designed exclusively for those who deserve it the most. Rather than depleting your savings or resorting to high-interest credit cards, a FIRSTmoney smart personal loan allows you to maintain financial stability as you start a new chapter of your life. Here's how our loan can add value to your special day:

  • ► From venue rentals to catering costs and everything in between, FIRSTmoney offers up to a ₹10 lakh personal loan, allowing you to cover all aspects of your wedding expenses with ease
  • ► Completely paperless, quick and digital personal loan application process
  • ► Attractive fixed interest rate (on a monthly reducing basis) commencing at 10.70% p.a. only
  • ► No need for collateral or security
  • ► Enjoy flexible loan repayment terms extending up to 60 months

Travel Loans

Embark on your dream adventures with an online personal loan designed exclusively for elite travellers like you. Whether you're planning a luxurious getaway, an exotic expedition, or a cultural exploration, a FIRSTmoney loan offers the financial freedom to turn your travel aspirations into reality.

With competitive rates and flexible terms, a FIRSTmoney smart personal loan empowers you to book premium accommodations, indulge in once-in-a-lifetime experiences, and create unforgettable memories without compromise. Apply for a travel personal loan seamlessly on an end-to-end digital journey and make Instant bookings without dipping into your savings.

Advantages of a FIRSTmoney smart personal loan for travel expenses:

  • ► Get instant access to funds, anytime, anywhere, in your bank account; 24x7, in just a single step.
  • ► Attractive fixed interest rate (on a monthly reducing basis), starting at 10.70 % p.a. 
  • ► No need for collateral or security deposit to set up a loan.
  • ► By responsibly managing your personal loan, you can enhance your credit profile, opening doors to even greater opportunities for future travel endeavours.    

Education Loans

In times of financial emergencies, FIRSTmoney smart personal loan stands as a beacon of stability and support. Instead of depleting your savings or tapping into your investment accounts, this smart personal loan enables you to preserve your financial reserves for long-term goals. Here's how our emergency loan can be a lifeline during uncertain exigencies:

  • ► Effortless online application process with complete digital verification - apply in 2 easy steps for an emergency personal loan online
  • ► Get the loan amount credited promptly to your bank account on the same day
  • ► No collateral requirement for emergency personal loans
  • ► Flexible loan repayment tenure of up to 60 months
  • ► Attractive fixed interest rate (on a monthly reducing basis) starting from 10.70% p.a. only
  • ► Safeguard your financial stability with this personal loan in the face of emergencies

Home Renovation Loans

Renovating your home or any structural upgrades can put a significant financial strain on your savings and personal loan proves to be a reliable solution. Manage and plan your home improvement expenses depending on your needs with FIRSTmoney, our smart, instant personal loan. Apply for a personal loan online and get approved seamlessly.

  • ► Can act as a top-up to your home loan
  • ► Can serve to pay for renovation and expenses in parts
  • ► Access funds anytime anywhere
  • ► No need for collateral or security to apply for this personal loan
  • ► Attractive fixed interest rate (on a monthly reducing basis) starting at just 10.70% p.a.

Frequently Asked Questions

Why should I take a personal loan for self-employed?

A personal loan for self-employed individuals provides financial flexibility without requiring collateral. It can be used for various needs, such as business expansion, purchasing equipment, covering operational costs, or handling personal expenses. With quick approval, flexible repayment options, and competitive interest rates, it is a reliable financing solution.

How can I apply for a personal loan for self-employed?

Simply scan the QR code, provide basic details like mobile number, choose the loan amount and tenure, link your bank account, and complete video KYC. Once verified, the loan amount is credited directly to your account. Get 2 lakh personal Loan, 3 lakh personal Loan, 4 Lakh personal loan & 5 lakh personal instantly disbursed within 30 minutes.

What is the eligibility for a personal loan for self-employed?

To qualify for a personal loan for self-employed individuals, you must be between 21 to 60 years old and have a minimum credit score of 730. Your income, business stability, and financial history will also be considered for loan approval.

How soon can I receive funds from a personal loan?

With FIRSTmoney personal loans, funds are disbursed within a few hours after approval. The process is fully digital, ensuring quick access to financing.

Do I need to provide security or collateral?

No, the FIRSTmoney personal loan is an unsecured loan, meaning you do not need to pledge any assets or provide a guarantor to avail of the loan.

How can I use a personal loan for the self-employed?

The loan can be used for business expansion, working capital, inventory purchase, medical expenses, education, home renovation, or personal financial needs.

Can I apply for a loan for doctors if I have an existing loan?

Yes, you can apply for a loan for doctors even with an existing loan, provided you meet the personal loan eligibility criteria and have the repayment capacity to manage multiple loans.

More FAQs

Personal Loan for Self Employed Personal Loan for Self Employed

Personal Loan for Self Employed

Enjoy competitive interest rates and minimal charges