Personal Loan Options for Self Employed Individuals in Bangalore

May 22, 2024
 |  1 min read

Introduction

With the rise in the cost of living and financial strain, anyone can feel overwhelmed in a city like Bangalore. The city has a plethora of booming startups and small businesses, where many self-employed individuals search for funds to start their businesses. Quick loans online for self-employed professionals are a specific financial tool designed for those who run their businesses.

Let's take a look in detail at what are the personal loan options available for self-employed individuals in Bangalore, their rates in Bangalore and many more aspects.

What are the Personal Interest Rates in Bangalore?

Bangalore has several lenders, including top banks and non-banking financial companies (NBFCs), offering a great many personal loans.  If you are considering getting personal loans in Bangalore, it is essential to have clarity on the interest rates.

The interest rate will vary based on the loan amount, market policies and individual credit score. These loans offer competitive interest rates along with flexible repayment options and EMIs.

It is important to research where can self-employed individuals find personal loan providers in Bangalore and compare rates with different lenders to secure a favourable borrowing rate.

How do you get a Personal Loan at the Lowest Rate in Bangalore?

Here is how can self-employed individuals improve their chances of approval for personal loans in Bangalore at the lowest rate.

Enhance your credit score: A good credit score indicates that you are responsible for repaying your loan. A higher credit score gets you a better interest rate.

Look out for offers: Many banks and financial institutions offer promotional interest rates. Applying for loans during this time may result in a lower interest rate.

Compare interest rates: Before deciding on a loan, check the interest rates of different banks and financial institutions. This will help you find the loan that best suits your financial goals.

Make timely payments: Make sure to pay all your credit bills and EMIs on time. Maintain a good credit score and get a lower interest rate.

What are the Salary Requirements for Getting Personal Loans in Bangalore?

To secure a personal loan in Bangalore, salary requirements can differ based on the lender and other factors. However, some lenders may ask for higher income requirements. It is best to check with the lenders for their specific needs.

Documents Required for Applying for a Personal Loan in Bangalore

The following documents are needed for applying for self employed personal loans in Bangalore:

  • Identity proof like a passport, PAN card, driving license, or voter ID.
  • Address proof like ration cards, valid passports, license and leave agreements, sales tax certificates and utility bills.
  • Qualification proof with your highest professional degree.
  • Two years of income tax returns.

Eligibility Criteria for Instant Personal Loan for Self-employed

Some of the standard eligibility criteria are mentioned below:

  • The applicant must be 22 years old.
  • Possess five years of business.
  • The applicant’s minimal annual income should be INR 4.8 lakhs.
  • Self-employed people should have a minimum profit post-tax payment of INR 2 lakh.

How do you Apply for a Personal Loan for Self-employment?

Here are a few general steps you need to follow in case you are applying for quick loans online:

Step 1: Register on the website or the app by entering your details.

Step 2: Upload all the necessary documents and complete the KYC process.

Step 3: Share your income proof documents.

Step 4: Once your loan is approved, the entire loan amount will be credited into your bank account.

Conclusion

Personal loans are an important financial lifeline for self-employed individuals in Bangalore, especially those planning to start or expand their businesses. To enjoy the lowest rate, you must maintain a good credit score, make timely payments, and compare rates from different lenders.

Self-employed individuals can access the funds they require by using the right approach and documentation. mPokket has a wide range of personal cash loan online options for self-employed individuals as well as employed individuals. They offer great flexibility and a quick approval process for their loans.

Gaurav Jalan

Gaurav Jalan is the Founder and CEO of mPokket, a digital lending platform serving underserved Indian youth. He leverages technology and experience to deliver cost-effective credit to marginalized populations. In his role, he provides strategic direction and oversees execution to fulfill mPokket's mission.