Personal Loan for Self-Employed

Frequently Asked Questions

• 1. What is a personal loan for the self-employed?

  A personal loan for self-employed individuals is a financial product that allows entrepreneurs and other self-employed professionals to borrow money for personal or business use. Personal loans for self-employed individuals typically do not require collateral and are based on the borrower's creditworthiness and ability to repay.

• 2. How can a self-employed person get a personal loan?

  KreditBee can help if you are a self-employed individual seeking a personal loan. To get started, download the KreditBee loan app or go to our website. You need to register and confirm your profile, and then you can apply for a personal loan in a few simple steps.

• 3. Can I get a personal loan with a low credit score?

  KreditBee considers various factors aside from your credit score. If your repayment capability is deemed good based on various other factors, there is a good chance you are eligible for a loan.

• 4. Why do I need to pay a processing fee?

  KreditBee facilitates the entire loan process and incurs charges at different points. These charges are levied on the customer as a processing fee.

• 5. What is the minimum tenure for a personal loan for the self-employed?

  The minimum tenure for a personal loan for self-employed offered by KreditBee is 3 months.

• 6. What is the maximum I can get when I apply for a self-employed loan?

  Self-employed people can get up to ₹4 Lakhs as an instant personal loan.

• 7. How quickly can I get a personal loan if I'm self-employed?

  KreditBee’s personal loan for self-employed can be disbursed in as little as 10 minutes.

• 8. How do you show income proof if you are self-employed?

  To get an instant loan for self-employed individuals, you can just upload your bank statement reflecting your income in the last 6 months. Once all your details have been verified, you can get your funds disbursed to your bank account completely hassle-free.

• 9. Why should self-employed individuals take a personal loan?

  KreditBee's easy personal loan for self-employed is ideal for several personal or company objectives, including operational cost management, infrastructure investment, inventory management, acquiring raw materials, geographical business expansion, etc. You can take the next step in building your business with KreditBee without worrying about money.

• 10. Can I use a personal loan for self-employed for business purposes?

  Yes, after you avail yourself of a self-employed loan with KreditBee, you can use it as backup funds or as an initial investment in your business. You can use your loan to support your business needs or for any other purpose.

• 11. Can you get a personal loan for self-employed without ITR?

  Yes, you can get a Personal Loan for Self-employed without your ITR statement. Apart from your basic identity proof and documents, you will only need to submit your latest 6-month bank statement to verify a stable source of income. Once your repayment capability is determined, you can be given access to the loan you need.

• 12. What happens if I miss a loan repayment?

  If you miss a loan payment, typically, you may incur late penalties until it is paid in full. This may also impact your credit score and be reported to credit reporting agencies such as CIBIL, CRIF High Mark, etc. Unfortunately, having a low credit score may make it difficult to obtain loans from any bank or financial institution in the future.

• 13. How do I improve my chances of getting a personal loan for self-employed?

  If you're self-employed, to increase your chances of getting a self-employed loan, you must try to ensure that you have a good credit score. You must also complete the loan application process by providing the accurate and required documentation to demonstrate your repayment capability to the lender.

• 14. What is the difference between personal loans for salaried and self-employed individuals?

  If you have a steady job, lenders will usually ask for proof of regular income from your employer. However, if you're working for yourself, you may need to submit business-related financial documents like bank statements, income tax returns, or profit and loss statements. That's the main difference between personal loans for self-employed and salaried.

• 15. Is it safe for entrepreneurs to take a personal loan online?

  If you are looking to take an online personal loan as an entrepreneur, you can be confident that it is a safe alternative. Select a reputable lender and confirm that their website has secure encryption (HTTPS). Before submitting your loan application, always read the lender's terms and conditions, privacy policy, and customer reviews to ensure you are in good hands.

• 16. Do you need a bank statement to apply for a self-employed loan?

  Yes. If you apply for an online loan for self-employed with KreditBee, you must produce a bank statement covering your personal details as of the last six months. This is a necessary personal loan requirement for self-employed professionals.

• 17. Should I take a bank personal loan or KreditBee's personal loan?

  KreditBee offers a 100% online loan process, making it super convenient to obtain a personal loan for self-employed professionals compared to a bank personal loan. You can get our loan with approval and disbursal in about 10 minutes or so as long as you meet our eligibility criteria and submit the proper documents.

• 18. Can I prepay my personal loan earlier?

  Yes. You can prepay and close your loan by using the foreclosure option on the KreditBee app or website. Please read your agreement for your specific terms.

• 19. Can I take more than one self-employed personal loan at a time?

  No, lenders generally do not allow more than one loan for self-employed on their platforms at the same time. You can close one loan and avail of another as per your need.

• 20. How do I improve my chances of getting a personal loan for self-employed?

  Lenders look at several factors when you apply for personal loans. Your credit score and repayment ability are two very important factors. KreditBee also considers new-to-credit borrowers as long as they meet our eligibility criteria and submit the proper documentation.