How to Get 50000 Personal Loan without CIBIL Score
Jun 10, 2025 | 4 mins read
A Personal Loan for self-employed individuals is tailored to meet the financial needs of entrepreneurs, freelancers and small business owners. Whether you need funds for business expansion, medical emergencies, or personal expenses, these loans offer flexible terms and competitive interest rates. With options for online Personal Loan for self-employed, you can apply conveniently and get quick approvals.
Personal Loans provide several advantages for self-employed individuals, including:
1. No Collateral Required
These unsecured loans do not require any asset pledging.
2. Flexible Loan Amounts
Borrow amounts up to ₹ 30 Lakh, depending on eligibility.
3. Quick Disbursal
Funds are credited within 24-48 hours after approval.
4. Customised Tenure
Choose repayment periods ranging from 12 to 72 months.
5. Competitive Interest Rates
Get competitive interest rates starting from 11% p.a.*
6. Online Application
Apply for a Personal Loan online for self-employed and avoid lengthy paperwork.
| Type | Criteria |
|---|---|
| Residency | Indian resident |
| Age requirement | 21 years to 58 years |
| Profession | Salaried or self-employed individuals |
| Document Type | Required Document & Checks |
|---|---|
| Identity Proof | PAN and any one of the following- Aadhaar Card | Driving License | Passport | Voter ID | Job card by NREGA | Letter issued by the National Population Register containing details of name and address |
| Address Proof | Utility bills (not older than 2 months) | Aadhaar Card | Driving License | Passport | Voter ID etc |
| Income Proof | Income proofs vary for different professionals across salaried, non-salaried and self-employed. |
Please find the easy detailed list of required documents here
| Type | Document |
|---|---|
| Salaried | Last 3 month's salary slips / Form 16 / Last 3 month's bank statement reflecting |
| Self Employed | Latest Income Tax Return (ITR) |
| Bank Statement | Last 3 month's statement is mandatory |
| Residence Ownership Proof | Not mandatory |
List of all fees and charges
| Type | Interest Rate and Charges |
|---|---|
| Loan Processing Fees (non-refundable): | Upto 3%* of Loan Amount + applicable taxes |
| EMI Dishonour/ Bounce Charges: | As shown in the table below |
| Sanctioned Loan Amount | Charges |
| < ₹ 5 Lakh | ₹ 500 |
| ₹ 5 Lakh - ₹ 30 Lakh | ₹ 1000 |
| Late Payment Charges (LPC)/ Penal Charges: | 2% (p.m.) on EMI overdue + applicable taxes |
| *LPC revised from 3% to 2% per month on overdue EMI w.e.f. 4th Dec'23 | |
| *Taxes applicable on LPC w.e.f. 1st Apr'24 | |
| Part Payment Charges: | Up to 5% of pre-paid amount + applicable taxes |
| Foreclosure Charges: | 5% of POS (Principal Outstanding) + applicable taxes |
| Legal/ Recovery Charges: | As per actuals |
| Duplicate NOC Charges: | First 3 paper copies - free of cost |
| From 4th Paper copy - ₹250 + applicable taxes | |
| Repayment Swap charges (per swap): | ₹500 + applicable taxes (applicable only for branch walk-ins) |
| Loan Cancellation Charge: | Nil - for 3 days from date of disbursal |
| From 4th day - 5%+ applicable taxes (on the outstanding loan amount) | |
| Document Charges: | Nil for Statement of Account (SOA), Repayment Schedule, Foreclosure Letter, Welcome Kit |
| Annual Maintainance Charges (AMC): | Nil |
*Terms & Conditions Apply. All actual charges will be as per Key Fact Statement (KFS) shared by the company.
Several factors influence the approval for a Personal Loan for self-employed, such as:
1. Credit Score
Higher scores indicate better creditworthiness and increase approval chances.
2. Income Stability
Steady cash flow or income ensures timely EMI payments.
3. Business Vintage
A longer business history demonstrates stability and reliability.
4. Debt-to-Income Ratio
Lowering existing liabilities improves loan eligibility.
5. Complete Documentation
Submitting accurate and complete documents accelerates the approval process.
Apply for Personal Loan with these steps
1. Apply online in just few minutes
Select Personal Loan and click the 'Apply Now' button to start your seamless digital loan journey
2. Fill in your details
Enter your personal details, such as income details, current address, and more, to instantly check your loan eligibility
3. Get your customised offer
Explore personalised loan offers to match your needs. You may also get an options to enhance your offer
4. Set up E-mandate
Securely provide your bank details to easily register for an E-mandate, ensuring smooth loan repayments
5. Complete KYC
Verify your identity easily and securely with a quick KYC process from the comfort of your home
6. Get loan disbursement
Get your loan disbursement directly in your bank account, ensuring fast and seamless access to funds
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