Business Loan for Self Employed

A business loan for self-employed individuals with no collateral depends on many factors, including the lender's risk appetite and the borrower's creditworthiness. Here is the basic eligibility criteria that most banks and NBFCs have for individuals who wish to apply for a business loan. 

1. Business loan applicants must be an Indian national.

2. Loan applicants should be minimum of 18 years of age and a maximum of 65 years at the time of maturity. 

3. All self-employed individuals, private limited companies, proprietors, and partnership firms. Etc., are eligible to opt for unsecured business loans.

4. Applicants must have no previous loan or credit defaults with NBFCs, banks, or other lending institutions.

5. Applicant’s creditworthiness, repayment track record, CIBIL score of 700 and above, etc., are ideal for business loan eligibility.

1. Visit Bajaj Markets platform that has partnered with top banks, NBFCs, etc., that offer business loans.

2. Compare the interest rate, processing fees and other requirements that different lenders have quoted. This will help you finalise the bank or NBFC you want to approach for a business loan.

3. Enter your personal and professional details.

4. You can calculate your EMIs through free EMI calculators available online. Simply enter the loan amount you seek, the rate of interest offered by the lender, and your choice's tenure.

After the loan application is submitted, a representative of the bank or lending institute reaches out to the applicant regarding their loan application and document verification. The representative from that point on will then handle your process. If you want additional information about business loans and understand more details, then you can also choose to visit the lender’s nearest branch and fill out the application in person.

A business loan is one of the most common ways of raising capital for a company, business, or even to help self-employed professionals. With the help of a business loan for the self-employed, you can take care of your business expansion requirements, working capital needs, labour financing, and much more. Take a look at some of the salient features of business loans, understand lender requirements and apply online at ease!