Personal Loans for Self-Employed Loan Seekers
Self-employed professionals and entrepreneurs frequently encounter cash-flow gaps or unforeseen expenses in today's dynamic business environment—be it for life events, working capital, equipment upgrades, or medical bills. Bankstore’s personal loan for self-employed individuals provides flexible, unsecured financing with minimal usage restrictions, allowing you to balance both personal and professional needs.
What Is a Personal Loan for Self-Employed Individuals?
This is an unsecured credit facility based not on a salary slip but on your business’s financial health. Bankstore partners with top lenders who assess your audited financials, P&L statements, and ITRs to match your unique cash-flow patterns.
Our advanced fintech-backed platform incorporates real-time banking data—like cash-flow trends and seasonal revenues—to recommend optimal loan amounts and tenure. You can also access features like pre-approved top-ups and balance-transfer options. With dashboards and reminders, you remain in control of the loan lifecycle.
Fees and Interest Rates
Interest rates vary based on your credit and business profile, generally ranging from 10.49% to 18.99% p.a.
- Processing Fee:
1.5%–3.5% of the loan amount- Prepayment Charges:
Up to 4% on the outstanding principal
- Late Payment Penalties:
Flat fee or percentage of the overdue EMI
- Prepayment Charges:
Loan Amount and Repayment Tenure
You can borrow from ₹50,000 to ₹35 lakh (or up to ₹40 lakh for eligible borrowers) with terms from 12 to 60 months (up to 72 months in special cases).
Shorter tenures reduce total interest but increase EMIs; longer tenures ease EMI pressure but increase total interest. Use our EMI calculator for the best fit. Choose tenure based on upcoming business cash inflows or slow periods. Mid-term top-ups and schedule recalibrations are available from most Bankstore lenders.
Eligibility Criteria for Flexi Personal Loan
Check if you meet the simple eligibility criteria to get your loan approved:
Age Requirement
21–65 year
Income Proof
ITRs or audited statements for 2–3 years, plus business bank statements
Business Vintage
At least 2–3 years of continuous operationn
Credit Score
700+ recommended
Banking Relationship
Active account with regular transactions
Application Process
Bankstore offers a simple digital process:
- Step 1:
Pre-qualification with soft credit check - Step 2:
Fill out the online form with business and financial details - Step 3:
Upload required documents:- Aadhaar + address proof (passport, DL)
- PAN card
- ITRs/audited financials (2–3 years)
- 6-month bank statements
- CA certificate or P&L
- Step 4:
Business and credit verification, e-KYC or video KYC - Step 5:
Disbursal in 2–5 business days (faster for existing clients)
Key Benefits of Bankstore Self-Employed Personal Loans
- Unsecured—no collateral or guarantor needed
- Use funds for both personal and business needs
- Competitive interest rates and offers from top lenders
- Fully digital process for convenience
- Flexible tenures from 12 to 60+ months
Key Factors to Consider
- Ensure accuracy of financial documents to avoid delays
- Use EMI calculator to match repayment to cash flows
- Maintain strong credit by clearing existing debts
- Compare multiple lender offers on Bankstore
- Understand lock-ins and foreclosure terms if planning early repayment
Interest Rates and Repayment Options
Your EMI Details
Loan EMI
₹ 0.00
Total Interest Payable
₹ 0.00
Total Payment
₹ 0.00
Frequently Asked Questions (FAQs)
Yes, there's no restriction on use.