Discussion regarding personal loan for self employed person

[tryabp]

Hello @everyone,

Few months ago i got pre approved offer from Axis Bank for personal loan at interest of 13% & processing fee waive off, no hidden charges. I was curious as i am not salaried person and still receiving this offer. Few years ago got similar loan using CRED at 12% interest rate. But many banks dont even take personal loan application for self employed person, instead they direct this to business loan dept where interest rate is much higher.

I am creating this thread to discuss the topic of getting cheaper personal loans for self employed / business peoples. You can share your experience getting PL directly from branch so that this will be beneficial to all.

 

[simplegarv]

Hello @everyone,

Few months ago i got pre approved offer from Axis Bank for personal loan at interest of 13% & processing fee waive off, no hidden charges. I was curious as i am not salaried person and still receiving this offer. Few years ago got similar loan using CRED at 12% interest rate. But many banks dont even take personal loan application for self employed person, instead they direct this to business loan dept where interest rate is much higher.

I am creating this thread to discuss the topic of getting cheaper personal loans for self employed / business peoples. You can share your experience getting PL directly from branch so that this will be beneficial to all.

If the offer is Pre-Approved then, you'll get the PL at the mentioned rate of intrest.

 

[NShah]

Hello @everyone,

Few months ago i got pre approved offer from Axis Bank for personal loan at interest of 13% & processing fee waive off, no hidden charges. I was curious as i am not salaried person and still receiving this offer. Few years ago got similar loan using CRED at 12% interest rate. But many banks dont even take personal loan application for self employed person, instead they direct this to business loan dept where interest rate is much higher.

I am creating this thread to discuss the topic of getting cheaper personal loans for self employed / business peoples. You can share your experience getting PL directly from branch so that this will be beneficial to all.

Its pre approved offers it available for anyone self-employed or salaried
I am also self employed I also got pre approved offers for personal loan from sbi and I got it.

 

[zenchill]

Same boat as self employed and no PL options in an emergency. Banked with SBI all the while and they hardly offer anything to self employed.

Banking history with private banks may have been a better idea in hindsight.

A good cibil of 750+, no loans except a CC but no bank ready to offer a PL.

Business loans are another can of worms with collaterals etc so let's not even go there.

PL is very hard the government says they promote entrepreneurs.

 

[chiggybansal1]

So is there any method to get personal loan for self employed, banks dont offer even with decent itr, I am filing itr of 5-6 lakh from last 3 year and have multiple credit cards, even one auto loan after that they are not ready to offer a loan and says they need business gst details to proceed further, I have prefered banking with HDFC, Titanium Banking with Icici even though not getting offer for personal loan, Bob agreed to approve my loan on branch risk analysis @15% pa. Can anyone tell how to get a Personal Loan with Self Employed ITR.
@TechnoFino @Subhankar @Wealth is my birth right! i dont know others who can put limelight on this so please tag them.

 

[RishiKiDev]

So is there any method to get personal loan for self employed, banks dont offer even with decent itr, I am filing itr of 5-6 lakh from last 3 year and have multiple credit cards, even one auto loan after that they are not ready to offer a loan and says they need business gst details to proceed further, I have prefered banking with HDFC, Titanium Banking with Icici even though not getting offer for personal loan, Bob agreed to approve my loan on branch risk analysis @15% pa. Can anyone tell how to get a Personal Loan with Self Employed ITR.
@TechnoFino @Subhankar @Wealth is my birth right! i dont know others who can put limelight on this so please tag them.

Sir,
By basic banking definition:
Self Employed people can only get Business Loans and not Personal Loans. This requires ITR of Business income and GST etc.

Personal Loans are exclusively for Salaried person (except for Pre-approved PL). You can't apply this without Salary Slip and Employment Verification.

You can ask any Branch Manager of any reputed bank you will get the same answer.

 

[zenchill]

So is there any method to get personal loan for self employed, banks dont offer even with decent itr, I am filing itr of 5-6 lakh from last 3 year and have multiple credit cards, even one auto loan after that they are not ready to offer a loan and says they need business gst details to proceed further, I have prefered banking with HDFC, Titanium Banking with Icici even though not getting offer for personal loan, Bob agreed to approve my loan on branch risk analysis @15% pa. Can anyone tell how to get a Personal Loan with Self Employed ITR.
@TechnoFino @Subhankar @Wealth is my birth right! i dont know others who can put limelight on this so please tag them.

This is what it takes to be self employed in India. There is no support for loans esp PL. Most banks will seek GST returns but if your threshold is below GST limit there is hardly anything to convince them.
I have decent cibil of 750+, no loans, 1 cc, low credit utilisation, 10+ years vintage business, ITRs, tds deductions, payment in bank acc. Still noone would offer a PL.

 

[RishiKiDev]

This is what it takes to be self employed in India. There is no support for loans esp PL. Most banks will seek GST returns but if your threshold is below GST limit there is hardly anything to convince them.
I have decent cibil of 750+, no loans, 1 cc, low credit utilisation, 10+ years vintage business, ITRs, tds deductions, payment in bank acc. Still noone would offer a PL.

Personal Loans by banking definition is for Salaried Employee. You can google it for more information before blaming the banking system.

How can any bank offer you Personal Loan without Salary Slip, Bank Statement of Salary Credit and Employment Verification?

Anyways there are many govt banks which don't seek gst returns. You can try those or maybe some small finance banks.

Let me tell you a hack. Open a new Savings account with HDFC, Axis or ICICI and select Salaried in the Source of Income category. Do lot of txn on that account. Within 6-8 months you may get a Pre-approved Personal Loan offer without income proof

 

[zenchill]

No technically banks offer PL to both salaried and self employed. They don't offer the personal loan to self employed usually is another thing but there is no restriction. Educate yourself please

 

[Wealth is my birth right!]

So is there any method to get personal loan for self employed, banks dont offer even with decent itr, I am filing itr of 5-6 lakh from last 3 year and have multiple credit cards, even one auto loan after that they are not ready to offer a loan and says they need business gst details to proceed further, I have prefered banking with HDFC, Titanium Banking with Icici even though not getting offer for personal loan, Bob agreed to approve my loan on branch risk analysis @15% pa. Can anyone tell how to get a Personal Loan with Self Employed ITR.
@TechnoFino @Subhankar @Wealth is my birth right! i dont know others who can put limelight on this so please tag them.

If you’re fine with NBFCs they will offer loans easily
Muthoot give a try

 

[Lobogris]

Same boat as self employed and no PL options in an emergency. Banked with SBI all the while and they hardly offer anything to self employed.

Banking history with private banks may have been a better idea in hindsight.

A good cibil of 750+, no loans except a CC but no bank ready to offer a PL.

Business loans are another can of worms with collaterals etc so let's not even go there.

PL is very hard the government says they promote entrepreneurs.

I am self employed and practically all banks are offering me pre approved personal loans. SBI 7.3 lakhs, Indusind 10 lakhs and so on. iDFC, Axis, Kotak, ICICI, all are offering it. Fortunately I have no need for it.

 

[zenchill]

I am self employed and practically all banks are offering me pre approved personal loans. SBI 7.3 lakhs, Indusind 10 lakhs and so on. iDFC, Axis, Kotak, ICICI, all are offering it. Fortunately I have no need for it.

What banks do your primarily bank with? Banking relationship with private banks may be a reason. I am surprised at SBI. I have been banking with SBI for over 10 years . Have never received any offers whatsoever.

 

[Lobogris]

What banks do your primarily bank with? Banking relationship with private banks may be a reason. I am surprised at SBI. I have been banking with SBI for over 10 years . Have never received any offers whatsoever.

I have accounts and credit cards with various banks. SBI offered based on credit card. No bank account. Have accounts with HDFC, ICICI, Indusind, RBL, SBM, Kotak, Fincare, AU, Equitas, Utkarsh, Union Bank of India and probably a few more. Most are rop tier, premium accounts.

 

[zenchill]

Yes now I get it. Banking with private banks gives a better leverage in terms of potential PL opportunities.

Let's put SBI out since PL offering is CC based.
I was stupid enough to bank with only SBI all these years as a self employed individual and not much with any pvt banks. Even my cc is SBI. Unfortunately no loan options and never needed them tbh.

But now when I need it, no options.

Surely things could have been different had I diversified a few accounts with Pvt banks.

 

[Lobogris]

Yes now I get it. Banking with private banks gives a better leverage in terms of potential PL opportunities.

Let's put SBI out since PL offering is CC based.
I was stupid enough to bank with only SBI all these years as a self employed individual and not much with any pvt banks. Even my cc is SBI. Unfortunately no loan options and never needed them tbh.

But now when I need it, no options.

Surely things could have been different had I diversified a few accounts with Pvt banks.

They don't offer a loan on credit card?

 

[zenchill]

No holding it from 2019. Credit utilisation also ok, cibil also decent at 750+, no loans, timely repayments but no encash/pl options on the card. Something I'm missing? I wonder what.

 

[Shubham Yadav]

No holding it from 2019. Credit utilisation also ok, cibil also decent at 750+, no loans, timely repayments but no encash/pl options on the card. Something I'm missing? I wonder what.

Stop using card u will get offers

 

[Vasuki]

I would say best is .if you have registered firm with gst even though u are Proprietor .
Take Salary from your current account to Saving account and show yourself as Salaried .
Otherwise u have to be at mercy of Algorithm of banks for pl offer .

Hello @everyone,

Few months ago i got pre approved offer from Axis Bank for personal loan at interest of 13% & processing fee waive off, no hidden charges. I was curious as i am not salaried person and still receiving this offer. Few years ago got similar loan using CRED at 12% interest rate. But many banks dont even take personal loan application for self employed person, instead they direct this to business loan dept where interest rate is much higher.

I am creating this thread to discuss the topic of getting cheaper personal loans for self employed / business peoples. You can share your experience getting PL directly from branch so that this will be beneficial to all.

ld

 

[Vasuki]

Stop using card u will get offers

U mean if i have 3 card on same limit .. should not use 1-2 card or all 3 card ( axis)

 

[Lobogris]

Yes now I get it. Banking with private banks gives a better leverage in terms of potential PL opportunities.

Let's put SBI out since PL offering is CC based.
I was stupid enough to bank with only SBI all these years as a self employed individual and not much with any pvt banks. Even my cc is SBI. Unfortunately no loan options and never needed them tbh.

But now when I need it, no options.

Surely things could have been different had I diversified a few accounts with Pvt banks.

SBI is always offering me personal loans just few months after having their credit card. No accounts with them. All banks offer them including Indusind, AU, ICICI, HDFC etc.