Here’s Everything You Need to Know about Personal Loans for Self Employed with No Proof of Income

When it comes to availing a personal loan for self-employed, it would not be wrong to say that many people always get confused about the same. Yes, usually people think that self-employed individuals cannot avail a loan and that too without the income proof. So, if you are someone who wants to know more about personal loans for self-employed with no proof of income, all you need to do is just read the article below:

Now you must be wondering how the self-employed individuals can get a loan even without an income proof? Well, be ready to know how it is possible.

Moreover, if a self-employed individual doesn’t have an income proof, nothing to worry because in such a case, a secured personal loan is an option. Yes, in that case, lenders usually offer secured loans to the applicants by mortgaging their property documents. In order to get this loan, an applicant needs to submit his/her property documents to the lenders in order to get the required funds instantly. Before we proceed further it is important for you to know what a secured loan is all about?

What is a Secured Personal Loan?

Talking about a secured personal loan, it would not be wrong to say that it is a one-of-its-kind credit facility wherein an applicant can get a personal loan by giving the collateral/security to the lender. As far as security is concerned, it could either be gold, property document or any anything else. This is the reason why secured loans are available at a lower interest rate and come with many features such as flexible repayment options, higher loan amount and nominal processing fee.

Furthermore, on moving ahead with the same and as far as getting the loan at an attractive interest rate is concerned, there is no denying the fact that maintaining good relations with a lender  is also helpful here. Yes, being a borrower if you are someone who is an existing customer of a bank and has maintained the good terms, getting a personal loan and that too at the attractive personal loan interest rates is possible.

Now you just be glad to know that there are many top lenders that offer this unsecured credit facility to the applicants having no income proof. Yes, wanna know which banks offer the same facility? Read the article below:

Banks that offer a personal loan to self-employed individuals with no income proof:

HDFC Bank: A self-employed individual needs to have 3-4 years of business stability and also an operational current account with HDFC to get the loan without having an income proof.

Fullerton India: A self-employed applicant needs to have a current account with a lender and also he needs to show 3 years of ITR to get the loan.

So, if you are someone who wants to know how the personal loans for self employed with no proof of income is possible, with the help of reading the article above, it is easy for you to know the same.