Personal Loan for Self Employed – Rs.15000 Earners

Personal Loan for Self Employed Individual

Did you have an accident and need to repair damage? Does your house need to be remodeled or enlarged? Do you want to make the trip of your dreams with your whole family? Do you want to take a master’s degree to improve your working conditions? Is there a family member or you are ill and require expensive treatment?

Whatever your purpose, a personal loan is the answer to immediate cash needs as it offers financial support without much hassles. But remember, it affects your personal finances because of the high interest rate.

However getting a personal loan is not so easy mainly because of the income eligibility criteria set by the lender. While some banks have a high income requirement, there are some banks which requires very low monthly income. In addition to this, income source also plays a key role.

There are typically two kinds of income sources that banks consider i.e. salary or income from self employment.

In this article we will answer some common questions about personal loan for low income earners for self employed whose income per month is Rs. 15,000 i.e. annual income of Rs. 1,80,000.

Which private sector bank offers personal loan to self employed?


Dhanlaxmi Bank is one of the private bank that offers personal loan to self employed.

What is the monthly income required for personal loan for self employed?


Dhanlaxmi Bank offers personal loan for Rs. 15,000 monthly income earners i.e. annual income of Rs. 1,80,000.

How much loan amount is self employed eligible?


The minimum loan amount is Rs. 3,00,000 (3 Lacs) and maximum is Rs. 15,00,000 (15 Lacs).

What is the loan amount offered to salaried?


The minimum loan amount is Rs. 1,00,000 (1 Lacs) and maximum is Rs. 15,00,000 (15 Lacs).

What are other eligibility criteria for self employed?


Self employed individual should have profit making business in which he/she should be a proprietorship. Or should be a partner in a partnership firm/ Private limited company with a positive turnover.

What is the tenure required for self employed?


Self employed individual should have total 5 years of experience with 4 years in the current venture.

Does Dhanlaxmi Bank offers loan to salaried individuals?


Yes, apart from self employed; the bank also offers loan to salaried individuals.

What is the minimum monthly required for salaried individuals to get personal loan?


The annual income required for personal loan for salaried professionals is very high i.e. Rs. 35,000 per month.

What is the repayment tenure for personal loan for low income earning self employed and salaried individual?


The repayment option provided by the bank is very flexible for both self employed and salaried with minimum tenure of 1 year and maximum of 5 years.

What are the documents required from self employed professional applying for personal loan at Dhanlaxmi Bank?


Most of the banks asks for standard set of documents from self employed individual as follows:

(1) ITR from last 2 years along with computation of income, balance sheet, profit and loss schedule
(2) Bank statement of the business account of last 12 months
(3) Certificate of incorporate in case of proprietorship business
(4) Academic & professional qualification certificate
(5) ID and address proof

What are the benefits of personal loan for self employed?


Personal credit is the amount of money that a bank or other financial institution lends you on the condition that you repay it, along with a taste, over a certain period of time.

Keep in mind that although this money you borrow does not belong to you at any time because they are not giving it to you, you do not have to explain or justify what you are using this money for.

How to contact Dhanlaxmi Bank online for personal loan?


Interested applicant can visit the website of the bank (https://www.dhanbank.com/) and click on Customer Service link on the top. After clicking, applicant will be redirected to the following link having a online form: https://www.dhanbank.com/contact/Cust_Complaint.aspx.

All the details on the form are self explanatory. Just make sure to select “Personal Loan” from the Product Type drop down list.

Author Bio:

This article has been written by Chandra Mehta.

CL MehtaChandra is a seasoned banker with 35+ years of experience in banking and financial services industry. He’s a retired banker and has served as Chief Manager and Assistant Vice President in State Bank of India/or its subsidiaries. He has authored many articles on this site (allonmoney.com).

He can be reached at [email protected]. You may also visit his LinkedIn profile.

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