Personal Loans are unsecured loans and your income proof is an important document to process your loan. However, if you are self-employed and don’t have documents for income proof, there are other documental proofs you can provide to avail of the personal loan. 

Lenders would be prepared to grant you secured loans, which require you to produce collateral, such as property documents, to the lender. It's always preferable to apply with a lender with whom you already have an account as you'll be able to negotiate lower interest rates and larger loan amounts.

Points to remember: 

  • Interest rates for self-employed people range from 10% to 25%, depending on your credit history and the loan options you choose. 
  • To have your loan approved, you'll need to have an excellent credit score. You will be able to acquire the best loan offers from your lender if you have a good credit score. 
  • Your loan application will be refused if you have unresolved negative issues on your credit report. To avoid rejections, it's best to get all of your negative concerns out of the way before applying for a loan. 
  • Check to see if you are eligible for the loan you are seeking, as well as the interest rates offered by the lenders.

Also Read: Most Popular Personal Loans in India