Can Self-Employed Get a Personal Loan Without Income Proof?

Personal financial needs can come anytime. If you aren’t prepared for that and have not enough savings. Then for such uninformed financial needs, you can borrow a personal loan. It is an unsecured loan, which means that you don’t have to provide any kind of security. But lenders may check your income proof to know your repayment capability. For salaried individuals, the income proof to get a personal loan is a salary slip or salary certificate. For the self-employed, it’s quite difficult to get the income poof as they need to submit an ITR report with their business profit record. But what if you can get a personal loan without any income proof?  Yes, it is possible with a Fullerton India personal loan. In this article, you will know how this loan facility works. So keep reading to know more!

Features of the Fullerton India Personal Loan for Self-employed

Under this loan scheme of Fullerton India, self-employed individuals can borrow a loan up toINR 10 lakhs. But if the applicant is creditworthy and its overall income is high, then the loan can go up to INR 30 lakhs. You can repay the loan amount easily in the period ranging from 12 months to a maximum of 60 months. Fullerton India also offers pretty affordable interest rates starting from 12.99% to a 36% per annum. Your personal loan interest rates depend on factors such as residing city, employment stability, existing monthly obligations, CIBIL score, etc.

The documentation and approval process for a Fullerton India personal loan without any income proof is also easy. Just visit the official website of Fullerton India. 

Eligibility Criteria for Fullerton India Personal Loan

Your personal loan eligibility will depend on the factors mentioned below. 

    • The Yearly Profit after Tax Deduction: Your annual profit decides whether your business is in loss or profit that helps the lender decide to know your repayment capacity. 
    • Existing Obligations: If you have any existing loans or credit cards then it can affect your personal loan eligibility. As you have less to pay for a new loan if you already have some exciting obligations. 
    • Financial Position: Your growth in business also decides your financial status from the start of the business to the current position. 
  • CIBIL score: The 3-digit number decides your repayment capacity and shows the lender whether you are creditworthy or not. An ideal score to borrow a personal loan is 750 or above.
  • Residing City: The state in which the individual lives can also help him borrow a personal loan. As the applicants of a metro city like Mumbai, Delhi, KolKata have higher chances of business stability and can earn more than any other state.
  • Age: Your age is also an important factor for a personal loan. Because if your age is 60-65 years then there are less chances of stable income. So, make sure at the time of application your age is 25 to 28 years old.

Fullerton India considered these factors before sanctioning the loan amount for your personal finances.

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