Personal Loan​ for Self Employed

No Collateral I Up to Rs. 45 Lakhs I Tenure up to 60 months​

4 reasons to choose our Personal loan

LOAN OF UP TO Rs. 45 Lakh

TENURE OF UP TO 96 MONTHS

NO COLLATERAL

MINIMAL DOCUMENTATION

A loan for all your goals

Wedding
Expense

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Home
Expenses

Higher
Education

Medical
Expenses

Eligibility criteria and documents required

Anyone can apply for our personal loan online, as long as you meet five basic criteria mentioned below. If you meet all the eligibility criteria, you will need a set of documents to complete your application process. With our online personal loan, you can get an instant approval for up to Rs. 40 lakh. Meet the easy eligibility parameters and complete your basic documentation to avail the money you need within 24 hours* of approval.

Eligibility criteria

• Nationality: Indian
• Intrest Rate: Interest rate starts from 10.99% (may differ from lenders to lenders).
• CIBIL Score: 700 or higher
• Most lenders prefer income of Rs. 20,000 and above.
• For self-employed: a minimum yearly profit after tax determined based on profession/industry
• Age: 21 years to 70 years*
*Higher age limit is applicable at the time of loan maturity.

Documents

• Aadhar Card , Passport Driving License Voters ID PAN Card .
• Proof of business registration/incorporation VAT returns and GST registration number .
• Income tax PAN copy Audited financial statements, Form 16, and income tax returns Latest bank statement of 6 months and other supporting documents .
(The additional documents requirement may vary from lender to lender).

Frequently asked questions

The important factors that affect your personal eligibility are:
Your Income
Your Credit Score
Work Experience
Your Current Liabilities.

Mantra Finserv considers a CIBIL Score of 700 or above as a good credit score. A strong business turnover and having all your documents in check also reflect positively on your profile.

It Generally ranges from 1% to 3% of the loan amount + (GST).

While online lenders may provide loan amount within 24-48 hours subject to their terms and conditions, usually the approval time after submission of loan application is three to seven working days and disbursement after approval is done within seven working days.

Defaulting on a personal loan can severely impact your credit score. If you miss one or two EMI payments it will not make you a defaulter. However, if you fail to pay several EMIs on time your lender shall report you as a defaulter. If it so happens, it will become very difficult (nearly impossible) for you to take another loan in future. With that, the concerned lender may also take action against you.

Interest rates on personal loan can be both flat or reducing. In flat rate method, the interest rate is calculated on the principal amount of the loan. On the other hand, in the reducing interest rate, the interest rate is calculated only on the outstanding loan amount on monthly basis in the reducing balance rate method.

Since Personal loan are unsecured loan therefore you are not required to provide any security or collateral to avail your personal loan

Yes if you are already running a personal loan, you can go for a top up on it. You can obtain it either from your existing bank or lender at existing loan rate or transfer your loan to another bank.