10 Best Personal Loans for Self Employed with no Proof of Income

No doubt, personal loans are approved for self-employed with no proof of income.

Here, I will explain the 10 best personal loans for self-employed with no proof of income. Carefully read on.

What Does Personal Loan Mean?

A personal loan is a loan with no requirement of collateral or security and is offered with minimal documentation. Like other loans, you can get personal loans either online or offline.

You can use the loan for legal or financial needs such as debt consolidation, new appliances, unexpected medical bills, etc.

A personal loan is different from a personal line of credit, and the latter offers only a defined amount of money but personal loan funds a lump sum amount.

Also, a personal loan differs from other installment loans such as student loans, mortgage loans, etc., specifically for education, home purchase, etc.

Unlike some loans, personal loans have a specific end date for repayment.

personal loans


Not all personal loans are secured, and some are unsecured, thus requiring extra carefulness when applying for them.

  • Secured Personal Loan: This type of personal loan requires collateral as a condition of borrowing. For instance, you may secure a personal loan with a cash asset (certificate of deposit) or a personal asset (car or ship).
  • Unsecured Personal Loan: Unsecured personal loan does not need collateral to borrow money. It is considered riskier; that can mean paying a higher interest rate for the loan. On the other hand, your asset is not taken away.

How Personal Loans Work

Once a personal loan is approved, the cash is delivered directly to the borrowers’ checking account. Immediately after that, the borrower begins to prepare for the repayment within the loan term the lender gives.

Alternatives to Personal Loan

There are alternatives that borrowers may consider aside from personal loans. They are as follows:

  • Personal Line of Credit: Personal line of credit is the type of loan with a definite sum of money accessed anytime though it has additional fees than a credit card loan.
  • Credit Card Loan: This loan allows you to purchase using your card. It is approved only for those with solid credit.
  • Small Business Loan: It is used to cover the daily business expenses. A small organization with less capital mainly borrows this type of loan.

Features of Personal Loans

  • No collateral.
  • Competetive interest rate.
  • Simple equated monthly installment.
  • Easy EMIs.
  • Quick procession of the loan.

Advantages of Personal Loans

  • It offers a lump sum of money.
  • An unsecured personal loan does not require collateral.
  • It offers long-term loans.
  • A secured personal loan provides security to your loan.
  • It has a flexible tenure period.
  • The loan is funded quickly.

Disadvantages of Personal Loans

  • Higher interest rate.
  • A secured personal loan requires a guarantor or collateral before approval.
  • High fees and penalties.
  • High risk is involved in unsecured personal loans.


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Personal Loans for Self-Employed with no Proof of Income

A personal loan for self-employed with no proof of income is the type of loan offered to self-employed individuals that cannot provide solid proof of income.

A borrower submits their documentation or collateral to a lender to get approved for the funds through a secured personal loan.

How to get a Loan with no Proof of Income

An applicant with no proof of income could get a loan by either co-signing with someone with of reliable earnings history and good credit or using a 1099 form that illustrates the applicant’s identity (what they do)

10 Best Personal Loans for Self-Employed with no Proof of Income

Below are the lenders that offer personal loans for self-employed with no proof of income.

1. ICICI Personal Loan

ICICI personal loan bank offers up to Rs. 20 Lakhs as a loan at an interest rate of 10.50%, with a processing fee of up to 2.25% + GST. The EMI is Rs. 2187 per lakh.

With the loan, a borrower (self-employed) could serve any purpose based on their needs.

Features of ICICI Personal Loan

  • No Collateral: ICICI Personal Loan does not require any guarantor or collateral for loan approval.
  • Interest Rate: The initial interest rates vary between 10.5% and 19% per annum.

2. YES Bank Personal Loan

In YES Bank personal loan, you can get up to Rs. 40 Lakhs for a maximum tenure of 5 years.

It offers loans at attractive interest rates up to 10.99%, with a processing fee of 2.50% of the loan amount. 

Features of YES Bank Personal Loan

  • Flexible Repayment: YES Bank Personal Loan gives the borrowers access to an online calculator and chooses the repayment structure depending on their repayment capacity, i.e., options are given to the borrowers.
  • Minimal Documentation: You can apply for a YES Bank Personal Loan online via the website. Only basic requirements, such as name, country, age, etc., are needed.
  • Unsecured Loan: To get approved for YES Bank Personal Loan, you do not need any loan security or collateral. It is offered as a sure unsecured loan.
  • Fast Loan Disbursal: YES Bank Personal Loan pays out quickly: the loan processing is swift. Once approved ultimately, the loan will be disbursed within a few hours.
  • Foreclosure/Part Prepayment: Successful repayment of 12 EMIs on your YES Bank Personal Loan qualifies you for part prepayment or forecloses you at a minimal charge.

3. PNB Personal Loan

PNB, Punjab National Bank, offers personal loans up to Rs. 20 Lakhs under the Personal Scheme for Public with an interest rate starting from 8.90% per annum.

The tenure lasts 72 months, and the processing fee is up to 1% of the loan term.

It also offers Rs. 20 Lakhs under PNB Doctor’s Delight with a maximum tenure of up to 84 months.

The fund is used to fulfill one’s immediate financial expenses.

Features of PNB Persoanl Loan

  • There is no prepayment fee on PNB Personal Loan.
  • EMI calculator for checking the options suitable for a borrower.

4. Citi Bank Personal Loan

Citi bank offers a personal loan of up to Rs.30 Lakhs with an interest rate of 9.99% per annum.

The repayment is 60 months with a processing fee of up to 35 of the loan amount.

Features of Citi Bank Personal Loan

  • Loan Amount: A borrower can get a minimum loan amount of Rs. 50,000 as a personal loan and a maximum loan of up to 30 Lakhs.
  • Processing fee: A loan processing fee of 2% of the sanctioned loan amount + applicable GST is available for salaried applicants and an instant personal loan scheme. But, there is no processing fee for Buy Now Pay Later.
  • Interest Rate: Citi Bank’s personal loans interest rates are fixed and vary from 10.50%-13.99% per annum (salaried applicants), 9.99%-14.99% per annum (instant personal loan), and 16% (Buy Now Pay Later scheme).

5. Tata Capital Persoanl Loan

It offers overdraft and unsecured personal loans up to Rs. 25 Lakhs with an interest rate that starts from 10.99% per annum. 

The processing fees are non-refundable and vary depending on the loan agreement.

Features of Tata Capital Persoanl Loan

  • Top-up Personal Loan: This is one of the apparent features of Tata Capital Personal Loan. Once you have their loan and successfully pay 8-18 EMI, you will be approved for the top-up.
  • Overdraft: A borrower with a maintained payment schedule can avail preapproved overdraft limit for urgent cash lapses along with their Tata Capital Personal Loan.
  • Loan Amount: Tata Capital Personal Loan is a massively flexible bank product. A borrower can apply for a loan of Rs. 75,000 (minimum loan amount) to Rs. 25 Lakhs (maximum loan amount) per annum.
  • Unsecured Loan: No loan security is required.
  • Foreclosure Charge: The foreclosure charge is 4.5% to 6.55 for principal outstanding + GST and 2.5% to 4.5% for the principal amount.

6. HDFC Bank Personal Loan

Self-employed applicants can borrow funds from HDFC Bank, one of India’s leading personal loan providers.

It offers loans up to Rs. 40 Lakhs with interest rates from 11.25%-10% per annum. The processing fee is up to 2.5% of the loan amount.

Features of HDFC Bank Personal Loan

  • Quick Disbursal: Once approved, the loan is paid out within a business day.
  • Security: Borrowers are provided options for getting personal loan security to meet the loan amounts.
  • Queries regarding personal loans are met all the time.

7. SBI Personal Loan

SBI offers personal loans up to Rs. 20 Lakhs with a maximum repayment term of 72 months.

The loan interest rate is 10.00% per annum with a processing fee of 1.50% of the loan amount.

Features of SBI Personal Loan

  • Loan Amount: For a term loan, you can avail of a minimum of 2500 and a maximum of 20 Lakhs. But for overdraft loans, the minimum loan amount available is 5 Lakhs, and the maximum loan limit is 20 Lakhs or 24 times NMI.
  • Low-Interest Rate: It has a low-interest rate which starts from 10.00%-15.65% per annum according to the loan type, borrower’s income, and repayment capacity.
  • Loan for All: SBI Bank offers several schemes for all categories of borrowers.

8. Indiabulls Dhani Personal Loans

For more straightforward and hassle-free loan disbursement, you can apply for a loan through the Dhani app.

It provides unsecured loans up to Rs. 15 Lakhs with easy eligibility at a low-interest rate from 13.99% per annum for 36 months.

However, it is an Indian-based lender.

Features of Indiabulls Dhani Personal Loans

  • Fast Disbursement of loan: The loan is funded within a business day of approval
  • Prepayment charge: It charges 5% of the principal outstanding.
  • Loan Amount:  The loan is repaid in 3 interest-free EMIs.

9. Bajaj Finserv Personal Loan

Bajaj Finserv Personal Loan offers loans immediate cash for the family, education, travel, health, business, or more.

The interest rate starts from 13% per annum with a loan up to Rs. 25 Lakhs for tenure up to 7 years. The processing fee is 4.13 of the loan amount with an EMI of Rs. 1104 per lakh.

Features of Bajaj Finserv Personal Loan

  • No Collateral: The loan is unsecured and does not require any collateral or guarantor.
  • Flexi Interest Only Loan:  Bajaj Finserv Personal Loan could be borrowed as a Flexi interest-only loan. Here, the EMI is 45% lower monthly than the term loan.
  • Free Part Prepayment: The loan borrowed in Bajaj Finserv does not come with part prepayment.
  • Quick Disbursal: It funds the loan within a business day of loan approval.

10. Fullerton India Personal Loan:

The financial service provides personal loans for self-employed individuals with a current account and three years of income tax returns.

Fullerton India Personal Loan offers up to Rs. 30 Lakhs loan amount for a tenure of 5 years with an interest rate of 11.99%-25%. The processing fee is 3%-6% of the loan amount.

Features of Fullerton India Personal Loan

  • Simplicity: The interface installment is easy to move.
  • Quick Disbursal:  It provides a fast loan disbursement once approved.
  • No collateral or guarantor is needed when applying for a loan in Fullerton, India.
  • Eligibility: The loan is provided for applicants between 21-65-year-old.


Aside from the lenders mentioned above, another way to avail of personal loans as a business owner with no proof of income is to request a family member, friend, or business associate to co-sign for the loan.

However, you can opt for a secured personal loan wherein any asset is offered as collateral and avail a loan amount in correspondent to the market value of your collateral.

Frequently Asked Questions

Can you get a Personal Loan without Proof of Income?

Yes, you can. Either from no-income lenders or your family members. But, disclose the terms and conditions of the loan to the family members. On the other hand, no-income loans have higher interest rates.

Can I apply for a Personal Loan if I am Self-employed?

You can apply for a personal loan if you are self-employed and have low cash.

The loans provided are helpful, especially for borrowers searching to consolidate debt or meet emergency expenses.

How do the Self-employed prove Income for Loans?

They prove income for loans via providing:

  • Bank statement showing active transactions.
  • 1099 form.
  • A profit and loss statement for your business etc.

Can 1099 be Used as Proof of Income?

Yes, 1099 can be used as proof of income because it contains the self-employed individual’s identifier (tax identification number or social security number) and the amount paid by the clients, which could be proof of income for loans.


Personal loans are also applied by self-employed with no proof of income to enhance their business. Although collateral is needed to secure certain loans (secured personal loans), there are loans with no requirement of a guarantor or collateral which are easier to borrow but riskier (unsecured personal loans). Any personal loan borrowed is repaid with interest within the loan tenure.

A video for further illustrations:

About Author

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Favour Nnenna
I am a writer and researcher, a practical digital marketer, and a copywriter who communicates value to a society based on years of experience and knowledge in the field.

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