{"id":20907,"date":"2021-07-13T09:22:02","date_gmt":"2021-07-13T09:22:02","guid":{"rendered":"https:\/\/tata-blog.osian.dev\/blog\/?p=20907"},"modified":"2021-07-13T09:22:37","modified_gmt":"2021-07-13T09:22:37","slug":"business-loan-for-self-employed-professionals","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-business\/business-loan-for-self-employed-professionals\/","title":{"rendered":"Business Loan for Self-Employed Professionals"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>Did you know that 51% of Indians are self-employed? If you are like most self-employed professionals and wondering whether you can get a business loan to finance your business operations, this article is for you.<\/p>\n\n\n\n<p>Be it to cover labour costs, purchase new inventory, expand your enterprise, or pay shipping fees; you can fund all your short and long-term business needs with a loan.<\/p>\n\n\n\n<p>Various lenders provide business finance for self-employed professionals. However, there are a few things you must know before approaching a lender.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Loan eligibility criteria<\/strong><\/h2>\n\n\n\n<p>The business loan eligibilitycriteria for self-employed individuals typically comprise income, age limit, business health, CIBIL score, and more. These conditions help lenders evaluate whether you can repay the loan amount on time.<\/p>\n\n\n\n<p>If you opt for business finance with Tata Capital, the eligibility for self-employed professionals is:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>You should be between 25 to 65 years of age.<\/li><li>Your CIBIL score should be 700 or above.<\/li><li>Your business must be profitable for 3 consecutive financial years.<\/li><li>Your balance sheet should be audited by a registered Chartered Accountant (CA).<\/li><li>Your business turnover should display an upward trend.<\/li><\/ul>\n\n\n\n<p style=\"color:#FF0000\"><strong>Additional Read:<\/strong> <a href=\"https:\/\/tata-blog.osian.dev\/blog\/business-loan\/common-hurdles-to-tackle-while-availing-business-loan\/\">Common Hurdles to Tackle While Availing Business Loan<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Documentation<\/strong><\/h2>\n\n\n\n<p>While paperwork requirements can vary for lenders, Tata Capital asks for the following to approve your <a href=\"https:\/\/tata-blog.osian.dev\/business-loan.html\">business loan<\/a> for self-employed professional:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Loan application with passport size photographs affixed<\/li><li>Driving license\/ Aadhar card\/ passport\/Voter ID<\/li><li>Business ownership papers and Trade License\/ Establishment\/ Sales Tax Certificate<\/li><li>Computation and Income Tax Returns or ITRs for the past 2 years<\/li><li>Certified copy of Sole Proprietorship declaration or Partnership Deed agreement<\/li><li>Profit\/Loss (P\/L) statement for the last 2 years<\/li><li>Audited balance sheet<\/li><li>Certified bank statements of the company for the past 6 months<\/li><li>PAN Card<\/li><li>Memorandum and Articles of Association papers<\/li><li>Registration of Incorporation document<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Repayment tenure<\/strong><\/h2>\n\n\n\n<p>Business loans for self-employed<strong> <\/strong>individuals can have repayment tenures between 12 months and 3 years. Your loan tenure determines your EMIs and interest payable. Here, the smaller your term, the higher the instalments, and vice versa.<\/p>\n\n\n\n<p>However, if you opt for a shorter duration, you may pay marginally higher EMIs, but you will save on the total interest paid.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Interest rates<\/strong><\/h2>\n\n\n\n<p>The <a href=\"https:\/\/tata-blog.osian.dev\/business-loan\/interest-rates-and-charges.html\">business loan interest rates<\/a><strong> <\/strong>also vary from one lending institution to another. However, in some cases, if you have a stellar CIBIL score, you can secure a loan offer at reduced rates. With Tata Capital, you can get competitive loan rates, starting at 19%.<\/p>\n\n\n\n<p style=\"color:#FF0000\"><strong>Additional Read: <\/strong><a href=\"https:\/\/tata-blog.osian.dev\/blog\/business-loan\/evolution-of-business-loan-interest-rates-in-the-recent-past\/\">Evolution of Business Loan Interest Rates in the Recent Past<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Additional charges<\/strong><\/h2>\n\n\n\n<p>Like any other loan, business financing also entails additional charges. These include processing fees (up to 2-3% of your borrowed amount), statement\/document charges, part-prepayment charges, foreclosure charges, etc. Before applying for a loan, read the fine print and compare these charges from multiple lenders.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Over to you<\/strong> <\/h2>\n\n\n\n<p>Now that you know about business financing for self-employed professionals, it\u2019s time to get the funds you need from a reliable lender. Opt for Tata Capital\u2019s business finance offerings. Score attractive interest rates, relaxed eligibility conditions, flexible EMI plans, and more.<\/p>\n\n\n\n<div class=\"wp-block-group alignwide\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-columns alignwide is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\" href=\"https:\/\/tata-blog.osian.dev\/business-loan\/business-loan-emi-calculator.html\">Calculate EMI<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Did you know that 51% of Indians are self-employed? If you are like most self-employed professionals. <\/p>\n<p><a href=\"https:\/\/tata-blog.osian.dev\/blog\/business-loan\/business-loan-for-self-employed-professionals\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":20908,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[26],"tags":[],"class_list":["post-20907","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Business Loan for Self-Employed Professionals - Tata Capital Blog<\/title>\n<meta name=\"description\" content=\"Looking for a Business Loan for Self-Employed Professional? Our blog helps you to understand business loan eligibility criteria, documentation procedure and more.\" \/>\n<meta name=\"robots\" content=\"noindex, nofollow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Business Loan for Self-Employed Professionals - Tata Capital Blog\" \/>\n<meta property=\"og:description\" content=\"Looking for a Business Loan for Self-Employed Professional? 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