Personal Loans: Multi-purpose and easy

Get Kotak League Platinum Credit Card & earn 8X reward Points on your every spends of Rs.150 across all categories.
Know More
Load More
Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
By clicking on the hyper-link, you will be leaving www.kotak.com and entering website operated by other parties. Kotak Mahindra Bank does not control or endorse such websites, and bears no responsibility for them.
At your request, you are being re-directed to a third party site - https://www.billdesk.com/pgmerc/kotakcard/ wherein you can make your payment from a different bank account. Kotak Cards does not guarantee or warrant the accuracy or completeness of the information, materials, services or the reliability of any service, advice, opinion statement or other information displayed or distributed on the third party site. You shall access this site solely for purposes of payment of your bills and you understand and acknowledge that availing of any services offered on the site or any reliance on any opinion, advice, statement, memorandum, or information available on the site shall be at your sole risk. Kotak Cards and its affiliates, subsidiaries, employees, officers, directors and agents, expressly disclaim any liability for any deficiency in the services offered by BilIDesk whose site you are about to access. Neither Kotak Cards nor any of its affiliates nor their directors, officers and employees will be liable to or have any responsibility of any kind for any loss that you incur in the event of any deficiency in the services of BiIIDesk to whom the site belongs, failure or disruption of the site of BilIDesk, or resulting from the act or omission of any other party involved in making this site or the data contained therein available to you, or from any other cause relating to your access to, inability to access, or use of the site or these materials.
Note: Available in select banks only. Kotak Cards reserves the right to add/delete banks without prior notice. © Kotak Mahindra Bank. All rights reserved
By clicking on the hyper-link, you will be leaving www.kotak.com and entering website operated by other parties. Kotak Mahindra Bank does not control or endorse such websites, and bears no responsibility for them.
By clicking on the hyper-link, you will be leaving www.kotak.com and entering website operated by other parties. Kotak Mahindra Bank does not control or endorse such websites, and bears no responsibility for them.
By clicking on the hyper-link, you will be leaving www.kotak.com and entering website operated by other parties. Kotak Mahindra Bank does not control or endorse such websites, and bears no responsibility for them.
By clicking on the hyper-link, you will be leaving www.kotak.com and entering website operated by other parties. Kotak Mahindra Bank does not control or endorse such websites, and bears no responsibility for them.
Personal loans are a great short-term loan option if you are looking for money to take care of unexpected expenses. These loans are popular because they can be used to fulfil any monetary obligation – as a result, the takers for these types of loans are fairly high.
The advantages
You can take a personal loan for any purpose – from going on a vacation or to pay off a long-standing debt. These loans are usually easy to secure and take little time to process. Here are a few of the key benefits of taking personal loans:
Can self-employed individuals apply for personal loans?
Even for self-employed people, securing a personal loan is fairly easy. Each bank has its own eligibility criteria, but if you fulfil it, securing a personal loan is not hard.
What factors do banks consider for applications from self-employed individuals?
1. Age: Most banks stipulate that you need to be at least 21 years of age. However, each bank has its own eligibility criteria (for example, a large private bank requires you to be a minimum 28 years of age) for your personal-loan application approval.
2. Stability: Proving business stability could be important. For most banks, this means you need to have been in the same business for at least two years.
3. Income: Your repaying capacity is a deciding factor in the approval of your personal-loan application. If you are regularly earning at least Rs 25, 000 per month from your business, you will be eligible for personal loans from most banks. However, these rules are often not very rigid; you can still talk to your lender for a personal loan even if you don’t fall into this criteria.
4. Credit score: Your personal-loan application approval depends a lot on your credit score. Your credit score reflects your debt-repaying habits; so, if you have not been regular in paying your past debts, there is a chance that your loan application could be rejected. Make sure that you first check your credit score before applying for a personal loan.
5. Running loans: If you are already in the process of repaying loans, you have to inform the bank that you apply to. The banks will evaluate your repayment capacity, and if it is satisfied, it will approve your personal loan application.
Personal loans are one of the most easiest and flexible loan options in the market. If you are a self-employed individual facing a liquidity crunch, then applying for a personal loan is probably the best way for you to secure money quickly.
Disclaimer: Copyright Kotak Mahindra Bank Ltd.
You have already rated this article
OK