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Thejus KS

A mechanical engineer turned history buff with a sprinkle of financial brilliance. Thejus’s expertise comes with a unique blend of engineering precision, timelines, and the power of numerals. He knows that numbers are the pulse of our globe. Attention to detail and extensive research are the key elements of his writing.

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Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

Today, innovation and ambition fuel the journey to success, and financial support becomes a pivotal factor in turning dreams into reality. For self-employed individuals navigating the challenging terrain of business ownership, the State Bank of India (SBI), established in 1955, stands as a reliable partner in their pursuit of financial stability and growth.

As we unravel the specifics, you’ll gain insights into how SBI empowers self-employed individuals to bridge financial gaps, seize opportunities, and overcome challenges. SBI’s commitment to fostering entrepreneurship is more than just a financial transaction; it’s a partnership in building and realising your entrepreneurial dreams. Today, we will discuss SBI personal loans for self-employed. Let’s take a look!

SBI Personal Loan for Self-Employed – Highlights

Here are the highlights of SBI personal loans for self-employed. Take a look

SBI Bank Personal Loan Highlights
SBI Self-Employed Personal Loan Interest	10.55%-14.55% p.a.
Loan Amount	Up to Rs 20 lakh
Tenure	Up to 6 years
Minimum Monthly Salary	Rs 15,000
Processing Fee	NIL (till 31st January 2024)
Pre-closure Charges	NIL
Part-payment Fees	NIL

Compare SBI Self-Employed Loan from Other Banks

Here is a quick comparison between SBI self-employed instant loans and those of other leading banks and NBFCs.

Bank Name	Interest Rate (per annum)	Maximum Loan Tenure
Bank of India	10.25% onwards	Seven years
Citibank	10.75% onwards	Five years
Kotak Mahindra Bank	10.99% onwards	Six years
Tata Capital	10.99% onwards	Six years
KreditBee	16% onwards	Two years

SBI Personal Loan for Self-employed – Fees and Charges

The borrowers are required to pay certain additional charges for SBI self-employed instant loans. These are as follows:

1.50% processing fee of the loan amount + GST
18% GST
Other charges may include stamp duty, verification charges and incidental costs

SBI Self-Employed Personal Loan Documents Required

Take a look at the SBI Bank salaried employee personal loan document requirements below:

Completely filled loan application form with two self-attested photographs
Government-approved documents like Aadhar card, utility bills, voter ID
For income proof, the applicant will need to show the latest salary receipts, bank statements of the past few months, income tax filings, etc.

SBI Personal Loan for Self-employed – Eligibility Criteria

Here’s the basic eligibility criteria for an SBI personal loan for self-employed.

The applicant must be between 21-76 years of age.
The applicant must be earning a minimum income of INR 15,000.
He or she should be an Indian citizen.
The applicant must have a healthy CIBIL score of 700+

Frequently Asked Question (FAQs)

Is it possible for a self-employed get a personal loan from SBI?

Yes, if the applicant meets the basic eligibility criteria, then he or she is eligible to apply for a personal loan.

What is the maximum loan amount that a self-employed person can apply for a personal loan?

The maximum loan amount that a self-employed person can apply for is INR 20 lakh.

What is the minimum credit score required for a self-employed person to apply for a personal loan?

A score of 700-750 or more is considered a good credit score.

How can the self-employed get a loan through SBI instantly?

If you meet the basic eligibility criteria, then you can speed up your loan application process.