<p style="text-align: justify">As per a survey in 2019, around 20 million Indians have been estimated to hold no income proof. While some belong to the low-income group or are unemployed, others hold a steady source of income.</p>
<p style="text-align: justify">Now, such individuals could also require funds to meet their financial obligations. However, lenders are often reluctant to sanction you an advance without the income proof and Income Tax return files. This is because these criteria evaluate your repayment capacity and the possibility of defaulting.</p>
<p style="text-align: justify">To offer a line of credit to such individuals, specific lenders are willing to offer them access to high-value financing like a <a href="https://www.bajajfinserv.in/personal-loan-for-self-employed"><strong>personal loan for self-employed</strong></a> on certain grounds. Here are some of the ways how you can do so –</p>
<h2 style="text-align: justify">[a] Apply with a co-borrower</h2>
<p style="text-align: justify">If your spouse holds a steady income and possesses a high CIBIL score, you can appoint him/her as a co-applicant. When you apply for a personal loan for self-employed, the lender will consider both of your income together. Thus, if your partner exhibits a good credit score of 750 or above, a clean repayment track record and proof of stable income – you can even be eligible for a high loan amount.</p>
<p style="text-align: justify">For instance, you can consider availing a Business Loan from lenders like Bajaj Finserv that will fetch you a hefty sum of up to Rs. 30 Lakh at competitive rates. Further, if you are an existing customer of this lender, you can also enjoy pre-approved offers both on their secured and collateral-free loans.</p>
<h2 style="text-align: justify">[b] Appoint a guarantor</h2>
<p style="text-align: justify">To gain access to personal loans for self-employed, you can also appoint a guarantor. In case you default on loan repayment the guarantor will be liable to continue the repayment process. However, make sure the guarantor fulfills the basic requirements to procure a loan for self-employed such as a good CIBIL rating, steady income, and responsible repayment behavior.</p>
<h2 style="text-align: justify">[c] Avail government schemes</h2>
<p style="text-align: justify">You can also apply for government schemes like the Mudra Loan scheme that offers to finance to entrepreneurs with negligible income and micro-business units. Although it is difficult to procure such advances without any income group, the Mudra Yojana scheme can still be your best shot.</p>
<p style="text-align: justify"><strong>Under Mudra scheme, you can get access to collateral-free loans under 3 categories:</strong></p>
<ol style="text-align: justify">
<li><strong>Shishu</strong>: You can procure advances of up to Rs. 50,000 ideal for starting a start-up project.</li>
<li><strong>Kishor</strong>: You can avail loans ranging between Rs. 50,001 and 5,00,000 for well-established businesses.</li>
</ol>
<ul style="text-align: justify">
<li><strong>Tarun</strong>: Advances ranging between Rs. 5,00,001 and 10,00,000 are offered mainly for the purpose of business expansion.</li>
</ul>
<p style="text-align: justify">For such personal-loan for self-employed, you are not required to pledge any assets as collateral. Plus, women applicants are also eligible to benefit from subsidised interest rates on such advances.</p>
<p style="text-align: justify">With this information on <a href="https://www.bajajfinserv.in/insights/pradhan-mantri-mudra-yojana"><strong>Pradhan Mantri Mudra Yojana</strong></a>, you can reap the benefits of this flagship project. However, make sure your enterprise qualifies for this loan scheme before approaching a financial intuition or NBFC.</p>
<p style="text-align: justify">Apart from these prominent ways, to procure an advance without proper income statements, you can also opt for secured loan facilities. For instance, pledging an asset (like land, or residential property) you can fetch a hefty sum at competitive rates. But, if you do not have any income proof whatsoever, you might have to opt for a joint mortgage loan.</p>
<p style="text-align: justify">With this information on collateral-free loans for business, you can have access to adequate funding options even with limited resources. Also, approach a lender that offers easy-to-meet eligibility criteria which is particularly essential in your case.</p>

Personal Loan for Self-Employed – How to get it with No Income Proof?
