Self-employed borrowers face unique challenges when applying for personal loans

Self-employed individuals seeking personal loans face unique challenges due to fluctuating incomes. Lenders typically prioritize salaried applicants, requiring self-employed borrowers to provide additional documentation, such as income proof and bank statements from the last three to six months. Eligibility criteria for self-employed applicants vary by lender but generally include age requirements, a good credit score, and stable income. Personal loans can be accessed through platforms like Moneycontrol, which offers loans up to Rs 15 lakhs with interest rates starting at 12% per annum. To improve their chances of approval, self-employed individuals can explore multiple loan offers and apply through online platforms. It is important to review interest rates and fees before applying to avoid future financial issues.