Personal Loan for Home Renovation

Renovate your home in the latest styles and trends with a Personal Loan for Home Renovation from Aditya Birla Capital. Get quick sanctions with minimal documentation and upgrade your dream home.

Attractive interest rates
Easy & flexible repayment options
Easy application process with quick sanctions

Step 1

Step 2

Step 3

Finish

₹ 5.50 Lakh Cr

AUM

1,712

BRANCHES

3.9 Cr

ACTIVE CUSTOMER BASE

₹ 1.78 Lakh Cr

CONSOLIDATED LENDING BOOK

What is a Personal Loan for Self-Employed?

A Personal Loan for Self-Employed is a financial solution designed to help entrepreneurs, business owners, and freelancers meet their personal and professional financial needs. Whether it’s for expanding your business, managing unexpected expenses, or upgrading your lifestyle, this loan provides hassle-free access to funds without collateral.

With competitive interest rates and flexible repayment options, self-employed professionals can secure the financial support they need with minimal documentation. The loan amount and tenure are tailored to suit the borrower’s income and business stability, ensuring a seamless borrowing experience.

Features of Personal Loan for Self-Employed

Flexible Repayment Options

Choose a repayment tenure that fits your financial planning.

Quick Loan Approval

Get funds disbursed swiftly with minimal documentation.

No Collateral Required

Secure financing without pledging any assets.

High Loan Amounts

Borrow as per your eligibility and business stability.

Competitive Interest Rates

Enjoy affordable EMIs with attractive interest rates.

Eligibility Criteria for Personal Loan for Self-Employed

To be eligible for a Personal Loan for Self-Employed individuals, applicants must meet the following criteria:

Documents Required for Personal Loan

Identity Proof: Aadhaar Card, PAN Card, Passport, Voter ID.
Address Proof: Utility Bills / Rental Agreement / Passport.
Business Proof: GST Registration Certificate / Business License / Shop Act License.
Income Proof: Bank statements for the last 6 months, ITR for the last 2 years.
Financial Documents: Profit & Loss Statement, Balance Sheet (if applicable).

Eligibility Criteria for Personal Loan

Business Vintage: Applicants must have a minimum of 3 years of business continuity with proof of operations.
Age: Applicants must be between 21 to 65 years at the time of loan maturity.
Income: Minimum annual income of ₹2 lakh as per the latest Income Tax Returns (ITR).
Credit Score: A CIBIL score of 700+ is preferred for faster approval and better loan terms.
Business Registration: The business must be registered with a valid GST certificate, trade license, or other official documentation.

Types of Personal Loan in India

Medical Emergency

Personal Loan for Marriage

Personal Loan for Teachers

Personal Loan for Emergency

Personal Loan for Home Renovation

Personal Loan for Students

Personal Loan for Women

Personal Loan for Salaried Individuals

Personal Loan for Government Employees

How to Apply for Personal Loan for Self-Employed

1step

Visit the Official Website

Navigate to the personal loan section.

2step

Check Eligibility

Use an online eligibility calculator to determine loan feasibility.

3step

Fill Out the Application Form

Fill out necessary personal and financial details.

4step

Upload Required Documents

Upload the necessary documents for verification.

5step

Submit the Application

Wait for approval after the submission of your application.

6step

Receive Loan Disbursal

Get the loan amount directly into your bank account within 24 hours of approval.

Revision of Reference Rates for determining Interest Rates on loans given

Long Term Reference Rate

ABCL has increased its Long-Term Reference Rate (LTRR) by 20 bps to 20.45% p.a. with effect from March 1, 2024. The interest rate on the floating rate loans of tenor greater than 12 months that are linked to the LTRR will be revised upwards by 20 bps. The spread / margin on the said loans will remain unchanged.

Short Term Reference Rate

ABCL has increased its Short-Term Reference Rate (STRR) by 20 bps to 19.45% p.a. with effect from March 1, 2024. The interest rate on the floating rate loans of tenor up to 12 months that are linked to the STRR will be revised upwards by 20 bps. The spread / margin on the said loans will remain unchanged.

Fees and Charges for Loans for Self-employed

Charge Type	Amount
Cheque Return charges	₹500 + GST per instance
Default Penal charges	3% of the pending amount per month
Charges for cancellation of Loan	4% of loan amount disbursed + applicable taxes
CIBIL report retrieval fees	₹100 + GST per instance
Charge for Exchanging PDCs / ECS	₹750 + GST per instance
Loan reschedule charges	₹5000 + GST per instance
Stamp Duty	As per Actual if applicable
Insurance Premium	As per Actual, if applicable
Pre-closure Quote	₹1000 + GST per instance
Any other charges	As per Actual, if applicable
Part - Pre-Payment Charges	Charges: A) Nil Charges - If Part prepayment is equal to 20% of the total disbursed amount in a year B) 3% + GST on Remaining Loan amount - If part payment is greater than 20% of the total disbursed Conditions: A) No pre-payment is allowed in the first 6 months from the date of disbursement B) Part Pre-Payment amount should be equal to OR greater than a total of 3 EMIs. C) Part-prepayment is allowed only once in the first year of loan tenure.
Foreclosure Charges	4% of the Principal outstanding amount + GST Condition: Foreclosure is allowed only after 12 months from the date of loan disbursal.

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Different financial needs, different loans,
one app - ABCD

For weddings, travel, vehicle purchases, or any other obligation, fulfil any need with personal finance solutions offered by the ABCD app.

Range of loan options for different needs
Range of loan options for different needs
Quick sanctions and disbursals

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Customer Satisfaction Stories

Hear from our happy customers what they have to say about their experience with us.

Mr. Hiralkumar Ashokbhai Patel

Aditya Birla Finance Customer

Seamless onboarding experience and great support provided by the Relationship Manager during the documentation process.

Mr. B. Narsimulu

Aditya Birla Housing Finance Customer

Hyderabad, India

Mr. Pramod Kumar Saini

Aditya Birla Finance Customer

I appreciate the online documentation process which helped in ease of my loan process. I could get loan information through WhatsApp and other digital platforms.

Mr. Vikram Balu Gavali

Aditya Birla Housing Finance Customer

Belapur, India

Our Personal Finance Products Find a wide range of solutions for all your financing needs.

Instant Personal Loan INSTANT PERSONAL LOAN SHORT TERM PERSONAL LOAN LONG TERM PERSONAL LOAN

Loans by Amount PERSONAL LOAN OF RS. 1 LAKH PERSONAL LOAN OF RS. 2 LAKH PERSONAL LOAN OF RS. 3 LAKH PERSONAL LOAN OF RS. 4 LAKH PERSONAL LOAN OF RS. 5 LAKH PERSONAL LOAN OF RS. 10 LAKH PERSONAL LOAN OF RS. 15 LAKH PERSONAL LOAN OF RS. 20 LAKH PERSONAL LOAN OF RS. 25 LAKH

Loan for Utility LOAN FOR IPHONE LOAN FOR LAPTOP LOAN FOR TV

Loans by Profession LOAN FOR SALARIED LOAN FOR SELF EMPLOYED LOAN FOR GOVERNMENT EMPLOYEES LOAN FOR DOCTORS LOAN FOR TEACHERS LOAN FOR CA LOAN FOR ENGINEERS

Loans by Needs MEDICAL EMERGENCY LOAN WEDDING LOAN TRAVEL LOAN HOME RENOVATION DEBT CONSOLIDATION LOAN LOAN FOR EMERGENCY LOAN FOR SHOPPING LOAN FOR WOMEN

FAQs on Loans for Self-employed

Yes, you can apply for the loan as Aditya Birla Capital offers loans for both self-employed professionals and non-professionals.

If you fulfil the eligibility criteria specified for the loan, you will be eligible to apply.

There is no income criterion for personal loans for self-employed. You should have a steady source of income to qualify for the loan.

The maximum loan amount depends on your eligibility parameters. You can use the online eligibility calculator to determine your maximum loan amount.

Yes, your credit score is an important criterion when applying for a loan for self-employed. It should be 750+ to get the loan sanctioned. Moreover, you can get lower interest rates and favourable loan terms if you have a high credit score.

Disclaimer

Call 1800 270 7000 OR write to us at care.finance@adityabirlacapital.com.

For more details, to know your personal loan eligibility, access the product brochure or to set a meeting with our relationship manager.

The information presented on this page is intended solely for general informational purposes and does not constitute financial, investment, or professional advice. This content has not been authored by, nor does it represent an official communication from, Aditya Birla Capital Digital Limited. It is compiled from publicly available secondary sources, which may be subject to change without prior notice. Readers are strongly advised to conduct their own independent research and seek guidance from licensed financial advisors before making any investment decisions. All investments carry inherent risks, including the potential loss of principal. Past performance is not indicative of future results.