Shop owners, traders, freelancers, consultants and professionals can all get personal loans. The difference from salaried applicants is how the lender confirms your income.
How income is assessed
- Income tax returns — often the last one to two years, with the computation of income
- Bank statements — regular inflows, average balance and no bounces in your main account
- Business continuity — how long the business or practice has been running
- Business proof — GST registration, Udyam certificate, shop licence or professional registration
Tips for self-employed applicants
- Route income through your bank account — lenders can only count what they can see.
- File ITR and GST on time; regular filings are the clearest proof of income.
- Keep personal and business accounts separate but both in good order.
- Share statements digitally through Account Aggregator for a verified view of your cash flow.
- Read personal loan for salaried vs self-employed.
Personal loan or business loan?
If the money is for the business — stock, equipment, working capital — a business loan is usually the better fit. For personal needs, a personal loan works. See the documents checklist and eligibility.