Did you have an accident and need to repair damage? Does your house need to be remodeled or enlarged? Do you want to make the trip of your dreams with your whole family? Do you want to take a master’s degree to improve your working conditions? Is there a family member or you are ill and require expensive treatment?

Whatever your purpose, a personal loan is the answer to immediate cash needs as it offers financial support without much hassles. But remember, it affects your personal finances because of the high interest rate.

However getting a personal loan is not so easy mainly because of the income eligibility criteria set by the lender. While some banks have a high income requirement, there are some banks which requires very low monthly income. In addition to this, income source also plays a key role.

There are typically two kinds of income sources that banks consider i.e. salary or income from self employment.

In this article we will answer some common questions about personal loan for low income earners for self employed whose income per month is Rs. 15,000 i.e. annual income of Rs. 1,80,000.

Dhanlaxmi Bank is one of the private bank that offers personal loan to self employed.

Dhanlaxmi Bank offers personal loan for Rs. 15,000 monthly income earners i.e. annual income of Rs. 1,80,000.

The minimum loan amount is Rs. 3,00,000 (3 Lacs) and maximum is Rs. 15,00,000 (15 Lacs).

The minimum loan amount is Rs. 1,00,000 (1 Lacs) and maximum is Rs. 15,00,000 (15 Lacs).

Self employed individual should have profit making business in which he/she should be a proprietorship. Or should be a partner in a partnership firm/ Private limited company with a positive turnover.

Self employed individual should have total 5 years of experience with 4 years in the current venture.

Yes, apart from self employed; the bank also offers loan to salaried individuals.

The annual income required for personal loan for salaried professionals is very high i.e. Rs. 35,000 per month.

The repayment option provided by the bank is very flexible for both self employed and salaried with minimum tenure of 1 year and maximum of 5 years.

Most of the banks asks for standard set of documents from self employed individual as follows:

(1) ITR from last 2 years along with computation of income, balance sheet, profit and loss schedule
(2) Bank statement of the business account of last 12 months
(3) Certificate of incorporate in case of proprietorship business
(4) Academic & professional qualification certificate
(5) ID and address proof

Personal credit is the amount of money that a bank or other financial institution lends you on the condition that you repay it, along with a taste, over a certain period of time.

Keep in mind that although this money you borrow does not belong to you at any time because they are not giving it to you, you do not have to explain or justify what you are using this money for.

Interested applicant can visit the website of the bank (https://www.dhanbank.com/) and click on Customer Service link on the top. After clicking, applicant will be redirected to the following link having a online form: https://www.dhanbank.com/contact/Cust_Complaint.aspx.

All the details on the form are self explanatory. Just make sure to select “Personal Loan” from the Product Type drop down list.

Author Bio:

Hi, I am Nikesh Mehta owner and writer of this site.

I’m an analytics professional and also love writing on finance and related industry. I’ve done online course in Financial Markets and Investment Strategy from Indian School of Business.

I can be reached at nikeshmehta@allonmoney.com. You may also visit my LinkedIn profile.