When applying for a personal loan for self-employed professionals, focus on interest rates, repayment terms, processing fees, and any hidden charges. Ensure the lender offers flexibility and minimal documentation.
Turn Your Ambitions into Reality
with RING Personal Loans
Attractive Interest rates
Flexible Repayment
Instant Bank Transfer
About Our Personal Loan for Self-Employed Professionals
Our personal loan for Self-Employed Professionals caters to the specific financial needs of self-employed professionals. RING offers loan amounts ranging from Rs. 50,000 to Rs. 5 lakhs, with repayment tenures of 3 to 60 months. The entire application process is digital, and approval is instant, making it the perfect choice for busy professionals. Best of all, you can get your loan without any collateral.
Benefits of Personal Loan for self-employed professionals
Instant Approval
Flexible Repayment
No Hidden Fees
Higher Loan Limits
Features of Personal Loans for self-employed professionals
Credit Up to Rs. 5 Lakhs
Avail of credit up to Rs. 5 lakhs with paperless KYC.
Flexible Repayment
Choose repayment periods from 3 to 60 months.
Instant Approval
Money transferred to your bank account in 5 minutes.
Zero Paperwork
100% Digital - Hassle-free process
No Collateral Required
Secure a loan without pledging any assets.
Transparent Terms
Know all costs upfront with no hidden charges.
Competitive Rates
APR ranges from 32% to 57% per annum.
Multi-Purpose Loans
Use your loan for personal or business purposes
Check Your Eligibility
Instant Personal Loan Eligibility Criteria
To qualify for a personal loan applicants need to meet the following criteria:
- Nationality: Indian citizen.
- Age: Between 23 and 55 years.
- Documentation: Selfie, PAN Card, and Aadhaar Card.
- Income Proof: Required only for select high-value loans based on credit profile.
- Profile : Salaried, Self-Employed, Small busines owner & MSMEs
Having these documents prepared ensures a smoother and quicker application process
Follow these simple steps to get started:
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Verify Mobile Number
Enter your number on the RING app/website, receive an OTP, and verify.
Personal Loan For self-employed professionals EMI Calculator
Breaking Down the Cost: Interest Rates Explained
A tool designed to help you understand the monthly payment on your loan. Whenever you take a loan, the EMI amount that you will pay is very important in helping you arrive at your final loan amount and repayment tenure. Our personal loan calculator helps you do just that. You will be able to see your monthly payment, and this will help you decide what your loan amount should ideally be, and if it is payable over a period.
Principal Amount (A): ₹500,000
Interest Amount (B):
Your EMI: ₹ per month
Your Loan Amount: ₹500,000
At Interest Rate of: 2%
For : 2 years
Total Payable: ₹
Here’s a quick example to illustrate:
- Loan Amount (Principal): ₹1,00,000
- Tenure: 12 months
- Interest Rate: 13% per annum
- Processing Fee (incl. GST): ₹3000 (3%)
- Total Interest: ₹7,180.73
- EMI: ₹1,374.63
- APR: Start from 14%
Disclaimer - The Loan EMI Calculator only shows an estimate. Consult your lender for accurate details.
The Formula to Calculate EMI on Personal Loan for self-employed professionals
The formula for calculating EMI is as follows:
EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]
P= Principal loan amount | R= Monthly interest rate (annual interest rate divided by 12) | N= Loan tenure in months
**To explain it further, let’s see an example:**
Suppose you take a Personal Loan for self-employed professionals for ₹5,00,000 with an annual interest rate (IR) of 10% for a tenure of, say, 5 years (60 months).
First, convert the annual interest rate to a monthly interest rate. In this case, the monthly interest rate would be 10%/12 = 0.00833.
Using the formula, you can calculate the EMI as follows:
EMI = [500000 x 0.00833 x (1+0.00833)^60] / [(1+0.00833)^60-1]
By simplifying the equation, you will find that the EMI for this loan would be approximately ₹10,609.
This means that your monthly payment will be ₹10,609 for 60 months to repay the loan amount along with the interest.
For a more detailed explanation, you can refer to this blog.
Hear from Our Happy Customers
Ankit Mehta
Mumbai
RING’s personal loan for Chartered Accountants helped me renovate my office without any hassle. The digital process was straightforward, and the funds were in my account within 24 hours.
Pooja Sharma
Delhi
RING made upgrading my workspace stress-free. The flexible repayment options allowed me to manage my finances without a hitch. It's the best option for busy CAs like me.
Rahul Desai
Gurgaon
The transparency of RING’s personal loan for CA impressed me. No hidden fees or surprises. The process was smooth, and I got the funds just when I needed them.
Neha Gupta
Kochi
I received my loan faster than expected. As a Chartered Accountant, I value efficiency, and RING delivered exactly that with their personal loan for Chartered Accountants.
Vikram Singh
Jaipur
The flexibility of RING’s personal loan for CA is unmatched. I could choose a repayment tenure that suited my cash flow, making the entire process stress-free.
Arjun Kapoor
Kolkata
Getting a personal loan for Chartered Accountants has never been easier. RING’s user-friendly app made the approval process quick and hassle-free. I'll definitely use their services again.
Find the Right Personal Loan For You
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Invest in your future or your child's education with our flexible education loans. Cover tuition fees, buy study materials, or enrol in that special course without financial stress.
Personal Loan for Home Renovation
Give your home a makeover without breaking the bank. Whether it’s a new kitchen, a fresh coat of paint, or an extension, our loans make it possible.
Personal Loan for Weddings
Make your special day even more magical with our wedding loans. Plan the perfect wedding without worrying about the expenses, from the venue to the honeymoon.
Got Questions? Let's get to them.
As a Self-Employed Professional, what should I look for when applying for a personal loan?
Is there any way I can reduce my personal loan EMI?
Yes, you can reduce your EMI by opting for a longer repayment tenure or making a partial prepayment. A good credit score can also help you secure better interest rates, which will lower your EMI.
Why is having a good credit score crucial for getting a personal loan?
A good credit score increases your chances of approval for a personal loan for self-employed professionals and helps you secure better interest rates, making the loan more affordable.
What documents do I need to provide as a self-employed professionals to receive instant loan approval?
Typically, you need to provide your PAN card, Aadhaar card, proof of income (salary slips or ITR), and bank statements. With RING, the documentation process is straightforward, ensuring quick approval.
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