Personal Loans for Self-Employed
A personal loan from the reliable digibank by DBS can come in handy in multiple ways. Planning an international trip with your family? Want to expand your business and need a lump sum amount? An unforeseen medical emergency knocking at your door? An instant loan for self-employed is a life-saver in multiple situations.
At digibank by DBS, our motto is 'Live More, Bank Less.' Our quick and seamless application process makes it possible to avail of an instant loan for self-employed people in just four easy steps. Our interest rates are highly competitive, with flexible tenures and easy options for loan repayment. You can download our mobile app, and have the desired funds transferred to your bank account in a moment! If you are eligible to avail of our pre-approved personal loan, you might even get a disbursal immediately!
Features and Benefits
DBS Bank’s personal loans for self-employed individuals in India come with extremely attractive features.
Know Your Eligibility Instantly!
This process is quick and takes just a couple of minutes
No hassles of submitting any physical document
Especially Competitive Interest Rates
Our interest rates ensure that your financial burden is not too high
Flexible Loan Tenures
The range is from 12 to 60 months
Loan Repayment Options that are Simple and Flexible
You can monitor and manage everything from the app
If Your Personal Loan is Pre-approved, you get Instant Disbursal
DigiSaving customers who are qualified will get a pre-approved offer
Eligibility Criteria for a Personal Loan for Self-employed
Are you eligible to avail of our personal loan? Look at the guidelines given below to find out.
Minimum of 22 years
Salaried or self-employed
A minimum of Rs. 20,000 per month
Interest Rates and Fees
Interest rates range from 10.99% to 23.99%
Our processing fees and other charges are very economical, all of which make your personal loan more affordable.
click here to view the fees and charges for a personal loan for self-employed individuals
Documents Required for a Personal Loan for Self-employed
Applying for a digibank by DBS personal loan requires no paper documents. All you need is to provide some personal details to complete your KYC verification (like passport, voter's identity card, driving license, Aadhaar card or PAN card) to apply.
If your loan requirement exceeds the permitted upper limit, you will need to provide bank details or statements (for other banks).
That’s all you need. Other documents, like salary slips or income tax returns, are not required.
How to Apply for a Personal Loan for Self-employed Individuals
Follow these steps for how to apply for a personal loan for self-employed individuals:
- For digibank by DBS users:
- If you are using the digibank by DBS mobile app
- Open the app on your smartphone
- Log in and tap on the option "Loans" from the navigation menu
- For new users:
- Check your eligibility
Keep your details ready. You can get an instant offer by just answering some questions.
- Apply for a digiSavings account
Answer a few simple questions, to enable us to create your digiSavings account, where the loan will be credited.
- Finish your KYC and verification
Schedule an appointment to register your biometric details. Once your background checks are finished, we will update you.
- The money will be credited into your digiSavings account
That’s it! You’re done.
- Check your eligibility
Frequently Asked Questions
At digibank by DBS, we offer an instant loan for self-employed anywhere between Rs. 25,000 and Rs. 15 lakh. The amount you can avail depends on your eligibility.
Interest rates range from 10.99% to 23.99%. It is a reducing balance interest rate.
Again, the time you get for repayment depends on your eligibility. The tenure can be from 12 months to 5 years.
Here are the fees and charges associated with a personal loan:
A one-time processing fee will be levied along with other applicable taxes when you apply for a personal loan. You will also be required to pay monthly EMIs during the repayment period. The rate of interest and processing fee quoted will depend on your eligibility. It will be displayed on the screen when you test your eligibility online.
Besides this, other possible charges may include those for late payment, part-payment, and foreclosure.
The process for our personal loan application takes only a few minutes to finish. Once you complete the process, the account verification will be done. After that, the amount of your personal loan will be credited to your digisavings account.
Our personal loans don't require a guarantor, collateral or a co-applicant.
The digibank personal loan application process is completely paper-free. Provide some personal details to apply.
If your loan amount surpasses the approved limit, only then do you need to provide your bank details or statements (of other banks).
Other than this, no other documents are needed.
How do I make a partial repayment of the loan and what are the regulations for making the part payment?
Part pre-payment of your digibank by DBS personal loan is allowed at any point after you have made 12 EMI repayments. You can go through with the pre-payment from your digisavings account after the applicable charges and taxes, if any, have been cleared.
Paying the EMI for your digibank personal loan is a simple task. It is just debited from your digisavings account. You need to ensure that your account has adequate funds at least two days before the date of payment of the EMI. Your EMI can only be paid through your digisavings account, and there is no option for payment through other banks. You will receive timely EMI due date and EMI payment notifications.
After you have opted for a digibank by DBS personal loan, go to the dashboard or the digibank menu, then 'Personal Loans', then 'Statements' section and download the repayment/ loan schedule.
Your personal loan should be cancelled within 48 hours of it being credited to your account. No cancellation charges will be levied in this period, but the processing fee you have paid is not refundable.
After the application process and account verification have been completed, the loan amount is credited to your digisavings account. The amount is credited after the processing fee, and taxes have been deducted from it. We do not offer part disbursement so that the full amount will be credited.
digibank by DBS personal loans do not require any physical forms or documents. You can avail of the loan when you feel like, from the convenience of your home, using the digibank by DBS app.
Your eligibility determines the interest rate and processing fee for the personal loan. The interest rate or processing fee that is being offered cannot be altered.
**All loans will be given out at the sole discretion of DBS Bank India Limited.
View Terms and Conditions