Self-employed individuals can obtain personal loans if they meet criteria like a stable income, usually demonstrated through income tax returns or bank statements.
Essential documents include identity proof (Aadhaar, PAN), income tax returns for the past two years, and a high credit score (typically above 720).
Applicants must be between 21 to 65 years old to qualify for a personal loan.
Banks consider existing loan repayments when assessing eligibility, which affects the net income available for a new loan.
Borrowers can use an EMI calculator to estimate monthly repayments based on loan amount, interest rate, and tenure, aiding in financial planning.