Are you among those very few people who employ themselves and does not work under company? You are your own master and fully independent when it comes to your professional career. This is by far the best career option that you have chosen but you may have faced some problem when it comes to applying for a loan, because do not have any kind of income proof to support your source of income. But that is past and now you do not have to worry much whenever you need a loan, because these days the banks are ready to offer loans without any kind of income proof.

No lncome proof loans are specially designed for those who have an income but do not have the proof to support it. The loans are of two types secured and unsecured. The principal amount of the secured can vary from anything around 1000 to 100000. In this case you have to pledge collateral to the bank which should value more than the principal amount of the loan. But in case of the unsecured the loan amount is low and varies from 500 to 25000. The reason being the banks keep no security deposit along with this loan and that is why the rate of interest is also on the higher side.

No income proof loans which are given in lieu of some security are generally given at a lower rate of interest. The amount of the loan as well as the principal amount that the bank will lender you will depend primarily on your repayment ability and on the collateral that you have pledged to the bank. Generally the time for the repayment of the loan largely depends upon your repayment ability and the plan for repayment that you have placed to the banks. The time for the repayment of no income proof loans generally varies for a period of 1-10 years, so that you get enough time for yourself to repay the loans.