Personal Loan without salary slip

Pin

A personal loan is an unsecured loan that allows you to cover many types of expenses. It does not require any collateral and can be quickly sanctioned. However, because of the lack of collateral, lenders ask for salary slips as proof of income.

The good news is, you can leverage the full power of your salary to get a good line of credit.

This feature is not a problem for salaried individuals, but if you are a self-employed person, you might have trouble trying to figure out how to get a personal loan without salary slip. There are, however, a few ways to get an unsecured loan without salary slips. Read on to know about them:

1. Providing an alternate income proof

One cannot get salary slips if you are self-employed and have an active business contractually. In such a case, one of the easiest ways to get a personal loan for self-employed individuals is by providing the lender with an alternate income proof. This may include documents like a bank account statement, ITR, or an income certificate.

These documents assure the lender that you have a steady income. Besides these documents, providing Form 16 also works if you are applying for a personal loan without a salary account.

2. A good CIBIL score

A score of above 700 is very good on the CIBIL’s scale of 300-900. Having a CIBIL score above 700 shows that you maintain a disciplined credit life and pay all your dues on time. It tells your lender that you will be disciplined in paying your personal loan EMIs. A good score gives confidence to the lender, who then approves your personal loan without a salary slip. A good CIBIL score can also get you good personal loan rates of interest.”

Banks offer attractive interest rates for borrowers with an excellent credit score. You can avail of personal loans amounting to lakhs if you have a good score and meet all the other eligibility criteria for personal loans.

3. Good relations with the bank

If you have built a strong relationship with your bank, you will not be required be provide any documents for applying for a personal loan. A strong relationship with the bank is built if you already have an account (savings or current) with the bank.

Plus, if you have also taken a loan from the bank or owned a credit card and paid the dues on time, you have a good credit record with the bank. In such a case, the bank will approve your personal loan without a salary slip.

Achievement comes from the habit of good thinking.” — John C. Maxwell

4. Offer an asset

Even though a personal loan does not require collateral, you can offer an asset as security. These assets can be any high-value investments. If the lender approves, you can quickly get your personal loan without salary slip and bank statement.

Ensure, though, that you pay your dues consistently. Late payment and default on your EMIs might force the bank to seize your asset.

5. Applying jointly with another applicant with a steady income

You can also apply for a personal loan with someone who is a salaried individual and has a steady income. Your co-applicant’s steady income will take care for the deciding credit factors for the lender and your loan application will get approved.

Before you apply for a personal loan, ensure you do all the research from your end. Also, ensure that you always maintain a good credit score and pay all your dues on time. Both these practices can go a long way and help you when you need an urgent loan without salary slip.

Eligibility Criteria For Instant Personal Loans without Salary Slip

Following are the personal loan eligibility criteria  without salary slip:

For Salaried Individuals

  • Applicants should be aged between 21 and 55 years.
  • The monthly income should be credited directly to the bank account of the applicant.
  • The minimum in-hand income should be Rs. 25,000 per month.
  • The minimum credit score should be 700 and above.

For Self-Employed Individuals

  • Applicants should have a minimum annual income of Rs. 2 Lakhs as per ITR.
  • Income should be directly credited to the bank account of the applicant.
  • A minimum CIBIL score of 700 or more is required.
  • Applicants must be aged between the ages of 23 and 60 years.

Documents Required for Personal Loan without Salary Slip

For Salaried Individuals

  • Proof of identity – any one of the following documents:
    • PAN Card 
    • Aadhaar Card
    • Passport
    • Voter ID
    • Driver’s License
  • Proof of residence – any one of the following documents:
    • PAN Card
    • Aadhaar Card
    • Passport
    • Voter ID
    • Driver’s License
    • Utility Bills (such as Electricity, Water, or Gas) not older than the last 60 days.
  • Proof of income: Bank statements in PDF format of the last 3 months of salary account showing salary credits.

For Self-Employed Individuals

  • Proof of identity – any one of the following documents:
    • PAN Card
    • Aadhaar Card
    • Passport
    • Voter ID
    • Driver’s License
  • Proof of residence – any one of the following documents:
    • PAN Card
    • Aadhaar Card
    • Indian Passport
    • Voter ID
    • Driver’s License
    • Utility Bills (such as Electricity, Water, or Gas) not older than the last 60 days.
  • Proof of income: Bank statements of the last 3 months in PDF format.

How to Get a Personal Loan without PAN Card?

As per the guidelines of lenders, it is necessary for applicants to submit their PAN card when applying for a personal loan because it is mandatory by the tax laws. However, it is stll possible to get a personal loan without submitting the PAN card if the personal loan amount is below Rs. 50,000. However, many financial lenders insist on submitting the PAN card. If the applicant has misplaced their PAN card at the time of personal loan application, the PAN card number will suffice.

Loan App without Salary Slip

There are some personal loan apps that offer personal loans without salary slips. All you need as an income proof is bank statements showing salary credits. Here are the name of such apps:

  • Money View 
  • Navi App
  • Indiabuuls Dhani
  • KreditBee
  • MoneyTap
  • EarlySalary
  • CASHe
  • PaySense

In Conclusion

As mentioned above, applicants can now get an instant personal loan without having to provide their salary slips as their bank statement with information regarding their salary credits is suitable income proof. Additionally, even if you have a relatively low credit score, you can still apply for the same. Visit the loan app website or download the app to apply today.

Loan Without Salary Slip – Related FAQ

How Can I Get An Instant Loan Without Salary Slip?

You can get a personal loan without a salary slip from different loan apps. Visit the website or download the loan app, check your eligibility, apply for the desired amount and submit your documents including ID proof, address proof, and your bank statement containing details about your salary credit. Once your application is approved, you will receive the loan amount within 24 hours.

What Is The Minimum Income Requirement For An Instant Cash Loan Without Salary Slip?

If you wish to apply for an instant personal loan (or sometimes even referred to as a cash loan by some), you will need to fulfill the following income requirement –

  • A minimum monthly in-hand income of Rs. 13,500 or more for salaried individuals
  • A minimum monthly in-hand income of Rs. 15,000 or more for self-employed applicants.

Can I Get An Instant Loan Without Salary Slip And Bank Statement?

You can avail of an instant personal loan from Money View without your salary slip but we will require your bank a statement that contains details of your salary credits. Without this, we will not be able to provide the loan for you.

Pin