This is a detailed overview of how to get a personal loan without salary slip or how to get a personal loan without income proof.
Personal loans are unsecured loans. Financial institutions such as banks or NBFC provide loans to individuals with good/stable income, as they’re more likely to pay monthly installments and as they are less likely to become a loan defaulter.
However, without a salary slip, getting a personal loan is a fairly difficult task, but not impossible. Eligibility for a personal loan depends on many factors other than income like credit score, repayment capacity, nature of employment, age, etc. A borrower should fulfill all the other eligibility factors, only then an applicant can avail a low salary personal loan.
How to get a personal loan without income proof?
Some banks and non-banking financial companies (NBFCs) prefer to give personal loans when applicants have no salary slip by ensuring the applicant’s income and earning potential. However, due to the different company policy and nature of jobs and occupations, many people do not get a salary (Pay) slip. In such cases also, an applicant has an option to apply for a loan.
The best way for a personal loan without salary slip is to provide other financial documents such as income tax return(ITR), 12 months bank account statement, Form 16, income certificate. It makes your loan application stronger.
Applying with another applicant, called a guarantor or co-applicant, is another option where a co-applicant provides the necessary documents. In such cases, the co-applicant must have a credit report, fixed income and salary slip or other required documents to provide proof of fixed income.
It is less likely to get a personal loan without income proof and no salary slip. Some banks and NBFCs are willing to provide loans, depending on how a borrower meets the Eligibility criteria, they may charge higher interest rates as per eligibility.
Before the applicant applies for the loan, he/she needs to check all the eligibility criteria and get enough information from the authorities (loan agents). Suppose if your loan application is not approved, it can affect your credit score which makes it less likely for you to get a loan in the future.
Proof of identity:
PAN Card / Aadhar Card / Valid Indian Passport / Valid Voter ID / Valid Driver’s License.
Proof of address:
Aadhar Card / Valid Indian Passport / Valid Voter ID / Valid Driver’s License / Utility Bill (electricity, water, gas) the last 90 days.
Proof of income:
Income tax return file, bank statement.
5 Easy Tips to get a personal loan without income proof.
- Providing an alternate income proof
- A good CIBIL score
- Good relations with the bank
- Offer an asset/mortgage
- Applying jointly along with a co-applicant who has a steady income