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Personal Loan Without Salary Slip

  • 21-May-2022
Top 6 Ways to Get a Personal Loan Without Salary Slip

Almost all of us face a financial crisis at a certain stage in our lives and need urgent money to fulfill an emergency. We all choose a personal loan as an instant solution.  

 

Most banks and financial institutions offer personal loans at competitive interest rates. A personal loan is a kind of unsecured loan that allows individuals to cover various types of expenses. 

 

Banks want their customers to meet the eligibility requirements to qualify for a personal loan but not many of us qualify due to the influence of various eligibility factors. 

 

One such major requirement the bank looks for is a salary slip of individuals. An unsecured loan does not require any collateral or assets. However, due to the lack of collateral, banks ask for a salary slip as proof of income. 

 

Unlike the traditional days, one cannot get a loan without providing a salary slip as proof of income and can now be able to get a instant personal loan without salary slip in many other ways. 

 

The best part is that you can leverage the full potential of your salary to get a good credit facility. 

 

Key Takeaways 
  • Providing alternate income proof documents such as bank statements and ITR can help you get a personal loan without salary slip.
  • Maintain a high credit score to get quicker approvals.
  • Build a strong relationship with the bank for trust build-up.
  • Pledge assets as security, this might get your loan approved without having requisite income-based.
  • Applying jointly with creditworthy co-applicants for instant personal loan approvals.
  • Typically, Banks with simple eligibility terms are more likely to consider your loan application even if you don’t provide a salary slip.

 

 

Here are the Top 6 Ways to Get a Personal Loan Without Salary Slip 

1. Providing an alternative proof of income 

Salaried Individuals can get a salary slip to show as proof of income to avail a personal loan while self-employed individuals who have an active business cannot get a salary ship.  

 

In such a scenario, to get a personal loan for self-employed individuals, one has provide an alternative proof of income including bank statement, ITR, or an income certificate. 

 

These documents assure the lender that individuals have a steady flow of income. Apart from these documents, submitting a form 16 also works great if you are applying for an instant loan without a salary account. 

 

2. Maintain a healthy credit score 

Being a salaried person without getting a salary slip becomes complicated to avail of any loan. In such cases, you must keep your credit score high. 

 

Can you imagine a credit score being a game-changer? Yes, a score of above 700 is excellent on the credit scale that ranges between 300 – 900.  

 

Typically, having a credit score above 700 shows how well you maintain your financial track record and increase the chances of availing of a loan while a bad score hits your credit worse and might lead to loan rejection. Hence, maintaining a healthy credit score will result in your favor of getting quick loan approval. 

 

This activity creates a good impression and in-build trust from the lender's perspective and approves your personal loan without a salary slip. A good CIBIL score also helps in getting an instant loan at lower rates. 

 Also Read: How to Improve Your CIBIL Credit Score?

 
3. Build a Relationship with Bank 

If you have built a strong relationship with your bank, you need not be required to provide a lot of documents in order to obtain a personal loan.  

 

A strong relationship with the bank is built if you already have an account (savings or current) with the bank. 

 

In addition, if you have availed a loan from the bank or have a credit card and paid the dues on time, your credit record should be good. In such cases, the bank approves a personal loan without the requirement of a salary slip. 

 

4. Offer an asset 

Generally, a personal loan doesn’t ask for collateral; however, you can offer collateral or assets as a security.  

 

These assets can be property, insurance policies, mutual funds and any other high-value investments. By doing so, lenders approve your loan easily without asking for salary slip or bank statement. 

 

But make sure you pay all your dues on time without delaying or defaulting on your EMIs because the default on EMIs may lead the bank to seize your assets. 

Also Read: Benefits of using a Personal Loan EMI Calculator


 

5. Add a Stable Income co-applicant 


Still wanting an easiest way to get a personal loan without a salary slip can be possible by adding an applicant who has a stable income.  

 

This means co-applicants stable income will balance the creditworthiness on your application for the bank and this will help you in getting a loan without providing a salary slip. 

 

Before approaching any lender for a personal loan, ensure you conduct deep research from your end to avoid any kind of last-minute hassle. Apart from that, always try to maintain a good credit score by paying all your dues on time. Practicing these methods can go a long way and help you with sudden loan requirements without a salary slip. 

 

6. Find a lender with simple eligibility terms 

If looking for a personal loan without salary slips, then you must find a lender who keeps the eligibility terms simple.  

 

This will enhance your loan eligibility and chances of loan approval. Additionally, makes way for a smooth loan application, verification and approval.  

 

Key features - 

  • Quick approvals and disbursals
  • A high degree of flexibility and easy eligibility norms
  • No collateral requirement
  • Convenient documentation
  • User-friendly features

 

Eligibility Criteria for Personal Loans without Salary Slip 

 Given below are the eligibility criteria - 

 

For Salaried Individuals 

  • Applicants must be between 21 years and 60 years
  • Income should be credited to the applicant bank account

The minimum in-hand Income and Credit Score requirement is as follows- 

Income and Credit score Eligibility Criteria 
Salaried Individuals Minimum In- Hand Income Area of Residence CIBIL Credit Score 
 Rs.25,000 Any CIBIL Score of 700 /Experian Score of 750 and above 
 Rs.27,000 Mumbai or the Delhi NCR (Delhi, Noida, Gurgaon, Ghaziabad, Faridabad & so on.) New to Credit or CIBIL Score of 700 /Experian Score of 750 and above 
 

Rs.30,000 

 

Metro City other than Mumbai and NCR CIBIL Score of 750 /Experian Score of 750 and above 

 

For Self-Employed Individuals 

  • Applicant age must fall under the 21 year to 65 years
  • Applicant must have a CIBIL score of 700 or above
  • Businesses must generate profit for at least 2 years

 

Personal Loan Eligibility Calculator 

It is automated amazing tool that eases loan experience. 

The instant loan eligibility checker gives you an approximate idea that how much loan amount you are eligible for.  

 

How to use Personal Loan Eligibility Calculator? 

To check your eligibility for an instant loan, you can use a personal loan EMI calculator. Here are the step-by-step guide that will help you in figuring out your eligibility. 

There will be a separate tab for salaried individuals and self-employed individuals. Based on your work choose the category. 

 

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For Salaried Individual - 

Step 1 – If you are a salaried person, select the respective tap for eligibility calculation. 

 

Step 2 – Next, select your city from the dropdown menu and date of birth. 

 

Step 3 – Next, select your net monthly income from the scale ranging from 0 to 5 lakh.  

 

Step 4 – Enter the monthly EMI that you are paying for any existing loans or credit card obligations (if applicable). 

 

Step 5 – After that, enter the rate of interest that you will pay monthly throughout the repayment period. 

 

Step 6 – Finally, select the tenure period as per your convenience to repay the loan. Generally, it ranges from 12 months to 60 months.  

 

For Self-Employed Individual - 

Step 1 – If you are a self-employed applicant, select the respective tap for eligibility calculation. 

 

Step 2 – Next, select your city from the dropdown menu and date of birth. 

 

Step 3 – Next, select or enter your yearly profit after tax.  

 

Step 4 – Enter the monthly EMI/Obligation that you are paying for any existing loans or credit cards (if applicable). 

 

Step 5 – After that, enter the rate of interest that you will pay on a monthly basis throughout the repayment period. 

 

Step 6 – Finally, select the tenure period as per your convenience to repay the loan. Generally, it ranges from 12 months to 60 months.  

 

Within a second of feeding these inputs, the screen will display an loan amount you are eligible for on the right side. 

 

Please note that the calculator only gives you an indicative idea. However, the actual personal loan eligibility depends on various factors including your income, employment details, credit history and repayment capacity.  

 

Documents Checklist Personal Loan without Salary Slip 

The following are the documents required for both salaried and self-employed applicants. 

Documents Required for Salaried & Self-Employed Individuals 

Identity Proof (Anyone of the following) 

  • PAN Card
  • Aadhaar Card
  • Valid Indian Passport
  • Valid Voter ID
  • Valid Driver’s License

Address Proof (Anyone of the following) 

  • PAN Card
  • Aadhaar Card
  • Valid Indian Passport
  • Valid Voter ID
  • Valid Driver’s License
  • Utility Bills (Electricity, Water, Gas)

Income Proof 

  • Last 3 months’ bank statements of your salary account in PDF format
  • Form – 16, ITR with computation of Income (If File)
  • Copy of last 1 year GST return for a self-employed applicant

 

Please ensure that the documents listed above are valid at the time of submission of your loan application. 

Applicants can now get a quick personal loan without providing their salary slips as their bank statement is enough to consider as income proof. 

 

How to get Instant personal loan without salary slip? 

The process of applying for an instant personal loan through financeseva is very simple and hassle-free. 

You will only need to follow these 4 simple steps given below: 

 

Step 1: Check Your Eligibility – Find out the maximum loan amount that you are eligible for online in less than 2 minutes through financeseva.com 

 
Step 2: Select Your Plan - Based on your requirements, choose a custom loan amount and the tenure period that suits your financial needs. 

 

Step 3: Upload Your Documents - You will be asked to upload certain documents for verification which include identity proof, address proof and bank statement as income proof. 

 

Step 4: Get the Loan Amount - After verification, the lender sanctions the loan amount and the credit to the mentioned bank account. 

 

To streamline your loan application today, check your pre-approved personal loan offer through financeseva.com. Doing so lets you apply via a customized deal and gives you an instant approval. 

 Also Read: Difference Between Secured Loan vs Unsecured Loans

 

FAQs 

How can I get a quick loan without salary slip? 

Getting a personal loan without salary slip is possible now through financeseva.com. Visit the website, check your eligibility, apply for required amount and submit your documents and wait for loan approval. Within a short time your loan amount will be credited to your mentioned bank account. 

 

What are the tips for salaried person to check eligibility? 

If you are looking for a quick loan, then it will be beneficial to know your eligible loan amount in order to secure approval. Knowing your loan amount eligibility will help you in planning your finance better and ensure a hassle-free loan experience. The calculator helps in figuring out the loan amount as per your repayment capacity. 

 

How much personal loan can I get on my salary? 

The highest loan amount sanctioned by banks and financial institutions is Rs.25 lakh. However, the actual loan amount depends on your monthly income, employment type, credit score and other existing financial obligations.  

 

Can I get a loan with bad credit score? 

No, in most cases lenders don’t fund the applicant with bad credit scores. It is advisable to maintain a good track record. This can be done by paying all bills or dues on time. 

 

What are the tips for self-employed person to check eligibility? 

The eligibility calculator aids self-employed applicants to know their loan amount eligibility. The calculation is near to accurate result and gives a picture of planning. 

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