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Personal Loan without Salary Slip

Banks and all other financial institutions usually require borrowers to provide income proof like salary slips, income tax returns, bank statements, employer affidavit, Form 16, etc. to show that they have funds enough to arrange for loan repayment. Lenders verify the borrower’s monthly income flow and the income sources as claimed.

However, applicants can get an instant personal loan without salary slip now as their bank statements usually have information about their salary credits and that is a suitable income proof. 

Few financial institutions may consider giving a personal loan without proof of income, based on the customer’s relationship and past credit behaviour. If you have a good relationship with the lender based on your loan payments and clear credit history, then the lender may offer you a personal loan based on the information already available with them.

Table of Contents: Personal Loan without Salary
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 financial 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.

Additional Info: Get Instant personal loan with low cibil score.

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

Check, Best Instant Loan Apps without Salary Slip

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Personal Loan without Salary Slip

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