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.
Following are the personal loan eligibility criteria without salary slip:
For Salaried Individuals
For Self-Employed Individuals
For Salaried Individuals
For Self-Employed Individuals
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.
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:
Check, Best Instant Loan Apps without Salary Slip
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