Personal Loan Without Salary Slip
All banks and most other financial institutions require borrowers to provide income proof, such as salary slips, income tax returns, bank statements, employer affidavits, Form 16, etc., to verify the borrower’s monthly income flow and income sources as claimed.
However, some online lenders, such as Money View, Navi, Indiabulls Dhani, KreditBee, MoneyTap, CASHe, PaySense, etc., do not require salary slips as income proof. Applicants can get an instant personal loan without a salary slip from these lenders as their bank statements usually have information about their salary credits, which is suitable income proof.
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.
Loan App without Salary Slip
Some personal loan apps offer personal loans without salary slips. All you need as income proof is bank statements showing salary credits. Here are the names of such apps:
Personal Loan Without Salary Slip FAQs
You can get a personal loan without a salary account/slips or ITR certificate. If the applicant does not have a regular income proof document such as salary slips and ITR, they can alternate income proof to prove to the lender that the loan is repayment. Following are a few ways to get over this hurdle:
- Submit Form 16
- Submit alternative income sources, such as income from business endeavors, house rent income, bank balance, your spouse’s or parent’s income, etc. You can also get an instant loan on an Aadhar card without a salary.
- Submit collateral or security if you have any, such as gold, property, shares, mutual funds, fixed deposits, etc.
- Utilize your long-standing relationship with the bank.
- Apply with a co-applicant who has a regular income source and a good credit score.
You can get an urgent cash loan without salary slips from apps like Money View, PaySense, KreditBee, Indiabulls Dhani, Navi, etc. Visit the website or download the app of the lender, check your loan eligibility, apply for the preferred loan amount, and submit the required documents such as identity proof, address proof, and bank statements having details of your salary credits. Once your loan application is approved, the loan amount will be transferred to your bank accounts within 24 hours by the loan app without a salary slip.
The minimum income requirement for an instant cash loan is Rs. 25,000 per month, depending on the lender, applicant’s residence city, and other factors.
You can get an instant personal loan without your salary slip from some loan apps but they will require your bank statements that must have details of your salary credits. Lenders will not be able to provide a loan without salary slips and bank statements.
Yes. Some lenders like Money View, Faircent, Home Credit, etc. offer personal loans for a salary of less than Rs. 15,000. These are some of the best instant loan apps without salary slips. You can get personal loans without CIBIL and income proof with some of these lenders.