Personal Loan without Salary Slip

How To Get Personal Loan Without Salary Slip?

May 16, 2022 • 17368 views

A Personal Loan is an unsecured debt that covers various types of expenses. It requires no collateral and can be approved quickly. Obtaining such loans requires you to have certain documents that can be submitted during the loan application process, including identification and proof of income. Wondering what happens if you are unable to show your salary slip? Go through this guide to understand how to secure a Personal Loan without a salary slip.

Can Anyone Get a Personal Loan Easily?

The modern lending and financial environment are mature enough to lend money to people with little or no credit history or those with intermittent sources of income. Today, your chances of getting money through a Personal Loan on salary slips are much higher. However, receiving funds into your account is subject to eligibility criteria set by your lender. People with regular and stable sources of income, such as salaried employees, can easily get this loan. Most job seekers and new hires wonder if they can get a Personal Loan without a bank statement or a salary slip. The answer to this question is very subjective and depends on many factors, including the standards of your credit institution, your creditworthiness, your source of income, and more.

Pros and Cons of Personal Loans with No Salary Slip

1.    Flexibility
This loan option offers flexibility, catering to individuals with unconventional income sources like freelancers or self-employed individuals and widening access to borrowing opportunities.
2.    Quick Access
Without the need for income-proof documentation, loan approval and disbursal processes are expedited, meeting immediate financial requirements.
3.    Expedited Application Process
The absence of income documentation requirements streamlines the application process, resulting in faster approval and fund disbursement.

1.    Higher Interest Rates
Lenders may impose elevated interest rates on these loans due to perceived risk associated with lending without income verification.
2.    Limited Loan Amount and Tenure
These loans may come with smaller loan amounts and shorter repayment periods due to risk considerations.
3.    Debt Overburden
The absence of clear income information may lead to borrowing beyond one's repayment capacity, potentially leading to excessive debt burden.
4.    Approval Challenges
Lack of income proof may pose obstacles in loan approval, particularly if lenders are cautious about the borrower's ability to repay.

ALSO READ :- What is Minimum CIBIL Score Required to Get A Personal Loan?

Documentation Alternatives to Salary Slips for Personal Loan

Here are the documents you must submit when availing of a Personal Loan without income proof:

  • Aadhaar Card
  • PAN Card
  • Valid Indian Passport
  • Voter ID Card
  • Driving Licence
  • Utility Bills dated within the last 60 days

Tips to Get a Personal Loan Without a Salary Slip

Getting a loan without a salary slip, or in other words, a loan without income proof is difficult, but not impossible. Here are some essential tips you can follow to avail a loan without income proof:

1.    Show Any Other Alternative Income Proof
If you lack a salary slip, you can still apply for a loan by presenting alternative income proof. These documents validate your income claim and include options, such as income tax returns (ITR), income certificates, or bank account statements. Furnishing relevant documents showcasing a consistent income source improves your chances of loan approval compared to applying without documentation.

2.    Maintain A Good Credit Score
Your credit score plays an important role in determining whether a lender should give you the loan you need. All lenders check your credit score. A credit score of 750 or higher is considered a good CIBIL score for Personal Loan. You should always strive to maintain a good credit history by paying your EMI and other financial obligations on time.

3.    Pledge an Asset as Collateral
Personal Loans are unsecured, so you do not need to provide collateral against the loan amount issued by the lender. However, if you do not have a stable income source and it is difficult to get a Personal Loan, you can easily get a loan by putting any tangible asset as collateral.

4.    Bring In a Co-Applicant
If you don’t have a good credit history or a consistent income source, you can bring in a co-applicant. Applying jointly with a co-applicant who has a good credit history will increase your chance of obtaining a loan from a lender. This happens because lenders find it safer to give money when they can get their money back through a consistent income source. It will help you to get the required sum that you can use to meet your urgent financial needs.

5.    Find Flexible Eligibility Terms
Lenders who have simpler and flexible Personal Loan eligibility criteria are more likely to provide the loan amount you need. You can check interest rates based on your credit profile and evaluate whether it's right for you or not. You can find a guarantor in case your lending party accepts and allows guarantors to provide a Personal Loan.

6.    Pay Off Existing Debts
If you are already in debt, it will be difficult to get a Personal Loan with or without any salary slip. Paying off your current debt can help reduce your debt-to-income ratio which in turn will allow you to easily get new credit from lenders. Personal loan for salaried individuals can also be denied if their debt-to-income ratio exceeds 30%.

Required Documents for Personal Loan Without Salary Slip

When you are applying for a loan, you are required to provide a salary slip as proof that you can repay the borrowed amount. However, if you are not able to provide a salary slip, you can provide alternative documents like:

  • Bank Statement

Bank statements from the past few months can help the lender determine your repayment capability.

  • Income Tax Return (ITR)

Income tax return details from previous years are widely accepted. ITR documents can demonstrate your income and financial stability. 

  • Employment Letter

An employment letter can act as a substitute for getting a loan without a salary slip. This document contains employment details like details of salary, designation, and employment duration.

  • Alternative Income Proof

If you have another source of income, provide the relevant documents which can verify that you can repay the borrowed money with interest.
So, in case you want to apply for a loan without a salary slip, you can use the above-mentioned documents as an alternative.

To Conclude

We hope this article helped you answer your question about how to get a Personal Loan without a salary slip. You must take note that salary slips serve as an important financial document that enables you to get a loan. So, if you are unable to provide this document, you must ensure that your other details like credit score, bank statements, and past debt are in order.

Frequently Asked Questions

1.    What is the minimum salary to opt for a Personal Loan without a salary slip?
You must have a minimum salary of ?30,000 to opt for a Personal Loan without a salary slip. However, remember this might change based on the location and loan amount you want.

2.    What are the precautions I must take before availing Personal Loan without income proof?
You must take the following precautions before availing a Personal Loan without income proof:

  • Learn the terms and conditions
  • Do not borrow more than you can repay
  • Build a repayment plan
  • Seek professional advice

3.    What options exist besides income proof for personal loans?
Instead of presenting your salary slip, various alternatives can demonstrate your ability to repay the loan. These alternatives may involve having a co-applicant, maintaining a positive credit history, or showcasing earnings from investments or freelance work.


We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Personal Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply

poonawalla fincorp team

Poonawalla Fincorp Team

Our team of expert writers and editors are passionate about providing authentic and valuable information on finance. Our aim is to simplify financial and finance-related concepts. We strive to help our readers become more aware and empowered to make informed financial decisions.

Trending Topics

Contact Us logo Quick Apply CIBIL Score logo Free CIBIL Whatsapp logo Connect on WhatsApp