Personal Loan without Salary Slip

How to get Personal Loan without Salary Slip?

May 16, 2022 • 101 views
Author: PoonawallaFincorp Category: Personal Loan

Personal Loans can be used for a variety of purposes, including education, wedding, vehicles, medical care, and more. However, the amount of a loan varies from person to person, so it's a good idea to figure out your financial needs before applying for a Personal Loan based on factors such as credit score, sources of income, existing debt, and more. Personal Loans for salaried employees are processed quickly because they have a regular source of income, and it is safer for a lender to lend them the money.

A Personal Loan is an unsecured debt that covers various types of expenses. No collateral is required, and it can be approved quickly. However, since there is no collateral, lenders require your salary slips as proof of income. However, there are several ways to get a Personal Loan without income proof.

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.

Tips for how 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. A known lending party needs assurance that the borrower can easily repay the loan amount. In the case of Personal Loans to salaried people, there is a guarantee that the loan will be easily repaid within a given period. Let's see how easy it is to get a Personal Loan without a salary slip.

Show any other alternative income proof

Your salary slips indicate your official income proof that reflects your repaying ability. You can apply for a loan without a salary slip by producing an alternative income proof. These documents are the proof of your income and validate your claim that you earn a good amount stated. Some of the commonly used alternative income proofs include ITR, income certificate, lender account statement, etc. Providing relevant documents that can establish a consistent and stable income source will easily help you get a loan as compared to applying for a Personal Loan without documents.

Also Read:- 5 Tips to Qualify for Personal Loan for Salaried Employees in India

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. Your credit score is a three-digit credit number that represents your credit and repayment history. A credit score of 750 or higher is considered a good score for Personal Loans. You should always strive to maintain a good credit history by paying your EMI and other financial obligations on time.

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 using your assets as collateral. You can use high-value FDs and mutual funds as collateral for your loan if the lender agrees.

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 the 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. This will help you to get the required sum that you can use for meeting your urgent financial needs.

Find flexible eligibility terms

Finding registered financial institutions that don’t have a rigid policy for providing credit can help you get a Personal Loan without salary slips. Lenders who have simpler 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 for providing Personal Loans.

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 loans for salaried individuals can also be denied if their debt-to-income ratio exceeds 35-40%.

To conclude:

We hope this article helped you answer your question about how to get Personal Loan without documents, such as salary slips, bank statements etc. When a financial crisis knocks on your door during your testing time, a Personal Loan can be your best friend. Personal Loans are unsecured, the credit amount from these loans can be used at the discretion of the borrower and there are no restrictions on how the funds will be used. This makes instant Personal Loans an option for those looking for an immediate line of credit to meet their needs.

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Gyanesh sharma | March 10, 2023

I want personal loan I have new job or new bank account

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PoonawallaFincorp | March 10, 2023

Hi Gyanesh,
To get business loan from Poonawalla Fincorp, you should have at least 6 months stable work experience within your current organization and total work experience should be of at least 2 years. Check out more details about our eligibility criteria for personal loan and apply today.

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Arjun R| February 27, 2023

Need emergency loan 80000

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PoonawallaFincorp | February 27, 2023

Hi Arjun,

Our Personal loan amount range is starting from 1 Lakh which you can utilize for any emergency. Kindly check out the list of documents required for personal loan and apply today.

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Nikhil Bhandari| February 13, 2023

I dont have salary slip but healthy income in my bank account. With good cibil..please guide me to further steps of loan.

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PoonawallaFincorp | February 13, 2023

Hi Nikhil,

Salary slip is reuiqred to get personal loan at Poonawalla FIncorp. If you are a businessman then you can apply for our business loan.

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Sarfaraz Ahmed| February 24, 2023

Hello i want to apply for personal loan of 100000 because of emergency.... I m salaried and self employed as well.. i can provide bank statement and offer Letter of company... I have 23 to 25k slry

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PoonawallaFincorp | February 24, 2023

Hi Sarfaraz,

You have reached at correct place to get the loan. We prodvide personal loan with minimum documentation and faster disbursment process. Kindly apply for the personal loan with our simple online personal loan application form.

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Mayur kherdekar| February 24, 2023

Loan needed urgently due to because of transfer resulted in delayed salary.

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PoonawallaFincorp | February 24, 2023

We offer personal loan with minimum documentation and quick dibusrment. Kindly apply instantly today by using our simple online applicaiton form of personal loan.

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