How to get personal loan in 2022 without salary slip

How to take personal loan without salary slip

Banks and all other financial institutions usually require borrowers to provide income proofs such as salary slips, income tax returns, bank statements, company appointment letters, Form 16, etc. to show that they have loan repayment arrangements. There is enough money to do that. Lenders grant loans only after verifying the borrower’s monthly income and other sources of income.

However, applicants can now get an instant personal loan without a salary slip as their bank statement usually contains information about their salary credits and is a good income proof.

Some financial institutions may consider offering a personal loan without proof of income based on the customer relationship and past credit dealings. If you have a good relationship with the lender based on your loan repayments and clear credit history, the lender can offer you a personal loan based on the information already available with them.

Eligibility Criteria for Tatkal Personal Loan without Salary Slip

Following are the personal loan eligibility criteria without salary slip:

for salaried people

  • Applicants age should be between 21 to 55 years.
  • Monthly income should be credited to the applicant’s bank account only.
  • Minimum in-hand income should be Rs 25,000 per month.
  • Minimum credit score should be 700 and above.

for self employed people

  • Applicants should have minimum annual income of Rs 2 lakh as per ITR.
  • The income should be deposited directly into the applicant’s bank account.
  • A minimum CIBIL score of 700 or higher is required.
  • Applicants age should be between 23 to 60 years.

Documents Required for Personal Loan Without Salary Slip

  • for salaried people

For proof of identity, any one of the following documents can be submitted:-

  • pan card
  • Aadhar card
  • Passport
  • voter id card
  • Driver’s license

For proof of residence, any one of the following documents can be submitted:-

  • pan card
  • Aadhar card
  • Passport
  • voter id card
  • Driver’s license
  • Utility bills (such as electricity, water or gas) must not be older than last 60 days.
  • Proof of Income: Bank details of the account in which the salary is drawn in PDF format of the salary account for the last 3 months.

for self employed people

Any one of the following documents for proof of identity:

  • pan card
  • Aadhar card
  • Passport
  • voter id card
  • Driver’s license

For proof of residence, any one of the following documents can be submitted:-

  • pan card
  • Aadhar card
  • Indian passport
  • voter id card
  • Driver’s license
  • Utility bills (such as electricity, water or gas) must not be older than last 60 days.
  • Proof of Income: Bank details of last 3 months, current account in PDF format.

How to take a personal loan without PAN card?

As per the guidelines of financial lenders, it is necessary for the applicants to submit their PAN card while applying for a personal loan as it is mandated by the tax laws. However, if the personal loan amount is less than Rs 50,000, it is possible to get a personal loan without submitting a PAN card. Whereas, many financial lenders insist on submission of PAN card. If the applicant has lost his/her PAN card at the time of personal loan application, then PAN card number will suffice.

Apps that give loans without salary slip?

There are some personal loan apps which offer personal loan without salary slip. You only need bank details showing salary credit as income proof. Here are the names of such apps:

  • money view
  • Navi App
  • Indiabulls Dhani
  • creditby
  • moneytap
  • early salary
  • cache
  • pay-sense

Frequently Asked Questions (FAQs) on Personal Loan Without Salary Slip

Question: How to get a personal loan without salary slip or income tax return?

Answer: You can get a personal loan without salary slip or ITR certificate. If the applicant does not have regular income proof documents like salary slip and ITR, they can provide alternate income proof to prove to the lender to repay the loan. Following are some ways to overcome this obstacle:

  • Submit Form 16
  • Submit alternative income sources, such as income from business endeavors, house rent income, bank balance, income from your spouse or parents, etc. You can also get instant loan against Aadhar card without salary.
  • Deposit if you have any guarantor or security like gold, property, shares, mutual funds, fixed deposits etc.
  • Make use of your long standing relationship with the bank.
  • Apply with a co-applicant who has a regular source of income and a good credit score.

Question: How can I get instant loan without salary slip?

Ans: You can get instant cash loan without salary slip from apps like MoneyView, PaySense, CreditBee, Indiabulls Dhani, Navi, etc. Visit the website or download the lender’s app, check your personal loan eligibility, apply for the preferred loan amount and submit the required documents like identity proof, address proof and bank details containing your salary credit details. Once your loan application is approved, the loan amount will be transferred to your bank accounts without salary slips by the loan app within 24 hours.

Question: What is the minimum income requirement for instant cash loan without salary slip?

Answer: The minimum income required for an instant cash loan is Rs 25,000 per month, depending on your residence city and other factors.

Question: Can I get instant loan without salary slip and bank statement?

Answer: Yes, you can get instant personal loan from some loan apps without your salary slip but they will require your bank details which should contain your salary credit details. Lenders will not be able to give loans without salary slips and bank statements.

Question: Can I get a personal loan with a salary of less than Rs 15,000?

Answer: Yes, some of the lenders like MoneyView, Faircent, Home Credit etc offer personal loan with salary less than Rs 15,000. These are some of the best instant loan apps without salary slip. You can get a personal loan with some of these lenders even without CIBIL and income proof.

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