If a customer is self-employed or a freelancer and gets income in cash, he/she can apply for a personal loan without salary slip, which means without an income proof loan available for them. These are also called the self employment loans. In such cases, you need to produce other financial documents for the validation of your income.
A personal loan without salary slip and limited documentation is just like a dream for most borrowers. An alternative to income proof like a bank account statement, ITR, or an income certificate is required for a loan without salary slip without bank statement or self employment loans.
Although the whole process is pretty simple, the lack of collateral leads to lenders asking for salary slips as proof of income. Hence, a personal loan without a salary slip or without income proof loan available becomes a bit tricky. However, it is still possible. In this article, we will figure out how self employment loans are sanctioned. Here we will also discuss the instant loan without documents online and if there is any without income proof loan available.
What Are Personal Loans?
A personal loan is a debt sanctioned by any bank or financial institution to a customer where he/she doesn’t have to pledge any collateral to receive funds. Customers can apply online for personal loan or self employment loans easily. They can use the money to meet financial requirements, such as:
- Medical emergencies,
- Home renovation,
- Higher education,
- Debt consolidation,
- Travel,
- Weddings, etc.
Customers can apply for an instant loan without documents online or self employment loans. Loans without salary slips and bank statements are generally processed online by the borrower. Maintain a high credit score and choose a lender that offers instant approval features like self employment loans easily. That is all a customer needs to apply for a personal loan without salary slip and bank statement.
The Good news is Now, without income proof loan available for everyone or the self employment loans, Let’s discuss further.
How To Get Personal Loans Without Salary Slip?
A customer can leverage the complete power of their salary to get a good line of credit. However, it is only available for salaried customers. But, if a customer is getting income in cash and wants to apply for a personal loan/loan without salary slip and bank statement, he/she might wonder how to get a personal loan without salary slip or self employment loans.
Let’s discuss numerous ways of getting an unsecured Personal Loan Without Salary Slip and bank statement and if you have an income proof loan available. You can also get these instant loans without documents online.
1) CIBIL score
CIBIL score determines if a customer will be able to pay their credit dues on time or not. By looking at the past credit life of a customer, lenders provide the unsecured Personal Loan Without Salary Slip and bank statement and instant loan without documents online. CIBIL score above 700 is good to go for a loan without a salary slip and bank statement as a good score instills faith in the lender who then provides instant loan without documents online. Some banks also give attractive rates of interest to customers with a good credit score.
2) Alternate Income Proof-
If a customer is working on a contract basis, then certainly he or she is not able to provide the required document for the loan. In this case the instant loan without documents online will serve as a savior. A bank account statement, ITR, or an income certificate is the alternate documents that will allow the customer to receive a personal loan without salary slip and bank statement. Along with these documents, Form 16 is also important to be submitted for an instant loan without documents online.
3) Relations With the Bank-
Maintaining good relations with the bank is extremely important. If you have your savings account with them. If a customer deposits his cash income every month in the same savings account and has ever applied for a credit card and pays its dues promptly. That creates a good relationship with the bank and they don’t hesitate to give loans without salary slip and bank statements.
4) Joint Application with Another Applicant Who Has a Steady Income-
Without an income proof loan available it is next to impossible, but lenders can sanction personal loan without salary slip and bank statement to customers who are applying for the personal loan with a joint account application of another customer with steady income deposits.
5) Offer an asset-
Although there is no need for any collateral, you can present the bank with an asset as security for the loan without salary slip and bank statement. Always ensure that you pay your dues in a timely fashion. These practices can go a long way in getting a good CIBIL score. That will help you when you need a personal loan without salary slip/instant loan without documents online.
SO, you have without income proof loan available if you complete any of the above listed points.
Eligibility Criteria For Instant Personal Loan without Salary Slip and bank statement
This can be divided into two groups of customers. Salaried and self-employed customers do not have much different personal loan eligibility criteria to get self employment loans without salary slip.
Let’s find out what personal loan eligibility criteria you need to meet to get an income proof loan available for you.
| S.no | Salaried customers personal loan eligibility criteria for self employment loans | Self Employed customers personal loan eligibility criteria for self employment loans |
| 1 | Customers age should be between 21 years and 57 years | The customer’s age should be between 21 years and 57 years. |
| 2 | Income should directly be generated into a savings account | Income should directly be deposited into the bank account |
| 3 | Minimum in-hand Income should be between 13500-20000rs. | Minimum In-hand income of Rs. 15,000 per month is required. |
| 4 | CIBIL Credit Score Requirement is at least 650 and above. | CIBIL score of at least 600 or more and Experian score of 650 or more |
Documents Required for Personal Loan without Salary Slip
You can get the personal loan without salary slip and bank statement by submitting alternate personal documents such as:
Aadhar Card, PAN Card, Voter ID Card, Passbook, Utility Bills, Ration Card.
- Identity Proof
- PAN Card
- Aadhaar Card
- Valid Indian Passport
- Valid Voter ID
- Valid Driver’s License
- Address Proof
- PAN Card
- Aadhaar Card
- Valid Indian Passport
- Valid Voter ID
- Valid Driver’s License
- Utility Bills such as Electricity bill, Water bill, Gas bill). It has to be dated within the last 60 days.
- Income Proof
Last 3 months’ bank statements in PDF format.
The customer has to ensure that the documents listed above are officially valid for self employment loans and bank statements. All of the necessary documents have to be uploaded online for a personal loan without salary slips. At the time of uploading the documents, ensure that all details are clearly mentioned and details are visible. These are also part of the personal loan eligibility criteria.
Conclusion
It is important to remember that if you are applying for a personal loan without a salary slip, you are supposed to pay the dues on time or pay the premiums. If there is any default, then your CIBIL score will get hampered. A customer should only apply for a loan without salary slip and bank statement when there is some emergency. Personal loan as Self Employment loans eligibility criteria include submission or form 16 with other documents which are listed above in this article. Please go to all the personal loan eligibility criteria as before you apply for a personal loan without salary slip.
A personal loan will allow growth in the overall money supply. For unexpected expenses or credit card payments, borrowing a personal loan from the bank is an appropriate way to resolve this problem. To finance your new business or medical expenses, a person must have a steady cash flow. Quick disbursement and less documentation are some of the benefits of personal loans.
The bank will provide Emi structure and flexible loan tenure to a customer without income proof loan available. A multipurpose loan with a fixed rate of interest will help a customer to attain his/her financial expenses. That helps a customer to reach his or her financial goals and their families’ goals too.
FAQs
Q1. How Can a customer apply for an instant loan without documents online?
A1. By providing all the listed documents above at the time of application, customers can get an instant loan without documents online.
Q2. Can I get a personal loan if I am self-employed?
A2. Self employed customers can apply for unsecured personal loans without salary slips of up to INR 10 lakhs.
Q3. Can I get a without income proof loan Available?
A3. Without income proof loan available is only possible in the case where a customer can submit Form 16 and submit the alternate. These are also called Self employment loans.
source of income to get self employment loans.
Q4. Can I get a personal loan without salary slip?
A4. A customer needs to produce other financial documents to validate their income to apply for an instant loan without documents online/personal loan without salary slip or self employment loans
Q5. What Is the minimum income requirement For an instant loan without documents online?
A5. For a salaried customer, a minimum of 13.5k rs, and for self employed customer minimum of 15k rs is the requirement for an instant loan without documents online.
Q6. Why do we need personal loans?
A6. In order need our financial goals, we need personal loans.
Q7. How much Cibil score is required to apply for a personal loan?
A7. A simple score of 650 and above is required to apply for a personal loan.
Q8. What is the personal loan eligibility criteria?
A8. The personal loan eligibility criteria is mentioned above in the article.
