5 Ways to Get Personal Loan Without Salary Slip

Looking to get a personal loan but don’t have a salary slip? You’re not alone. Many individuals, whether self-employed, freelancers, or those with irregular income, often wonder if a personal loan is even possible without formal proof of salary. Does the lack of a salary slip mean your loan options are limited? Or can you still qualify based on other parameters?

The good news is, yes, you can still secure a personal loan without a salary slip. With changing lending practices, many financial institutions like IDFC FIRST Bank now consider alternative documentation and income stability instead of relying solely on salary slips.

This article will guide you through the process of getting a personal loan without a salary slip, the documents that can be used as substitutes, and also provide helpful tips to improve your personal loan eligibility.

Is a salary slip mandatory for a personal loan?
 

While a salary slip is one of the most commonly requested documents for a personal loan, it is not the only way to prove your income. Many individuals today earn through non-traditional means and may not have regular salary slips to present.

Take Person A, for example. A content creator who earns through multiple platforms—payments are often inconsistent and lack formal documentation. Or Person B, a freelance professional, who has a strong income stream but no official employer or pay slips. Or someone like Person C who is in between jobs and doesn’t have recent salary proof but has a solid credit history and savings.

Does the lack of a salary slip mean that an applicant can’t avail a personal loan? Of course, they can! Lenders now recognise these modern employment patterns and evaluate alternative documents such as bank statements, income tax returns (ITR), Form 16, or proof of existing investments.

Thus, if you fall into one of these categories, you can still apply for a personal loan—just with different documents.

5 ways to get a personal loan without salary slips
 

Here are 5 ways in which you can get a personal loan without having to submit your salary slips:

1. Providing an alternate income proof

If you do not have a salary slip, one of the easiest ways to get a loan without salary slip is by providing alternative income proofs. This can include documents like a bank account statement, Income Tax Return (ITR), or an income certificate. These documents reassure the lender that you have a steady income. You can also provide Form 16 if you are applying for a personal loan without salary slip and bank statement.

2. A good CIBIL score

A good CIBIL score, above 750, can significantly improve your chances of getting a loan without salary slip. Having a high CIBIL score shows that you maintain a disciplined credit utilisation and pay all your dues on time. It tells your lender that you will be disciplined in paying your personal loan EMIs. A good CIBIL score can also help you secure a favourable personal loan interest rate.

IDFC FIRST Bank, for instance, offers FIRSTmoney – a smart personal loan that you can apply for with just your Aadhaar card number and display your PAN card during the video KYC process. The entire loan journey is 100% paperless, giving you instant access to funds without any unnecessary hassles. If you meet FIRSTmoney’s eligibility criteria of being in the age bracket of 21 – 60 years, are a salaried or self-employed individual with stable earnings, and have a good credit score of 730 or above, you can apply for the loan without your bank statements and salary slips.

3. Good relations with the bank
 

Building a strong relationship with your bank can make it easier to get a loan without bank statement and salary slip. If you already have a savings or current account with the bank and have maintained a good credit history (e.g., paying dues on time for a loan or a credit card), the bank may approve your personal loan if you apply online without a salary slip.

4. Offer an asset
 

Even though a personal loan does not require collateral, you can offer an asset as security. These assets can be any high-value investments. If the lender approves, you can quickly get your personal loan without needing a salary slip and bank statement.

Ensure, though, that you pay your dues consistently. Late payment and default on your EMIs might force the bank to seize your asset.

5. Applying jointly with another applicant with a steady income

You can also apply for a personal loan with someone who is a salaried individual and has a steady income. Your co-applicant’s steady income will balance the creditworthiness requirement for the lender and your loan application will get approved.

What is different when you don’t have a salary slip?
 

When applying for a personal loan without a salary slip, the process works a little differently. While salaried individuals with salary slips follow a standard verification path, borrowers like you with no formal income proof go through a more customised evaluation. Here's how the key parameters differ:

If you don’t have a salary slip, lenders still assess your repayment capacity—just through different lenses. It’s essential to present consistent financial behaviour and strong creditworthiness to boost your chances of approval.

Still wondering if you're eligible?
 

If you're still unsure about your eligibility for a personal loan without a salary slip, the solution is closer than you think. Whether you're a freelancer, creator, or someone between jobs, what matters is showcasing reliable income, maintaining a healthy credit score, and being consistent with your financial commitments.

IDFC FIRST Bank understands that not every borrower fits into a traditional mould. That’s why FIRSTmoney, a smart personal loan, offers a simplified, 100% digital application journey. You get access to instant loans of up to ₹10 lakhs with competitive interest rates and zero foreclosure charges, along with the flexibility to avail multiple on-demand loans as per your evolving financial needs.