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Personal Loan

How to Secure a Personal Loan Without a Salary Slip

Summary: Self-Employed & Need a Loan? Explore Personal Loan Options Without Salary Slips & Bank Statement. Learn eligibility requirements with IDFC FIRST Bank.

Key Takeaways

  • Use documents like bank statements, ITR, or income certificates to apply for a personal loan without salary slip.
  • A score above 700 improves your chances of getting a loan without salary slip and securing better interest rates.
  • Having a good credit history with your bank can help you get a personal loan without salary slip.
24 Dec 2024 by Team FinFIRST
Personal Loan without a salary slip
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Looking to secure a personal loan without a salary slip? Many people face challenges when applying for a loan due to the absence of traditional income proof like salary slips. Whether you're self-employed, a freelancer, or someone with irregular income, the good news is that there are still ways to get a personal loan. Lenders today offer flexible options, focusing on alternative income proof and financial stability rather than just salary slips. In this blog, we’ll explore how you can obtain a personal loan without a salary slip, the documents you may need, and tips to improve your eligibility.

5 Ways To Get Personal Loan Without Salary Slips
 

1. Providing an alternate income proof


If you are self-employed and 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.

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2. A good CIBIL score


A good CIBIL score—above 700—can significantly improve your chances of getting a loan without salary slip. Having a CIBIL score above 700 shows that you maintain a disciplined credit life and pay all your dues on time. It tells your lender that you will be disciplined in paying your personal loan EMIs. “A good credit score instills faith in the lender, who then approves your personal loan without a salary slip. A good CIBIL score can also help you secure a favourable personal loan interest rate.”

IDFC FIRST Bank, for instance, offers attractive interest rates for borrowers with an excellent credit score. If you meet all other eligibility criteria, you can avail of a personal loan without bank statement and salary slip.

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 credit card), the bank may approve your personal loan apply online without salary slip.

Plus, if you have also taken a loan from the bank or owned a credit card and paid the dues on time, you have a good credit record with the bank. In such a case, the bank will approve your personal loan without a salary slip.

Achievement comes from the habit of good thinking.” — John C. Maxwell

 

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 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 for the lender and your loan application will get approved.

Before applying for a loan without salary slip, it is essential to do thorough research and ensure you meet the eligibility criteria. Always maintain a good credit score and pay your dues on time. This practice will not only increase your chances of getting an instant loan without salary slip, but it will also make it easier to apply for a personal loan without salary slip and bank statement in the future. Both these practices can go a long way and help you when you need an urgent loan without salary slip. Good luck!

Explore our options for ₹50000 personal loan, and ₹60000 personal loan.

Frequently Asked Questions

Can I get a personal loan without a payslip?

Yes, you can get a personal loan without a payslip, but it may be more challenging. Banks typically require proof of income to assess your repayment capacity. If you don't have a payslip, you can provide alternative documents such as bank statements, income tax returns, or a letter from your employer. Self-employed individuals can submit business financial statements or GST returns as proof of income.

With IDFC FIRST Bank’s FIRSTmoney loan, you can submit your application using only your PAN card to complete the video KYC process, eliminating the need for additional documents such as salary slips.

Can I get a 2-lakh personal loan without a salary slip?

To securing a ₹2 lakh personal loan without a salary slip, you will need to provide alternative proof of income such as bank statements, income tax returns, or other documentation that demonstrates your financial stability. Banks may also consider factors like your credit score, employment status, and existing financial obligations. With FIRSTmoney, you can get approved limits of up to ₹10 lakhs with just your PAN card and withdraw any amount depending on your needs. 

How to get ₹10,000 rupees urgently without salary?

To get ₹10,000 urgently without a salary slip, you can apply for a FIRSTmoney smart personal loan which offers an approved amounts of up to ₹10,00,000 based on your credit profile. T Once your loan is approved, you can withdraw as per your convenience and repay it anytime without any foreclosure charges. If you have a strong credit profile, FIRSTmoney can be a great option. It offers instant personal loans and flexible repayment terms, allowing you to borrow only what you need.

Can I get a ₹3 lakh loan without a salary slip?

If you are looking to get a ₹3 lakh loan without a salary slip, banks might accept other forms of income proof such as bank statements, income tax returns, or business financials if you are self-employed. With FIRSTmoney, however, you can obtain a ₹3 lakh personal loan with only your PAN card. All you need is to apply online by scanning the QR code and present your PAN card to complete the V-KYC process. 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.

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