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How to get Personal Loan without salary slip

3 min read Dec 27, 2023


Securing approval for a Personal Loan has become remarkably straightforward in recent times. The process doesn't require collateral and the approval is quick. All you need to do is to furnish a salary slip to start the approval process for your loan application.

But what if you find yourself in a situation where you are unable to present a salary slip? For instance you could be running your business or you could be a freelancer or consultant. In these situations you would not have a formal corporate documentation. Does this mean you cannot get a loan without a salary slip?

The answer is no. There are alternative ways you can get an urgent cash loan without a salary slip.

How to get a personal loan without a salary slip

Fortunately, if you are self-employed, there are several strategies to secure a Personal Loan with no salary slip. Here are some ways to achieve this:

(1) Provide an alternative proof of your income

If you are self-employed and actively engaged in your business, you can demonstrate your income stability to lenders by submitting alternative documents. These may include bank account statements, income tax returns (ITR), or an income certificate.

These documents assure lenders of your reliable income source. You could also consider presenting Form 16 as an alternative income proof.

Also Read: When should you avail of a Personal Loan?

(2) Maintain a high CIBIL score

A CIBIL Score above 700 is considered excellent on a scale of 300-900. A strong credit score reflects responsible financial behaviour like timely repayment of debts. Lenders view a high CIBIL score as a positive indicator of your ability to manage loan repayments.

With a good credit score, you can qualify for personal loans without providing a salary slip and even favourable interest rates.

(3) Apply jointly with a co-applicant

Another approach is to apply for a personal loan jointly with someone who has a stable salaried income. The co-applicant's reliable income can enhance your overall creditworthiness in the eyes of the lender, increasing the likelihood of loan approval.

Before applying for a personal loan, conduct thorough research to identify the best approach for your financial situation. Maintaining a good credit score and adhering to timely payment practices can significantly improve your chances of securing an urgent loan without the need for a salary slip.

Documents for a personal loan without a salary slip

Documents needed for a personal loan application without a salary slip would typically include the following:

  • KYC documents like Aadhaar, passport, driver's licence, voter's ID
  • PAN card
  • Cancelled cheque

Since the borrower will not be able to produce a salary slip, these are the additional documents they have to produce:

  • Bank account statements covering the last three months
  • Income Tax Return (ITR) and Form 16
  • Other documents: Providing supplementary evidence such as an employment letter or alternative proof of income can also enhance your chances of obtaining an instant loan without a salary slip

Eligibility criteria for personal loans without salary slip

To qualify for this application, you must meet the following criteria:

  • The applicant must hold Indian residency
  • The applicant's age should fall within the range of 21 to 60 years
  • The applicant is required to maintain a minimum net monthly income of Rs. 10,000
  • The applicant must have a cumulative work experience of no less than 3 years

Also Read: Smart borrowing: know when to use a Personal Loan

How to apply for an Instant Personal Loan without a salary slip?

Many banks offer Instant Personal Loans that are digitally processed, ensuring that your loan approval is smooth, hassle-free, and devoid of the need for collateral or extensive paperwork.

You can apply for 24x7 Personal Loans with amounts ranging from Rs. 50,000 to Rs. 25,00,000. But if you apply for an offline Personal Loan, you can get up to Rs 40,00,000 subject to conditions.

Frequently Asked Questions

1. How can I get an instant small loan without a salary slip?

In case you are self-employed or don't possess a salary slip, you have the option to submit alternative documents such as your bank statements and ITR to demonstrate your ability to repay the loan, thereby securing an instant loan from the lender.

2. Can I get an instant loan without a salary slip and bank statement?

Yes, it is possible to obtain an instant loan without a salary slip and bank statement. Not everyone can provide these traditional income documents, especially if you are self-employed or have irregular income sources.

3. What is the minimum income requirement for an urgent cash loan without a salary slip?

A minimum net monthly income threshold of Rs. 10,000 or more. It may change based on your location and the loan amount you are seeking.

Also Read: Can getting a Personal Loan improve your credit score?

Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author 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. Please consult your financial advisor before making any financial decision