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Personal Loan

Personal Loan Approval Without Salary Slip: Tips & Insights

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

18 Sep 2021 by Team FinFIRST
Personal Loan without a salary slip
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Personal loans for self-employed individuals: 5 ways to get a personal loan without salary slip


A personal loan is an unsecured form of debt that allows you to cover many types of expenses. It does not require any collateral and can be sanctioned quickly. However, because of the lack of collateral, lenders ask for salary slips as proof of income.

The good news is, you can leverage the complete power of your salary to get a good line of credit.

This feature is not a problem for salaried individuals, but if you are a self-employed person, you might have trouble trying to figure out how to get a personal loan. There are, however, a few ways to get an  instant personal loan without salary slips. Read on to know about them:

1. Providing an alternate income proof


You cannot get salary slips if you are self-employed and have an active business contractually. In such a case, one of the easiest ways to get a personal loan for self-employed individuals is by providing the lender with an alternate income proof. This can include documents like a bank account statement, ITR, or an income certificate.

These documents assure the lender that you have a steady income. Besides these documents, providing Form 16 also works if you are applying for a personal loan without a salary account.

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2. A good CIBIL score


A score of above 700 is excellent on the CIBIL’s scale of 300-900. 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 score instils faith in the lender, who then approves your personal loan without a salary slip. A good CIBIL score can also get you good personal loan rates of interest.”

IDFC FIRST Bank, for instance, offers attractive interest rates for borrowers with an excellent credit score. You can avail of personal loans amounting to lakhs if you have a good score and meet all the other eligibility criteria for personal loans.

3. Good relations with the bank


If you have built a strong relationship with your bank, you will not be required be provide any documents for applying for a personal loan. A strong relationship with the bank is built if you already have an account (savings or current) with the bank.

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 you apply for a personal loan, ensure you do all the research from your end. Also, ensure that you always maintain a good credit score and pay all your dues on time. Both these practices can go a long way and help you when you need an urgent loan without salary slip. Good luck!

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 credit limit of up to ₹10,00,000 based on your credit profile. This loan offers the flexibility to withdraw any amount above ₹5,000 and pay EMIs only on the used funds. Once your credit limit is approved, you can withdraw ₹10,000 and repay it anytime without any foreclosure charges. If you have a strong credit profile, FIRSTmoney can be a great option. It offers instant credit lines 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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