Personal Loan Against Cash Salary: Everything you need to know

Wondering if you can get a personal loan against a cash salary? The answer is yes. While salary slips are a common income-proof document required by most lenders, there are other options through which you can get funding even if you don’t have them. 

From applying with a different lender to submitting alternate proof, here are 5 easy ways to get a loan when you get your salary in cash.

Apply for a Secured Loan

Getting a secured loan can help you get the funds if you get a cash salary. The collateral acts as a security and reduces the risk for the lender since they can recover the amount through your collateral. As such, they may not be too stringent about salary slip requirements. You can submit assets like:

• Gold ornaments
• Gold bricks
• Property
• Fine art
• Antiques

Apart from your assets, you can also pledge your investment to avail of the loan. The chances of approval without income proof are also higher since these investments serve as security for the lender. You can pledge various investments, such as:

• Fixed deposits (FDs)
• Mutual funds
• Company shares
• Life insurance policies

Provide Your Bank Statements

You can deposit your salary in your bank account if you get it in cash. By doing so, your bank statement serves as income proof and you can submit it while getting a loan. Depending on the lender, You must submit bank statements for the last 3 or 6 months.

Submit Your ITR

You can also use your ITR as income proof while applying for a loan. You must show that you receive your income in cash while filing the annual income tax. In case you don’t pay your taxes, you must start doing it because:

• You get an additional income proof
• It is mandatory to comply with the taxation rules of the country

Show Your Offer Letter or Salary Vouchers

If you are looking for a personal loan for a cash-salary person, you can try submitting your offer and salary vouchers to get a loan. Note that some lenders may not accept your offer letter as an income proof document. In such instances, you have to ask your employer for salary vouchers for the last 3 or 6 months. 

Your offer letter must include:

• Your position in the company
• Your compensation package
• Your start date and work schedule
• Specific conditions and requirements of the lender

Submit a Letter from Your Current Employer

This letter can serve as solid proof of income and employment. As such, offering this letter at the time of application also helps you get a personal loan if your salary is paid in cash. The letter must include the following:

• The letterhead of your company
• The seal of your company
• Signature of the authorised person

Also Read: Get a Personal Loan with a Low Salary?

Additional Ways to Get a Personal Loan Against Cash Salary

Here are some additional tips to get the required funding with a cash salary:

• Maintain a high credit score, which will help demonstrate a solid repayment history, stable income and experience with credit
• Choose a lender that offers a personal loan for cash salary employees 
• Apply with a co-applicant who receives their salary in the bank to increase the approval chances
• Make sure that you submit a complete application with all the required details and documents

With the help of these tips, you can get a loan even if you get your salary in cash and address your needs hassle free. You can also choose Fibe to get an Instant Cash Loan as we also accept other income proof. Get up to ₹5 lakhs at affordable interest rates, no hidden charges and minimal requirements with a simple online application. Download the Personal Loan App or log in to our website today and get the required funding quickly.

FAQs on Ways to Get a Personal Loan Against Cash Salary

Can I get a personal loan if I get a salary in cash?

Yes, you can get a personal loan against cash salary by:

• Getting a secured loan
• Submitting your ITR
• Providing your bank statements
• Submitting a letter from your current employer
• Showing your salary vouchers or offer letter

Can I get a loan if I earn in cash?

Yes, you can prove a stable income proof by:

• Submitting your ITR documents
• Submitting a letter from the current employer
• Providing your bank statements
• Showing your salary vouchers or offer letter

Can we get a personal loan without pay slips?

Yes, depending on the lender, you can submit other income proof documents, such as:

• Bank statements
• ITR documents
• A letter from your current employer
• Salary vouchers or an offer letter