Know How to Get a Personal Loan without Salary Slips

  • Updated on: 4 Jul 2024
  • Published on: 26 Aug 2021
Know How to Get a Personal Loan without Salary Slips

Do you know about the alternative options on how to apply for a personal loan without a salary slip? Here’s all that you need to know. Before giving approval on your application, lenders evaluate umpteen factors. Assessing them helps lenders understand your financial capabilities. One way to do so is by reviewing your proof of income.

This document helps them assess your repayment capacity and estimate whether you can complete EMI payments on time. Thus, lenders ask for proof of income to verify the amount you have stated in your application through salary slips.

As a salaried employee, you must submit it for your loan application. If arranging those documents is challenging, ask your employer for a payment receipt or submit an income certificate.

While this is simple, what happens to individuals who are not salaried employees? Say you require instant funds to meet your financial emergencies, such as paying hospital bills, while not working full-time at a company. Under such circumstances, the lack of a salary slip may be a hurdle in getting a personal loan instantly.

The good news is that there are other smart options to avail a collateral-free loan. One of which is to submit other income sources as proof to show your eligibility for personal loans when applying online.

As Fibe India’s most trusted digital lending platform, you can avail of instant loans without a salary slip on our instant loan app. 

How To Get a Personal Loan Without Salary Slips?

Choose from the following options to apply for a loan in the absence of a salary slip. 

Provide Alternate Income Proof

Here are some documents that are acceptable in place of a salary slip when applying for a loan online.

  • Bank Statements: Lenders usually accept bank statements of the last 3 to 6 months to check your transaction history and determine your financial health.
  • Form 16 or Income Tax Returns: As a tax-paying citizen of India who has been filing an ITR for a minimum of 2 to 3 years, you can apply for a personal loan with your ITR.
  • Income Certificate: Filing for an income certificate helps a lender assess your annual income and helps determine your loan eligibility.
  • Documents to Gather for a Non-Salaried Individual

Here are the documents you need to provide if you are self-employed or a business owner. 

Category Example
Proof of Identity Aadhaar cardPassport Voter’s IDDriving licence
Proof of Address Aadhaar cardDriving licenceUtility billProperty documentsPassportRation cardVoter’s ID
Proof of Business Registration Company registration licenceTax registration copy
Income Proof Income tax returnsBalance sheetProfit and loss accountAudit reportBank statement for the past one year
Proof of Office Address and OwnershipProperty documents or rental agreement Utility bill

Maintain An Optimal Credit Score

Whether self-employed or a salaried employee, a good credit score is crucial in boosting your loan eligibility. The lender or banking institution checks your credit report, which shows your repayment behaviour, debt management skills and ability to handle credit.

So, make sure you pay your EMIs on time. Also, ensure you don’t have too much debt on your plate and have experience with a variety of credit types. A score over 750 will make you eligible for a loan with most lenders.

Select a Lending Institution Requiring Minimal Eligibility Parameters

If you cannot arrange a salary slip, look for a lender with simple eligibility terms and conditions. For a hassle-free experience, try a Personal Loan App such as Fibe to benefit from easy-to-meet, simple eligibility terms and conditions.

At Fibe, you can apply for a personal loan by submitting minimal documentation. You can also leverage low interest rates and enjoy a hassle-free approval process. It takes just a few minutes to get Fibe’s personal loan without a salary slip, allowing you to tackle your finances without much hassle.

Apply For a Personal Loan with A Co-Applicant

If you’re a freelancer or don’t get salary slips, applying for a loan jointly with a co-applicant is yet another option. It may be a family member or friend with a stable job who meets the minimum income requirement based on the city of your residence. 

You can submit the co-applicants salary slips, among other documents, to get approval. This way, you not only get quick approval to meet urgent requirements but you are also eligible to get a higher loan amount.

Steps to Apply for a Personal Loan

With all the essential documents at hand, follow these steps to apply online. 

  • Step 1: Determine your financial requirement for a personal loan
  • Step 2: Compare top lenders based on your preference
  • Step 3: Check the eligibility criteria and the documents required 
  • Step 4: Click on the ‘Apply now’ option
  • Step 5: Enter your required personal information and submit the form
  • Step 6: Calculate a suitable EMI amount based on the lender’s offer
  • Step 7: Complete the application by submitting the documents

After submitting the documents, the lender will assess your eligibility, and if accepted, your loan will be disbursed promptly.

Understand that getting a loan without submitting your salary slip is easy, provided you have a good credit score. If you have a low score, then the Fibe Instant Personal Loan is a good option. This is because we check your eligibility using an alternate scoring mechanism.

At Fibe, you can easily get up to ₹5 lakhs at an affordable interest rate with minimum documentation. Visit our website or download the Personal Loan App to apply now!

FAQs on Personal Loans Without Salary Slips

Can I take a personal loan without a salary slip?

Yes. But you must replace it with alternative documents as well as maintain an excellent credit score. 

Is it possible to apply for a personal loan without submitting a salary slip?

Yes, but you must ask your lender for a list of alternative documents that you can apply with. 

Which banks approve personal loans easily without a salary slip?

While banks may also provide this option, you can get a loan even without a salary slip on the Fibe Personal Loan App.

Can I get a loan if I am not working?

It may be difficult for unemployed individuals to get a personal loan. However, providing proof of alternate income sources can help, as does getting a joint loan.

How can I apply for an instant loan without a salary slip?

Here are a few ways to avail of an instant loan without salary slips:

  • Maintain a high credit score
  • Pledge collateral
  • Avail the loan with a co-applicant
  • Submit alternate documents as proof of earnings

How can I get a loan without a bank slip and salary?

You can get it by submitting documents showcasing different sources of income or by opting for a shared loan from someone earning a monthly salary.

What are the important eligibility parameters I need to meet when availing of an instant loan without submitting a salary slip to the lender?

Here are the eligibility criteria you need to meet when availing a loan at Fibe:

  • Age: Between 21 and 55 years
  • Nationality: Indian
  • Minimum income: ₹15,000 to ₹18,000 based on your place of residence

Can I get a loan approval if I don’t have a pay slip?

Yes, you can get a personal loan at Fibe even without submitting a pay slip. However, you must provide alternate proof of your earnings, such as: 

  • Bank statements 
  • ITR copies

If I don’t have income proof, can I still apply for a cash loan?

If there isn’t proof of earnings, it becomes difficult to get a loan immediately. However, a bank account that has enough balance in it, investments or income from property can act as a security for the loan.

Is it possible to get a personal loan without a salary slip and bank statement?

While most lenders do not allow it, you can apply by providing alternate documents to showcase your repayment capacity.  

Do I have to pay a higher interest to get a loan without income proof?

Sometimes, lenders may charge higher interest rate if you don’t have income proof. However, a good credit score or a co-applicant having income proof may be an ideal solution to get a loan at competitive interest rates.

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

Absolutely! Many online lenders offer personal loans of up to ₹2 lakhs without a salary slip. 

What is the alternative to a salary slip?

The following documents can be useful if you don’t have a salary slip. 

  • Banks statement 
  • Employment certificate
  • ITR or Form 16
  • Credit report

Our top picks

Can Millennial Stress be Resolved by Financial Wellness?
Finance | 3 mins read
How Organisations Can Measure the Impact of Financial Wellness Programs
Finance | 3 mins read
How Can HR help Overcome Staffing Challenges in the Digital Age?
Corporate | 3 mins read
5 Signs of A Good HR Function
Corporate | 3 mins read