Personal Loan

3 March 2023

Before lenders approve a personal loan, they evaluate umpteen factors. Assessing these factors helps them understand your financial capabilities. One of the essential documents that lenders require is your proof of income. 

This helps them assess your repayment capacity and estimate whether you will be able to 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 applying for a personal loan, you must submit your salary slips for your loan application. If this is a challenge for any reason, you can ask your employer for a payment receipt or submit an income certificate.

While this is simple, what happens if you are not a salaried employee? Say that 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, you may wonder if you can get a loan without a salary slip. 

The good news is that you can get a loan without a salary slip as a self-employed professional. However, you may have to submit other income sources as proof to show your eligibility for personal loans when applying online. 

Here are a few things to note to avail of this facility without a salary slip. 

As Fibe is one of India’s most trusted digital lending platforms, you can avail of instant loans without a salary slip on our App or Fibe’s official website. To get started, check out these top ways to get an online loan without a salary slip.

Provide alternate income proof

As a self-employed individual, you can get a loan without providing your salary slip. However, you may have to submit other essential documents as proof of your eligibility and ability to repay the loan. 

Here are a few documents you can submit when applying for an online personal loan.

• Bank statements: Lenders usually accept bank statements of the previous 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.

Maintain a good credit score

Whether you are self-employed or a salaried employee, having a good credit score is crucial is 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. 

To maintain a good credit score, 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.  

Try to reach an ideal credit score of 750 or above for easy and quick loan approval.

Select a lender with simple eligibility criteria

If you cannot provide 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. 

Here, you can apply for a personal loan with minimum documentation and low-interest rates.

Apply for a personal loan with a co-applicant

If you do not have a stable income or salary slips, you can apply for the loan jointly with a co-applicant. Choose a co-applicant with a stable job who meets the minimum income requirement based on your city of residence. You can thus get a loan by submitting your co-applicant’s salary slips and other documents.

To sum up, you can get a without a salary slip provided that you have a good credit score. Use alternate documents to serve as proof of your financial health, such as your bank statements, ITR and income certificates. To streamline your loan application and save time, you can opt for Fibe’s Instant Personal Loan.

FAQs about personal loan without salary slips

Can I get a personal loan without a salary slip?

Yes, submit alternate income proof documents, such as copies of ITR, income certificate and more to avail a loan without a salary slip.

Which bank gives personal loans easily without a salary slip?

While banks 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?

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

How to get an instant loan without a salary slip?

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

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

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

You can avail a personal loan by providing alternate sources of income or applying for a joint loan with a co-applicant having steady income.