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Know How to Get a Personal Loan without Salary Slips
- Updated on: 4 Jul 2024
- Published on: 26 Aug 2021
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.
Choose from the following options to apply for a loan in the absence of a salary slip.
Here are some documents that are acceptable in place of a salary slip when applying for a loan online.
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 Ownership | Property documents or rental agreement Utility bill |
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.
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.
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.
With all the essential documents at hand, follow these steps to apply online.
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!
Yes. But you must replace it with alternative documents as well as maintain an excellent credit score.
Yes, but you must ask your lender for a list of alternative documents that you can apply with.
While banks may also provide this option, you can get a loan even without a salary slip on the Fibe Personal Loan App.
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.
Here are a few ways to avail of an instant loan without salary slips:
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.
Here are the eligibility criteria you need to meet when availing a loan at Fibe:
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:
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.
While most lenders do not allow it, you can apply by providing alternate documents to showcase your repayment capacity.
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.
Absolutely! Many online lenders offer personal loans of up to ₹2 lakhs without a salary slip.
The following documents can be useful if you don’t have a salary slip.
