Know How to Get a Personal Loan without Salary Slips

Updated on: 14 July 2023

Published on: 26 August 2021

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 earnings. 

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 an instant 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.

As Fibe is one of India’s most trusted digital lending platforms, you can avail of instant loans without a salary slip on our instant loan app. Read on to know more. 

How to get a personal loan without salary slips

Check out these top ways to get an online personal loan without a salary slip.

Provide alternate income proof

As a self-employed individual, you can get a personal loan without a 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 without a salary slip.

1. Bank statements: Lenders usually accept bank statements of the previous 3 to 6 months to check your transaction history and determine your financial health. 
2. 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.
3. Income certificate: Filing for an income certificate helps a lender assess your annual income and helps determine your loan eligibility.

Maintain an optimal credit score

If you want to get a personal loan without income proof, you need to maintain a healthy score. Whether you are self-employed or a salaried employee, having 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. Try to reach an ideal credit score of 750 or above for easy and quick loan approval.

Select a lending institution requiring minimal eligibility parameters

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 without income proof by submitting minimal documentation. You can take advantage of its low-interest rates and hassle-free approval process. All it takes is just a couple of minutes to get an urgent cash loan without a salary slip at Fibe, helping you tackle your financial needs without much hassle.

Apply for a personal loan with a co-applicant

This is yet another simple strategy to opt for a personal loan without income proof. 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. This way, not only you can get quick approval on an urgent cash loan without a salary slip, but you are also eligible to get a higher loan amount.

To sum up, you can get a personal loan without income proof, 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, when applying for an urgent cash loan without a salary slip. To streamline your loan application and save time, you can opt for Fibe’s Instant Personal Loan or an Instant Cash Loan. Register on our app or website to get access to anywhere from ₹5,000 to 5 lacs stress-free! 

FAQs on personal loan without salary slips

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

Yes, submit other documents, such as copies of ITR, income certificate and more, to avail of an urgent cash loan without a salary slip.

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?

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

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 

Is it possible to get a loan without a pay slip?

Yes, you can get a personal loan at Fibe even without submitting a pay slip. However, you need to provide alternate documents, such as bank statements or ITR copies, to provide proof of your earnings. 

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

It is difficult to get a cash loan if you cannot provide any proof of your earnings or repayment capacity. If you have a bank account with sufficient balance, investments, or income from property, you can submit the related paperwork to secure a loan. 

Is it possible to avail of an instant loan without submitting a salary slip and bank statement?

You can avail of an instant loan even if you don’t submit a bank statement or a salary slip. However, you need to provide alternate documents to showcase that you have the money to repay the loan. 

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

Sometimes, financial institutions may charge you a higher interest if you do not have any income proof. However, with a good credit score or a co-applicant who has income proof, you may be able to get a loan at competitive interest rates.