Certain lenders require an extensive list of documents prior to approving an instant personal loan which involves a salary slip. However, what if one doesn’t have one?
The good news is that you can still get an instant loan without a salary slip.
Different Ways to Get Instant Cash Loan Without Salary Slip
Some of the options through which a person can easily avail a loan even without proof of income –
1. Provide Alternate Proof of Income
As one may not have a salary slip, there are numerous other kinds of documents that work as an alternate proof of income. Documents for instance IT returns, bank statements, or even an income certificate will be enough.
2. Have a beneficial Relationship With the Lender
If a person and the lending company have a better professional relationship, one might not have to offer a salary slip.
Always remember, if the lender is convinced of the repayment ability, one would be able to get a loan easily even without the necessary documents.
3. Have a Good CIBIL Score
If there’s any potential factor that essentially determines the creditworthiness, it is the CIBIL score.
If the score is above 750 and also they are unable to offer a salary slip, the lender may still provide a loan.
To have a high CIBIL score indicates that they are a responsible borrower.
4. Apply for a Secured Loan
As one when applying for a loan, they can provide collateral as security. This also reduces the risk for the lender who may then provide a loan without any salary slip.
5. Apply with a Co-applicant
In case a person is unable to furnish a salary slip or alternate proof of income, one can potentially apply with an overall co-applicant.
It is also advantageous if one applies with someone who has a great credit score.
6. Apply from a Lender Who needs Minimal Documentation
One can also avail an instant personal loan from lenders who only need minimal documentation which may not require a salary slip.
Continue reading to know more about money view’s advantageous personal loans.
Instant Personal Loan without Salary Slip
The steps to get an instant personal review without a salary slip from moneyview are quite simple. One must need to fulfill the eligibility requirements, offer the necessary documents, and voila! The loan will be essentially credited to the account within 24 hours!
Documents needed for Personal Loan without Salary Slip
Given below are the documents necessary for both salaried along with self-employed applicants.
Required Documents for Salaried Applicants
Our documentation requirements are minimal. We will mainly require the following –
- Â Your PAN number
- Your mobile number will have to be linked to your Aadhaar card for KYC verification
- Clear selfie taken in a well-lit area
One must note that these documentation needs will vary based on the profile. We might require proof of address, bank statement, as well as other supporting additional documents.
In such a case, a person require proof of address, any one of the following documents will suffice as the following –
- Aadhaar Card
- Valid Indian Passport
- Valid Voter ID
- Valid Driver’s License
- Utility Bills for instance Electricity, Water, Gas dated within the last 60 days
If we require income proof, you must furnish your bank statement for the last three months. This statement must also show your salary credits.
Eligibility Criteria For Personal Loans without Salary Slip
You can easily get instant personal loans without the need for a salary slip. Anything one requires to do is fulfill the eligibility criteria is mentioned as the following –
- Applicants must vary between 21 years to 57 years
- Income must be essentially credited directly to the applicants’ bank account.Â
- If a person receives the salary in cash, we will not be able to offer instant personal loans for them.
- Minimum in-hand income of Rs. 13,500 for salaried applicants to Rs. 15,000 for self-employed applicants
- Minimum CIBIL score of 600Â
- Experian score of 650
How to Apply for an Instant Personal Loan without Salary Slip
A person can follow these enlisted steps given below to easily get an instant loan without any required salary slip-
- Step 1: Visit the website as well as make sure to submit the personal details to check the loan eligibility within 2 minutes.
- Step 2: Select the instant loan offer and a repayment plan of your choice
- Step 3: Upload all the required documents digitally
- Step 4: once the approval is done, avail the amount of loan in the account directly within every 24 working hours
One must ensure that these documents listed above are highly officially valid at the time of submission of the loan application.
Also, if they are able to clear the KYC process during the flow of application, the document need will be minimal.
All of the required documents can be essentially uploaded online making the overall process convenient, quick, as well as hassle-free. Post uploading the documents, make sure that all details are pretty visible.