Know How to Get a Personal Loan Without Salary Slip in India

You might think that getting a personal loan without salary slip is next to impossible in India. But, some lenders do not require you to produce your salary slips as part of the loan application process. So, if you need some extra cash and don't have access to your salary slip, here's what you need to know.

How to Get a Personal Loan Without a Salary Slip in India?

If you are looking for a personal loan without salary slip in India, a few options are available. You can either approach a bank or a non-banking financial company (NBFC) for the loan.

Banks usually offer personal loans to salaried individuals with good credit history. The loan amount and interest rate banks offer to vary depending on the applicant's profile.

NBFCs, on the other hand, offer personal loans to salaried and self-employed individuals. The loan amount and interest rate offered by NBFCs are usually higher than that of banks.

You can approach an NBFC for a personal loan if you are self-employed. The interest rate and loan amount offered by NBFCs are usually higher than that of banks.

However, you can negotiate with the NBFC and get a lower interest rate if you have a good credit history.

It is important to compare the interest rate and other terms and conditions of personal loans offered by different lenders before availing of the loan.

What are the documents required for a personal loan?

The documents required for personal loan vary from lender to lender. However, most of the lenders require some basic documents such as identity proof, income proof, address proof, etc. It is always advisable to check with the lender beforehand to know the list of documents required.

However, different lenders have different eligibility criteria when it comes to minimum salary for personal loan. Some lenders may require you to have a minimum income of Rs. 15,000 per month, while others may require Rs. 20,000 per month. The interest rate on personal loans also differs from lender to lender.

What are the eligibility criteria for a personal loan?

Most lenders have different eligibility criteria for a personal loan. However, common eligibility criteria include age, income, employment type, credit score, etc. It is always advisable to check with the lender beforehand to know the complete list of eligibility criteria.

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