Do You Know You Can Apply for a Personal Loan Without a Salary Slip?

The most popular alternatives to a salary slip are income certificates, the Internal Revenue Service Form 16, and bank statements. If you have any of these items, the bank may be able to approve your personal loan quickly. There is no hard and fast rule about how much money you need to make to qualify for a personal loan. Certain financial institutions may maintain a lower required minimum salary for personal loans (say Rs. 15,000–Rs. 20,000 per month). Salary is not the only thing to think about, so this number will be different for each candidate. 

Can a personal loan be obtained without a salary slip?

Applying for a personal loan will include documents required for a personal loan for the lender to review. If you need a personal loan without a salary slip, you'll need the following:

1. identification paperwork, such as a passport, driver's licence, or Aadhaar card. 
2. A passport, leave and licence agreement, or utility bill that is no more than three months old may serve as evidence of residence. 
3. income verification documents, such as an income tax return (ITR) or form 16, audited financial statements for the last two years, or an income certificate. 
4. Your bank statements for the previous six months 
5. Businesses need verification of their office addresses. 
6. Office ownership documentation for company owners 

Always be kind to the lending institution. 

Money lending is based on trust. Lenders will only provide credit if they are certain that their money will be returned promptly. Lenders are more likely to believe you can repay a loan if you do things like make on-time EMI payments, give collateral, display good manners, disclose all relevant information, and remain transparent. 

This might work in your favour if you have a history of borrowing from the lender or an active account with them. The lender may already have a sense of your creditworthiness based on your history of transactions; therefore, no new paperwork is necessary. Personal loans on Aadhaar cards may be obtained even without a wage slip if the borrower and the borrower are on good terms. 

Whether or not you are approved for a personal loan is heavily dependent on your credit history. If you want a fast personal loan without salary slips, you'll need to convince the lender that you can be relied upon to make your payments. You will gain credibility as a reliable borrower if you do so. Before you apply for a loan, you should make sure you meet the minimum requirements and investigate the EMI and repayment terms.

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