How Can You Get A Personal Loan Online Without Income Proof?

Personal Loan Without Income Proof

Personal Loan Without Income Proof

Often, obtaining a personal loan from a bank or a non-banking financial institution is readily achievable, and they can be used for a variety of reasons as per the borrower’s requirements which might include medical bills and expenses, education demands, home renovation, or even a debt consolidation when you are in a dire condition of money.

Now, things have changed today, and we live in a digitally-driven world where all of our tasks can be completed online without requiring any physical interaction. Customers can now conduct services like banking, investing, and even transactions from the comfort of being at their places. All they want is a phone with a reliable internet connection. Banks and other lenders traditionally take 7 to 8 working days to disburse a loan online is now one of the quickest and fastest ways to arrange money when you’re in a cash constraint. Be it the only earning member of the family, a salaried worker of the company, or a self-employed person, they can obtain a personal loan online in no time.

But what if the applicant does not have a consistent or regular source of income? Can they still get a personal loan online? The answer is yes, there is still a possibility that the applicant might be eligible for a personal loan without having income proof. Although, getting a personal loan without a paid account can be challenging if you are a salaried employee. In this case, the bank statement is critical since it allows the lender to learn about the borrower’s financial situation. Some lenders will provide you with an online personal loan even if you don’t have evidence of income, followed by other important documents like an aadhar card, identity, and address proofs.

So, let’s look at some of the effective ways to avail of a personal loan from NBFCs and banks requiring no salary statements. 

Personal Loans From NBFCs

Any bank or non-bank financial institution (NBFI) should provide a loan to an applicant with maximum simplicity. As a result, the majority of lenders have begun to offer loans through an online application process. This procedure is simple to follow and convenient for most candidates. In this situation, NBFCs are far better than banks. They attempt to use as little documentation as possible so that more people can apply loan online. They also approve loans in as little as 5 minutes and distribute them in as little as 72 hours, with minimal documentation.

Non-Banking financial companies (NBFCs) offer personal loans of amounts and tenures similar to banks but with certainly higher processing fees and interest rates. But also provides the loan with minimum documentation and hassle involved. While comparing the lenders and banks, conditions differ significantly, and because of its general qualifying rules, it’s sometimes easier to receive a personal loan from an NBFC. 

As far as the salary is concerned, many NBFCs can provide a loan to individuals who do not have proof of income. However, there is a catch, the rates offered by these finance organizations are higher in such cases. In some circumstances, if you’re self-employed, you can present your previous year’s business profits to acquire your loan amount.

Also Read: What Are Short-Term Personal Loans, and How Can You Take Care of Them?

  • Many decisions can still be in your hands to make a transparent option among all the other ones available: Lookout for these elements:
  • You should analyze the products, rewards, and perks the lender offers based on the interest rates, processing costs, and penalties such as prepayment charges, pre-closure charges, and so on before taking out a personal loan.
  • I prefer a loan that allows you to pay off the EMIs and end the loan early without paying penalty fees. These may offer personal loans with lower interest rates and processing fees.
  • You should choose a lender carefully based on its reputation, interest rates, flexibility, collateral, and other factors to avoid any scams or fraud in the future. Hence, make sure the process is safe, efficient, and transparent.
  • Check for the loan security. In general, personal loans without collateral are feasible. Whereas, to receive funds quickly through a secured personal loan, a borrower must provide his or her property documentation to the lender. Because a personal loan is an unsecured loan, the risks to lenders are relatively substantial. Furthermore, the applicants are not required to put up any personal property as security for the loan amount.

Buddy Loan can be one such great help if you are looking for personal loans at affordable interest rates and flexible repayment tenures without collateral.

Decision in Hands

Things to know if you are applying for a personal loan without having income proof:

There are alternate options that can help you get a personal loan, even if you do not hold any income proof of your own. You can check on these availabilities:

You might be asked for a guarantor.

Because there is no proof of income in your circumstance, you have to give some type of guarantee. It is recommended that you include your parents as co-borrowers and share responsibility. In that circumstance, lenders will normally grant the applicants a secured personal loan by mortgaging their property documents. 

Also Read: Personal Loans Are Growing, But Is This The Right Time To Take One?

Some other sources of income might help.

If you hold any other sources of income outside your employment that will help you repay the loan, fill them out during your application. Rental income, spouse/parental income, and interest income from investments are examples of alternative sources you can provide. In addition, in the event, you do not receive approval, make sure that you meet all the other qualifying eligibility requirements and conditions, and then submit all of the required paperwork. Instead, it is recommended that you apply for a personal loan with a family member who can provide proof of income as a co-applicant or guarantor. 

A good cibil score is appreciated.

Borrowers today have several possibilities for securing a loan with a decent CIBIL score, thanks to the numerous plans and offers available on the market. If you need a loan without evidence of income, take your time and look around to discover the best deal. In general, if a borrower cannot qualify based on an income check, the lender may request a higher interest rate than others. You can accept a higher rate and acquire a loan without an income check, depending on the loan length and your repayment capacity. For this, you need to take care of the cibil score. 

It is advisable to grow your transaction rating and creditworthiness for a better interest rate.

Avoid these notable factors for a negative fallback on your credit score:

  • Poor credit and transaction history, affect the overall performance of the creditworthiness.
  • Untimely or late loan repayment record.
  • Unpaid or pending bills of credit cards of the associated lender.

Maintain a good relationship with the lender

Based on your past credit and repayment history, you can gain trust from the lender for your current loan request and approval. This helps lenders to gauge your loyalty and predict your loan repayment capability; hence they provide you with the necessary funds required. In addition, you will need to shop around for a lender who has liberal eligibility requirements.

Eligibility to meet before applying for a personal loan without income proof:

To obtain a personal loan from a bank or a non-bank financial institution, one must meet the unique loan eligibility conditions:

The applicant should

  • Be an Indian
  • Fall under the age group of 20- 67 years
  • Have unique identity proof in Aadhar card/ Pan card/ voter ID/ Passport and other KYC documents.
  • Permanently address verification and the domicile of the city.
  • Have either of the active status: Salaried or self-employed.
  • If not income proof, they should possess the last three months’ bank statements.
  • Have a fair CIBIL score of 750 or more.


With the help of technological advancements, a borrower might have the money credited to his account in minutes. They do not have to wait in huge lines anymore, and they don’t have to fill out lengthy application forms, nor do they have to wait nearly as long to be approved and accredited to the account. For a confirmed decision, consider all the notable points and necessary eligibility before applying, and to make the most of it, think wisely and precisely whether the lender is authentic and reliable or not. In this regard, expert recommendations might be of great help from experienced financial advisors. Buddy Loan is one such online platform that assists you in understanding personal loans, and more so you can get the funds suiting your financial appetite.