How To Get a Personal Loan Without Income Proof?

Steps to Secure a Personal Loan Without Income Proof

Steps to Secure a Personal Loan Without Income Proof

The rise in technology has made it easier to access personal loans. You can get a personal loan without income proof. This is a detailed overview of how to get an instant loan without a salary slip.


With their new name, Instant personal loans, they are becoming easier to access with time. Personal loans are unsecured debts; they allow you to be fluid with your expenses and cover costs from a wide range of things. But because this loan is sanctioned fast and does not require any collateral, getting a personal loan without income proof is possible.

Living in a digitally driven world it is easier to complete tasks online without any complication. Customers can now conduct banking, investing, and even transactions from anywhere. The traditional 7-8 days of processing and sanctioning loans and approvals come within 24 hours. With a smartphone, it is to get anything done in seconds hassle-free. 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 family member, a salaried company worker, or a self-employed person, they can obtain a personal loan online in no time.

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Can You Get a Personal Loan Without Having A Salary Score or A Regular Source of Income?

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, and 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 income proof 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 instant personal loan online without income proof, followed by other important documents like an Aadhaar card, identity, and address proof.

Let’s look at some practical 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)  provides a personal loan to an applicant with maximum simplicity. As a result, most lenders have begun to offer instant personal loans online without income proof. 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 for the loan online. They also approve loans in as little as 5 minutes and distribute them within 72 hours, with minimal documentation.

Non-Banking financial companies (NBFCs) offer personal loans of amounts and tenures similar to banks but with higher processing fees and interest rates. They also provide the loan with minimum documentation and with less hassle. 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 salary is concerned, many NBFCs can provide a loan to individuals without salary slip. However, there is a catch: these finance organizations’ rates 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: Personal Loan Interest Rates of All Banks and NBFCs 

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How To Get a Personal Loan Without 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:

Getting a Guarantor

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

Also Read: 3 Ways To Get Personal Loan Without Income Proof Instantly

Proof of an Alternate Income

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, if you still need to receive approval, ensure that you meet all the other qualifying eligibility requirements and conditions and submit all the required paperwork. Instead, it is recommended 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

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. Generally, if a borrower cannot qualify based on an income check, the lender may request a higher interest rate than others. Depending on the loan length and repayment capacity, you can accept a higher rate and acquire a loan without an income check. 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.

  1. Avoid these notable factors for a negative fallback on your credit score:
  2. Poor credit and transaction history affect the overall performance of creditworthiness.
  3. Untimely or late loan repayment record.
  4. Unpaid or pending bills of credit cards of the associated lender.

Also Read: What is a Good Credit Score? How Can You Achieve a Good Credit Score?

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Maintaining 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 relationship creates trust and loyalty to predict your loan repayment capability; hence, they provide you with the necessary funds. In addition, you will need to shop around for a lender with liberal eligibility requirements.

Offering a Collateral as Security

When requesting a personal loan from the lender, you can also offer to pledge an asset. This offering will let the lender feel more secure about getting their money back. Gold, highly valued fixed deposits, mutual fund shares, and real estate are assets pledged as security for a personal loan. You must, however, confirm with the lender whether asset-backed loans are permitted. Additionally, you ought to learn about the assets that the lender would accept. The entire value of your collateral will determine if it can be accepted as security for the loan. You have a better chance of getting your loan taken if the value of the submitted collateral exceeds the amount needed.

However, keep in mind that skipping EMI payments could result in the lender seizing your asset. Therefore, only offer collateral if you are confident that you can pay back the amount.

Finding Flexible Eligibility Terms

When you need emergency funds and do not have all the documents to a pin, it is best to find a financial institution with flexible policies. Because of this, it would be easy to get funds for a personal loan without income proof. You read about all their terms and conditions and other factors that you need to see when applying for a loan, like interest rates and fines and make an evaluated decision.

Paying Existing Debts

Getting a personal loan becomes easy when you pay off all your debts in time; this creates a sense of being punctual on your repayments, indicating good borrower behavior and increasing your potential to get a loan.

Paying Existing Debts


Eligibility To Apply 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 18-65 years
  • Have 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 650 or more.
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Documents Required

  • The standard list of documents needed by the lender is listed below.
  • A duly signed application form.
  • Proof of ID – Passport/ Voter ID/ PAN Card
  • Proof of age – Birth certificate/ passport
  • Passport-size photograph.
  • Proof of residence – Passport/ Utility bill/ Allotment letter.
  • Income Proof – Latest Income tax return (ITR) along with computation of income, Last 2 years’ Balance sheet and profit and loss certified through a CA.
  • Proof of Signature verification- Passport/ PAN Card.
  • Bank statement – Last 3 months’ bank statement/ last 6 months’ bank passbook.

To Note-

These are some of the mandatory documents that have to be submitted. According to the majority of lenders to approve a personal loan. A personal loan is used for any purpose as the reason is not specified. But because of the fluidity, the loan comes with its limitations. In comparison to other loan products, it has a high-interest rate. Therefore, you need to be cautious when getting a personal loan. Before selecting the loan, you should do some research. Although you are limited in the number of lenders since you lack income-proof documentation, you should still extensively research each lender and choose the one that offers the best perks.

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What To Lookout For While Looking For a Personal Loan

Rate of Interest – Always examine the rates of interest offered by several banks to choose the one that best suits your demands.

EMI Amount – The next thing you should remember is the banks’ monthly EMIs. For the same loan amount, compare the monthly EMIs offered by several institutions.

Turn Around Time – Typically, one can receive loan approval in two or three working days. However, finding out how quickly a bank can complete your loan application is advisable.

Loan Approval Time – Typically, one can receive loan approval in two or three working days. However, finding out how quickly a bank can complete your loan application is advisable.

Loan Tenure – It’s crucial to look at the terms that various banks are willing to offer. You can choose the tenure based on your decision but compare first.

Processing Charges- This is a one-time payment in a bank. Always compare banks to see which charges the least.

Prepayment Fees – It is best to know about your bank and clarify if they take prepayment charges. Many banks leverage a prepayment charge. It is best to know and be aware.

Also Read: An In-depth Guide on How to Get Pre-approved Personal Loan


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, or fill out lengthy application forms, or 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. Consider whether the lender is authentic and reliable to make the most of it. 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.

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What Is The Best Instant Loan App Without Salary Slip?

There are several different apps that you can use to get a personal loan without a salary slip. You can download the buddy loan app from the play store and learn the best loan details based on your requirements.

How To Get a Personal Loan Without Income Proof?

Banks and Financial institutions demand a salary slip to know your income sources. When you have no income proof, some banks and NBFCs offer loans without salary slips and evaluate the borrower’s financial position on another basis.

Why Should You Download Buddy Loan?

Buddy Loans can provide instant approvals based on your criteria. The requests are accepted quickly and hassle-free. There are several options that you choose from, and find a plan that works the best for you based on several factors.

Is there any limit on personal loan without income proof?

The limit for loans varies from different financial institutions. Many factors like your credit score, repayment capacity and income determine the amount you will get for a personal loan.

Will I Get An Instant Loan Without a Salary Slip And Bank Statement?

Yes, you can get instant loans without both of these documents. You can use the article above for a guide to learn more or download the Buddy Loan App to get more assistance in getting a personal loan.