How to Get a Personal Loan Without a Salary Slip

There are times in life when you might find yourself in need of funds for various purposes that you cannot foresee. During these times, getting a Personal Loan can be one of your best options. While different kinds of loans have different requirements from the lender, Personal Loans are among the simplest sources of cash when you have an urgent need. Personal Loans do not require any collateral most of the time, they can be easily obtained with a few forms of identification and a basic proof of income. This makes Personal Loans the best option when compared with the many other loan products available in the market today.

5 Ways to Get a Personal Loan Without a Salary Slip

One of the simplest ways to get a Personal Loan is to borrow funds against your salary. Almost any lender will be happy to lend you money based on your monthly salary because it acts as a strong reassurance that you can repay your loan without any problems. However, if you do not have a fixed monthly salary or your salary slips, there are still a number of options left for you to get yourself a Personal Loan.

1. Provide proof of an alternate source of income
2. Maintain a good CIBIL score
3. Offer collateral as security
4. Apply for the loan with a co-applicant
5. Build trust and a good rapport with the lender

1. Provide proof of an alternate source of income

One of the main factors that a lender will look at is overall income and net worth. If you do not have a salary slip, you can still get a Personal Loan by proving that you have other sources of income on a regular basis. You can submit your income tax forms or bank statements instead.

2. Maintain a good Credit Score

A good Credit Score will make you a very attractive prospect to a lender regardless of your salary slips, it will prove to the lender that you are capable of timely repayments. Similarly, even a low Debt to Income Ratio! will increase your chances of getting a Personal Loan.

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3. Offer Collateral as security

Offering valuable collateral is one of the easiest ways to get a Personal Loan. The lenders will not consider your salary slips or your income because the repayment is almost assured with the collateral offered. Property, jewellery, or vehicles are the most commonly staked collateral.

4. Apply for the loan with a co-applicant

Applying for a Personal Loan with a co-applicant can double your chances of approval depending on the other person’s credit score and debt to income ratio. This assures the lender that even if you are not able to repay your loan, your co-applicant will do so.

5. Build trust and a good rapport with the lender

The best way to build trust or a good rapport with lenders is to show them your history of loan repayment in detail. If you have closed all your existing loans and have consistently made debt repayments on time, the lender is more likely to trust, even without submitting salary slips.

Simple Documentation:

Overall, if you have most of your basic documents apart from your salary slip, you should be able to obtain your Personal Loan. You will mostly need the following.

1. Identity Proof

Basic IDs like Driving Licence, Aadhaar Card or Passport

2. Address Proof

You can use your Driving Licence, PAN or others

3. Income Proof

Like an income certificate, ITR or even a bank statement

4. Latest 6-month Bank Statement

Your personal Bank Account Statement for the last 6 months

5. Business ownership proofs

Any certificate of business ownership or even GST certificate

6. Continuity of business proof for business owners and freelancers

Proof of business continuity or regular income statement

All of these documents are rather basic and all of them serve as different kinds of proofs that help the lender establish the credibility and the credit-worthiness of the borrower.

Easy Solution

In conclusion, even if you need an urgent cash loan without a salary slip, there are alternatives you can provide to get one. For example, KreditBee has a wide range of financial and Loan products which differ in eligibility criteria. The platform considers all the information and disburses approved loans in a matter of minutes. KreditBee is a great option when you need quick funds and do not have a salary slip to submit. After considering various factors, KreditBee is very likely to approve your loan if you have a decent credit score and are able to provide most of the above-mentioned documents.