Personal loans often come in handy when you are faced with unforeseen situations that demand unexpected expenses. To get a personal loan, you have to fulfil various eligibility criteria depending on the lender and submit a set of documents for verification. This process can not only become cumbersome but also take a while to complete.
Documents required for a regular personal loan
For a regular personal loan, you may have to submit documents such as:
- KYC documents such as Aadhaar, passport, driving licence, voter’s ID, or a Letter of National Population Register
- PAN card
- Cancelled cheque
- Bank account statements for the last 3 months
- Salary slips for the last 3 months
Some borrowers, like business owners, may not have a salary slip to produce to avail of a personal loan. In such cases you can look at alternative documentation to convince the lender of your repayment capability.
Documents required for a instant loan without salary slip
Borrowers who cannot produce a salary slip can explore alternative documentation to get an instant loan. In the absence of a pay slip, the lender may ask for some other proofs of your income:
- Bank statement: Recent bank statements work well in reassuring the lender of your capability to repay the loan.
- Income Tax Return (ITR): Some lenders even accept ITR as a valid proof of stability in the flow of income.
- Other documents: Providing an employment letter or any other alternative income proof should also help in getting an instant loan without a salary slip.
While these are some alternative documents that you can submit, it must be noted that the eligibility criteria and the requirement for documents may vary from lender to lender.
Tips to get an instant personal loan without a salary slip
- Find a co-applicant: If you do not have salary slips to show as proof of income, this can be a great way to get a loan. It must be noted that, in such a case, the applicant and co-applicant are responsible for the repayment of the loan.
- Pledge collateral: A salary slips acts as a reassurance of repayment for the lender. To dilute the risk for the lender, you can pledge an asset as collateral.
- Maintain a good credit score: Even if you do not have salary slips to show as proof, maintaining a good credit score can still aid in getting a loan instantly.
Getting an instant loan without a salary slip can be quite a hassle and may require longer eligibility criteria and excessive documentation.
Eligibility criteria for an instant loan without a salary slip
An instant loan is a great alternative if you want funds quickly. You do not have to check eligibility criteria separately since our Insta Personal Loan comes with pre-approved offers for existing customers. New customers can also generate a pre-assigned limit for themselves. Select customers can also get our loan without having to provide any salary slips.
How to apply for an instant personal loan without a salary slip
Existing customers can check their pre-approved offers, and new customers can generate their pre-assigned limits by entering their mobile numbers and OTP. Some customers may be asked to submit additional documentation based on their profile.
Features of an instant personal loan without a salary slip
Our Insta Personal Loan provides flexible repayment tenures, ranging up to 63 months. You can choose a tenure that aligns with your financial capabilities.
You can visit our Insta Personal Loan page by clicking on this link to know more about this loan offering and to check your offer online.
