How to get a personal loan for non-salaried

Learn how non-salaried individuals can successfully secure personal loans. Explore documentation, credit score tips, lender options, and negotiation strategies to access financing tailored to your unique financial situation.
Personal loan
3 min

In today's dynamic financial landscape, accessing credit facilities like personal loans is not limited to salaried individuals alone. Non-salaried individuals, including freelancers, entrepreneurs, and professionals with irregular income streams, can also avail themselves of personal loans to meet their financial needs. However, securing a personal loan without a regular salary can be challenging due to the varying income nature and perceived risk by lenders.

How non-salaried person can get a personal loan?

Here's a comprehensive guide on how non-salaried individuals can successfully obtain a personal loan:

Maintain a good credit score:

A good credit score significantly enhances your chances of loan approval. Pay bills and existing debts on time to maintain a healthy credit score. Regularly check your credit report for inaccuracies and rectify any discrepancies to ensure a favourable credit profile.

Prepare necessary documents:

Non-salaried individuals need to provide additional personal loan documentation compared to salaried applicants. Prepare documents such as income tax returns (ITR), bank statements, profit and loss statements (for businesses), and proof of other income sources. These documents validate your financial stability and repayment capacity.

Choose the right lender:

Research and compare loan offerings from various financial institutions. Some lenders specialise in providing loans to non-salaried individuals and offer flexible terms tailored to their needs. Look for lenders who consider alternative income sources and offer customised loan products.

Opt for co-applicants or guarantors:

Having a co-applicant with a steady income or a guarantor with a good credit history strengthens your loan application. Lenders perceive co-applicants or guarantors as additional security against default, thereby increasing the likelihood of loan approval.

Bajaj Finserv Personal Loan for non-salaried/ self-employed individuals

Bajaj Finance Limited is offering personal loans for both salaried and non-salaried individuals. Borrowers can enter a valid mobile number and check if they have a preassigned loan limit. Bajaj Finserv offers personal loans tailored to diverse financial needs with hassle-free processing and competitive interest rates. With minimal documentation and quick approval, borrowers can access funds up to Rs. 40 lakh, repayable over flexible tenures of up to %$$PL-Tenor-Max-Months$$. Bajaj Finserv's online application platform simplifies the process, allowing easy access to funds for various purposes like travel, education, medical emergencies, or debt consolidation. Additionally, features like instant approval, online account management, and pre-approved offers enhance the borrowing experience, making Bajaj Finserv Personal Loan a preferred choice for individuals seeking convenient and reliable personal loan solutions.

How to apply for a Bajaj Finserv Personal Loan?

You can apply for a Bajaj Finserv Personal Loan by following these simple steps:

  • Visit the personal loan page and click on ‘APPLY’
  • Enter your 10-digit mobile number and OTP.
  • Fill in the application form with your basic details.
  • Now, click on ‘PROCEED’ to visit the loan selection page.
  • Enter the loan amount that you need. Choose from our three personal loan variants –Term, Flexi Term, and Flexi Hybrid.
  • Choose the repayment tenure – you can select tenure options of 6 months to 96 months and click on ‘PROCEED’.
  • Complete your KYC and submit your application.

Securing a personal loan as a non-salaried individual requires meticulous planning, financial discipline, and perseverance. By following these steps and demonstrating your financial stability and repayment capacity, you can enhance your chances of obtaining a personal loan from Bajaj Finance Limited tailored to your unique needs and circumstances. You can also use our personal loan EMI calculator to plan your repayment journey in advance. Remember to research thoroughly, choose the right lender, and negotiate favourable loan terms to make the borrowing experience smooth and rewarding.

Apply for our personal loan and get the best deal on it.


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Frequently asked questions

Can I get a personal loan without salary?
Yes, individuals without a traditional salary, such as freelancers, entrepreneurs, and self-employed professionals, can still qualify for personal loans by most lenders by demonstrating alternative income sources and financial stability.
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