How to Get an Instant Personal Loan for Non-Salaried

However, some lenders will disburse online personal loans even if you do not have income proof. Here is how you can avail of such a loan for non-salaried.

Requirement for a personal loan without income proof

• Income from other sources
  Apart from your salary income, if you have other sources of income that can boost your repayment capabilities, highlight them during your application. You can show alternative sources such as rental income, spousal/parental income, and interest income from investments.

• CIBIL Score
  A credit score of 685 or higher showcases your creditworthiness. It can help you get approval without income proof and secure affordable personal loan interest rates too.

• Guarantor or co-applicant
  Applying for the loan with a guarantor or a co-applicant increases your loan approval chances. It can also help you get a higher loan amount with favourable personal loan interest rates, as the lender will consider the co-applicants repayment ability.

• Relationship with lender
  If you hold a current or savings account with the lender and frequently transact through such accounts, it will help build trust with the lender. It could also improve your chances of getting an instant loan without income proof.
  

Additionally, to improve your chances of approval in the absence of income proof, ensure that you meet all other eligibility criteria and submit all other necessary documents. And use our personal loan EMI calculator to calculate your EMIs beforehand.

Read more: How to avail of a personal loan without documents?

Eligibility for a loan without income proof

To determine your personal loan eligibility criteria, you can use the personal loan eligibility calculator. While income proof is usually required for a personal loan, there are scenarios where you may still qualify without it. Key factors considered for eligibility include:

• Nationality: Indian

• Age: 1 year to 80 years**.

• Employed with: Public, private, or MNC.

• CIBIL Score: 685 or higher.

• Customer profile: Self-employed or Salaried

*You should be 80 years** or younger, at the end of the loan tenure.

Documents required for a personal loan without income proof

Even if you don’t have income proof, you may still be eligible for a personal loan by submitting alternate documents. It’s important to know the documents required for a personal loan to improve your chances of approval. Lenders usually consider:

• KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card

• PAN card

• Employee ID card

• Salary slips of the last 3 months

• Bank account statements of the previous 3 months

• Piped gas bill

• Pension order

• Letter of Allotment of Accommodation Issued by Employer

• Property / Municipal tax receipt

• Utility bill

• Real-time image / photograph

• Ration card

Pros and Cons of loans without income proof

Applying for an instant personal loan without income proof can be helpful in emergencies, but it’s important to weigh the benefits and drawbacks. Here are a few key points to consider:

Pros:

• Quick disbursal – Ideal for urgent needs, as the loan amount is often disbursed within a few hours.

• Flexible eligibility – Lenders may accept alternative documents or consider your credit history and assets.

• Minimal documentation – Fewer documents are required compared to standard personal loans.

Cons:

• Higher interest rates – These loans may come with higher rates due to increased risk for the lender.

• Lower loan amounts – The absence of income proof can result in a reduced approved amount.

• Collateral requirement – Some lenders may ask for security or a guarantor to process the loan.

Tips to get a personal loan for non-salaried

If you're planning to apply for an instant loan without income proof, here are a few things to keep in mind:

• Check for pre-approved offers – Select customers may qualify for instant personal loans based on their credit profile, with minimal to no documentation required.

• No income proof required for some – In certain cases, eligible customers may not need to submit salary slips or bank statements.

• Minimal documentation – Depending on your profile, only basic documents may be required to complete the loan application.

• Faster approval – Pre-approved offers can significantly reduce processing time, allowing you to access funds quickly.

• Know before you apply – Go through this guide on important things to know before taking a personal loan to make an informed decision.

Additional read: How to get an instant loan

Interest rates for a personal loan without income proof

Select customers can get our Insta Personal Loan without submitting any documents. Below are some useful details:

Where to get a personal loan without income proof?

Getting a personal loan without income proof is possible through select lenders who offer flexible eligibility based on alternate criteria. Here are some common options to explore:

• NBFCs and fintech platforms – These often have more relaxed documentation requirements and may offer instant loans based on credit score and past repayment history.

• Banks with existing relationships – If you hold a salary or savings account, some banks may approve loans based on your past transactions.

• Pre-approved loan offers –Bajaj Finance offer Insta Personal Loans to select customers with minimal or no documentation.

• Secured personal loans – Offering collateral can also help you get a loan without income proof.

Always review the terms and eligibility criteria before applying.

For any assistance, you can reach our Bajaj Finance Personal Loan customer care number. Whether you have inquiries about loan eligibility, application status, repayment options, or any other concerns, the dedicated team is available to provide support and guidance to ensure a smooth borrowing experience.

Please ensure that you read all the fees and charges carefully before proceeding with your application.

Conclusion

Getting an instant loan without income proof is now easier with pre-approved offers and alternate eligibility checks. By leveraging your credit score, assets, or existing relationship with the lender, you can access funds quickly. However, be sure to evaluate the interest rates, repayment terms, and associated risks before proceeding with your loan application.