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Personal Loan Without Income Proof

Personal Loan Without Income Proof

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How to Get an Instant Loan without Income Proof?

Personal loans fall under the category of unsecured credits. These advances come with flexible repayment tenors and are sanctioned against minimal documentation.

Such loans are also known as instant personal loans owing to their fast disbursal feature. Select financial institutions in India also disburse online personal loans without income proof. Meet certain eligibility pointers and consider these factors to avail such a loan.

Ways to Avail a Personal Loan without Income Proof

Keep the following factors in mind to avail an instant loan without income proof –

High CIBIL score
Maintain a high CIBIL score around or above 750. A substantial credit score is a proof of your creditworthiness as a borrower. A healthy credit score can also help you negotiate for affordable personal loan interest rates and other beneficial terms with the lender.

Provide proof of income from other sources
Submit other sources of income if available –

Apply with a co-applicant or guarantor
Assign a guarantor while applying for such an unsecured loan to increase chances of approval. You may stand a chance to avail a higher loan amount by including a guarantor in the loan agreement.
You can also consider including a co-applicant. Lenders will consider the repayment capability of this co-applicant while determining personal loan interest rates and the loan amount.

Gain the trust of your lender
Existing customers with a financial institution stand a higher chance to avail the loan.

Personal Loan Eligibility Criteria

Nationality
Applicant must to be a resident of India.
Age
Applicants within the age bracket of 23 to 55 years are eligible for personal loans.
CIBIL score
The minimum CIBIL score to avail a personal loan varies across lenders. Maintain a CIBIL score of 750 for approval of such loans.