5 ways to apply for a Personal Loan if you receive your salary in cash

Submit bank statements

If your employer pays your salary in cash, you likely deposit it into your personal savings account each month to keep it safe and accessible. You then withdraw from this account to meet regular expenses like rent, groceries, or use it for online purchases and bill payments.

You can produce detailed bank account statements as solid income proof if you don't have traditional salary slips. Typically, lenders request you to submit at least the last three to six months' bank statements. A clear list of transaction dates showing stable and regular deposits of cash (your salary) into this account will work strongly in favor of your loan application.

Pro tip: Make sure your cash deposits happen on consistent dates each month (like the 1st or 30th) and for similar amounts. This pattern shows lenders that you have a steady, reliable income even though it comes in cash.

Smart move: Maintain a healthy bank balance and avoid too many cash withdrawals immediately after deposits. This shows financial discipline and planning.

Submit income tax returns

Without a traditional salary slip, you can submit your income tax returns (ITR) to the lender as strong proof of your annual income. If you have been paying your taxes regularly and honestly declaring your cash salary income, your IT return documents will provide solid support for your loan application.

Why this works: ITR shows your complete annual income, tax payments, and financial honesty – all of which lenders value highly. It also demonstrates that you're a law-abiding citizen who fulfills tax obligations.

Important note: Make sure your declared income in ITR matches with your bank deposits and loan application details. Consistency across all documents is key to approval.

Additional Read: How much personal loan do you get on salary?

Submit a letter from your employer

Apart from the above documents, you can also request your employer to provide official attestation that they pay your salary in cash. A formal statement on company letterhead, with the authorized signature and stamp of your employer, clearly stating your exact salary amount and the specific date you receive it every month will help build a strong case for your loan application.

What to include in the letter:

• Your full name and designation
• Monthly salary amount in numbers and words
• Date of salary payment each month
• Reason for cash payment (company policy, industry practice, etc.)
• Employment duration and job stability confirmation
• Company's contact details for verification

Pro tip: Get the letter notarised if possible, as this adds extra credibility to the document and shows lenders you're serious about proper documentation.

Submit your offer letter or salary vouchers

You can also produce your original offer letter as supporting income proof. However, remember that an offer letter alone doesn't completely suffice as it only states the salary amount offered at the time of hiring and doesn't establish that you currently have a regular, continuing source of income.

So, in addition to your offer letter, produce salary vouchers or payment receipts to prove that you actually earn an adequate and stable income with which you can comfortably repay the loan. Getting these vouchers shouldn't be a problem because if your employer pays you in cash, they will typically ask you to sign a voucher or receipt each month for their internal accounting records and audit purposes.

Smart tip: Collect and maintain copies of salary vouchers for at least 6-12 months. The more payment history you can show, the stronger your application becomes.

Why vouchers matter: They show consistent payment dates, regular amounts, and prove you've been working steadily – exactly what lenders want to see.

Avail of a loan against investments

If none of the above documentation options work for your specific situation, you can avail of a personal loan by pledging valuable investments such as gold jewelry, fixed deposits, mutual funds, stocks, and other securities as collateral. Lenders readily accept these as security and offer loan sanctions based on the current loan-to-value (LTV) ratio of your pledged assets.
 

Popular collateral options:

• Gold: Up to 75-80% of current gold value
• Fixed deposits: Up to 90-95% of FD value
• Mutual funds: 50-70% depending on fund type
• Insurance policies: Based on surrender value
   

Benefits of secured loans: Lower interest rates, higher loan amounts, easier approval process, and better terms even with limited income proof.

Eligibility criteria

• Nationality: Indian
• Age: 21 years 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.

Step-by-step guide to apply for a personal loan

• Click on ‘CHECK ELIGIBILITY’ on this page.
• Enter your 10-digit mobile number and the OTP sent to your phone.
• Check if you have an offer. If not, fill in the application form with your basic loan details, such as your full name, PAN, date of birth, and PIN code.
• Now, click on ‘PROCEED’ to visit the loan selection page.
• Enter the offer or loan amount that you need. Choose from our personal loan variants.
• Choose the repayment tenure and click on ‘PROCEED’.
• Complete your KYC and submit your application.

Our representative will contact you for further steps.