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How to Get a Personal Loan without a Salary Slip in India?

  • Highlights

  • Show other proof to get personal loan without salary slip

  • Maintain 750+ credit score to increase your chances

  • Pledge an asset or apply jointly to get a loan easily

  • Apply via the Bajaj Finserv pre-approved offer

In order to gauge your repayment capabilities, lenders look into your financial profile before approving of a loan. Part of this includes checking your income and verifying it through your salary slips. That said, it is possible for you to get a personal loan without a salary slip, especially if you are self-employed. Sometimes the process involves demonstrating alternate sources of income, and at other times, establishing a rapport with your lender and keeping your credit score high. To help you get the funding you desire without proof of employee wages, here are 5 tips to obtain a personal loan without a salary slip.

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1. Produce an Alternate Proof of Income

If you are self-employed, a freelancer, earning in cash, or working on contract, you may seek to get a personal loan with no salary slip. In such cases, you need to produce other financial documents to validate your income. This may take the form of an income certificate, bank account statements, ITR or Form 16. A steady source of income assures lenders of repayment and thus helps you qualify for a cost-effective loan faster. The same logic follows in case you are applying for a personal loan without a salary account: produce relevant documents that show stable income.

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2. Maintain a Healthy Credit Score

Whether you are self-employed or facing a job loss and currently without salary slips for a few months, it’s vital that you keep your credit score high. This number reflects your repayment history, credit handling abilities, and your debt status. Thus, it gives lenders an indication of your creditworthiness. This helps them know how you will approach loan EMIs in the future. Aim for a score of 750 and above to secure financing easily as it showcases you have been responsible with credit in the past.

Additional Read: Improve your CIBIL Score

3. Offer to Pledge an Asset as Security

In case you lack the financial strength at present, inquire if your lender approves of asset-backed loans. Good collateral like high-value FDs, mutual fund units and gold give you something else to lean on other than your current financial profile. With the asset securing repayment, you may be able to get an easy loan without documents to back your current finances.

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4. Sign up for Funding with a co-applicant

Applying jointly with a creditworthy individual can be your best bet if you are approaching your personal loan without bank statements and payslips. This is because your co-applicant’s steady income will increase the lender’s confidence and trust in your repayment capabilities. This is because co-signers normally serve as secondary sources of repayment. So, in case you fail to make some repayments, your lender can bank on your creditworthy co-applicant to fill in the gap. This can help you obtain funding on easier terms.

Additional Read: How Much Personal Loan you Get on Salary?

5. Find a Lender with Simple Eligibility Terms

When seeking a personal loan without salary slips, it's important that you find a lender who keeps the personal loan eligibility criteria simple. This will make way for a smooth loan application, verification and approval. One lender who gives you funding on easy terms, coupled with customised offers is Bajaj Finserv.

Here you can get an instant personal loan of up to Rs.25 lakh approved in less than 5 minutes with the finances disbursed within 24 hours. The flexible tenor of 12 to 60 months coupled with the Flexi Loan facility that lets you borrow on the go and prepay easily to help you manage your loan better.

To streamline your loan application today, check your pre-approved personal loan offer from Bajaj Finserv.

Doing so lets you apply via a customised deal and gives you instant approval.


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