1 min read
25 May 2021

To gauge your repayment capabilities, lenders look into your financial profile before approving a loan. Part of this includes checking your income and verifying it through your salary slips. That said, you can 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. Here are five tips to obtain a personal loan without a salary slip to help you get the funding you desire without proof of employee wages.

5 Ways to Get Instant Personal Loan Without Salary Slip

1. Produce an alternate proof of income

If you are self-employed, a freelancer, earning in cash, or working on a contract, you may seek an urgent loan without a salary slip and bank statement. 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 apply for a personal loan without a salary account: produce relevant documents showing stable income.

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, you must 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 685 or higher and above to secure financing easily. It showcases that you have been responsible for 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 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.

4. Sign up for funding with a co-applicant

Applying jointly with a creditworthy individual can be your best bet if you approach your loan without bank statements and payslips. This is because your co-applicants 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 do you get on salary?

5. Find a lender with simple eligibility terms

When seeking a personal loan without payslips, you must 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. 40 lakh approved in less than 5 minutes, with the finances disbursed within 24 hours. The flexible tenure of 6 months to 96 months coupled with the Flexi Loan facility lets you borrow on the go and prepay easily to help you manage your loan better. You can also use your our personal loan EMI calculator to calculate your EMIs beforehand and plan your monthly payments wisely.

Additional Read: Personal Loan For Proprietorship Company Employees

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.

Steps to apply for a personal loan with Bajaj Finance Limited

You can apply for a Bajaj Finance 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.

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Bajaj Finserv app for all your financial needs and goals

Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.

You can use the Bajaj Finserv App to:

  • Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
  • Explore and apply for co-branded credit cards online.
  • Invest in fixed deposits and mutual funds on the app.
  • Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.
  • Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.
  • Apply for Insta EMI Card and get a pre-approved limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on No Cost EMIs.
  • Shop from over 100+ brand partners that offer a diverse range of products and services.
  • Use specialised tools like EMI calculators, SIP Calculators
  • Check your credit score, download loan statements and even get quick customer support—all on the app.

Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.

Do more with the Bajaj Finserv App!

UPI, Wallet, Loans, Investments, Cards, Shopping and more

Frequently asked questions

Can I get a personal loan without a pay-slip?

You need to submit income proof to get our personal loan.

Can I get a Rs. 30,000 personal loan without a salary slip?

Obtaining a Rs. 30,000 personal loan without a salary slip depends on the lender's requirements, but some lenders may offer small loans without extensive documentation.

How much loan can I get without a salary slip online?

The loan amount available without a salary slip online varies by lender and eligibility criteria, but smaller amounts are typically easier to obtain without extensive documentation.

Can a jobless person avail of a personal loan?

You need to be a salaried or self-employed individual to get our personal loan.

How can i get an instant loan without a salary slip?

You can apply for our personal loan by clicking on the APPLY button on this page. Once you complete the application process and submit digital copies of the required documents, our representative will contact you. Select customers with pre-approved offers may even get a loan without needing to submit any documents such as their salary slips.

How to get an emergency loan of Rs. 10,000 urgently without a salary?

Even if you are self-employed, you can get a personal loan by showing alternate proof of income, such as bank statements and ITR documents.

What is the minimum income requirement for an instant personal loan without a salary slip?

The minimum income requirement varies from lender to lender. To get a Bajaj Finance Personal Loan, you need a minimum monthly salary of Rs. 25,001 or more.

Can someone get a personal loan against Rs.10000 salary?

Yes, it's possible to get a personal loan with a Rs.10,000 salary, but approval depends on various factors like credit history, existing debts, and the lender's policies. Lower income may limit loan amounts and increase interest rates. Exploring options with different lenders is advisable for finding the best terms.

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