Ways to apply for a loan without income proof

2 min read

Personal loans are often referred to as instant personal loans as they are unsecured and have quick disbursal. Most lenders offer them to you once you meet eligibility criteria and submit a handful of documents, such as identity, address, and income proof.

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:

Loan amount

Up to Rs. 15,50,000.

Interest rate

16% to 31% p.a.

Tenure

12 months to 96 months.

Disbursal

30 minutes* to 4 hours (*applicable for select customers).

 

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.

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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:

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

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Frequently asked questions

Can I get a personal loan without income proof?

If you are looking for a personal loan without income proof, consider pre-approved offers. In the case of our Insta Personal Loan, we extend pre-approved loan offers after verifying your creditworthiness. Select existing customers may not even need to submit any documents, including an income proof.

Can I get a personal loan without salary slips?

Select customers can get an Insta Personal Loan without submitting any documents such as their salary slips or bank statements.

Is there a limit on the amount of Insta Personal Loan that I can borrow without submitting income proof?

You can get an Insta Personal Loan of up to Rs. 15,50,000. Depending on your profile, you may not have to submit basic documentation. Some select existing customers may be able to get our loan without any documents.

Do I have to pay higher interest for getting a loan without income verification?

Our Insta Personal Loan offers competitive interest rates ranging from 16% to 31% p.a.

How to get a loan without income proof?

Select existing customers who have a pre-approved Insta Personal Loan offer may not have to submit documents such as their salary slips or any other income proof. Typically, you are required to submit the following documents to get our regular personal loan:

  • Passport-size photographs
  • KYC documents
  • Bank account statements for the last 3 months
  • Salary slips for the last 3 months
What type of loan does not need income proof?

Select customers, who have a pre-approved offer of our Insta Personal Loan, may be able to get funds without submitting income proof.

Can I get Rs. 50,000 loan without income proof?

Our existing customers with a pre-approved Insta Personal Loan offer can get a personal loan without submitting any income proof*.

*Terms and conditions apply.

Can I get a Rs. 30,000 loan without income proof?

With our Insta Personal Loan, select customers can get a Rs. 30,000 personal loan without having to submit any income proof.

Is there any loan for non-salaried persons?

Self-employed individuals can also apply for our loans. You may need to submit alternative documents for income proof, such as bank statements and ITRs.

What is the approval time for an instant personal loan availed without documents?

Approval may take as little as 5 minutes, depending on your eligibility and the verification process.

How can I apply for a personal loan without submitting physical documents?

You can apply online using digital KYC, where your identity and bank details are verified electronically without needing to upload physical paperwork.

Can I get a personal loan without submitting my PAN card?

Most institutions require a PAN card for verification. However, some may consider alternate ID proofs for small or secured loan amounts.

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