Salary proof is one of the important documents to obtain a personal loan. Traditionally you will need a salary slip & form 16 to apply for an individual’s loan. But sometimes it is hard to provide salary slips for the loan process.
24hrLoan offering personal loan without salary proof. You are eligible to get a personal loan at Rs. 12,000 salary. But, you must meet other eligibility for loan approval.
Is it possible to get a personal loan without a salary slip?
You can opt for a personal loan without a salary slip or form 16. Borrower is not required to submit salary slip to lender. But, your salary should be directly credited to your bank account. Many NBFC companies like InCred, WeRize, and Finnable provide personal loans without salary slips.
How Do Personal Loans Without Salary Proof Work?
Traditional banks ask for salary slips for borrowing personal loans. Some banks also need Form 16 with payslips. But many companies do not provide salary slips. Still, you can borrow loans from non-banking financial companies (NBFCs).
You should complete the eligibility criteria to borrow a personal loan without salary proof. NBFC companies may charge higher interest rates. You should be aware before taking a loan.
Proof of Documents: Aadhaar Card, PAN card
Proof of Income: Salary deposit statement & joining letter as income proof.
Proof of Address: Aadhaar card/ Voter Card/ Electricity bill
Eligibility Criteria for Personal Loans Without Salary Proof
1. Age: Preferable age 21 to 55 years
2. Occupation: The source of income comes from Private, Public, LLP, or Government employees.
3. Credit Score: A borrower’s general credit score of 700 is enough for a loan application.
4. Existing Debts: Your existing EMI does not cross 50% of your monthly income.
5. Income: Your per-month income should be a minimum of Rs. 12,000 required.
Top Lender Offer Personal Loan Without Payslip
| Lenders | Interest Rate (p.a.) | Salary Per Month | |
| WeRize | 16% to 18% p.a. | Rs. 12,000 | Apply Now |
| MoneyView | 1.33% per month | Rs. 13,500 | Apply Now |
| InCred | 11.49% to 18% p.a. | Rs. 15,000 | Apply Now |
| Fibe | 24% to 30% p.a. | Rs. 18,000 | Apply Now |
| Prefr | 18% to 36% p.a. | Rs. 18,000 | Apply Now |
| Finnable | 16% to 22% p.a. | Rs. 15,000 | Apply Now |
| IDFC | 12.50% to 18% p.a. | Rs. 15,000 | Apply Now |
| PaySense | 1.4% to 2.3% per month | Rs. 18,000 | Apply Now |
| Upward | 9% to 32% p.a. | Rs. 18,000 | Apply Now |
| mPokket | 1% to 6% per month | Rs. 9,000 | Apply Now |
Tips to Get Personal Loan Without Income Proof
1. Minimum Salary: Lender offering personal loan at Rs. 12,000 salary. You should be aware of your monthly salary and that must be credited to your bank account.
2. Alternative Income Proof: Submit alternative income proof documents like an offer letter instead of a salary slip.
3. Maintain Credit Score: Lender prefers strong credit scores. As a borrower, you must maintain a 700 or above CIBIL score.
4. Choose the Right Lender: You should choose the right lender that provides loans without salary slips. Research different lenders and compare interest rates and eligibility criteria.
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FAQs
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How much of a personal loan can I take without proof of salary?
This is based on your current monthly salary. Suppose you are earning Rs. 13,000 salary then your loan amount can be 2 lakh to 3 lakh.
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What is the interest on a personal loan without proof of income?
The interest rate is 9% to 32% p.a. depending on the borrower’s creditworthiness.
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How much salary will need for a personal loan without a salary slip?
The borrower’s minimum salary of Rs. 12,000 needs to be eligible for a personal loan without salary proof. Remember, your monthly salary must hit to bank account.