Can I Avail a Personal Loan Without a Bank Statement?

Updated on: 17 Jan 2024 // 4 min read // Personal Loans
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Having a Bank Account is paramount for all financial dealings. We use our bank accounts for nearly all financial inflows and outflows. Your salary is credited to a Bank Account; Bill payments are transacted through bank accounts, cheques and EMIs are also processed through bank accounts and much more. Besides you also require a bank account to avail government subsidies, tax refunds or any other government refund. Invariably, a bank account is a hub for all transactions you make.

In the past few years post Demonetization, more and more financial transactions are processed online as cash transactions are capped as well as discouraged by the Indian government. Hence, having a bank account has become mandatory nowadays and every person beyond the age of 18 years should have a savings bank account to manage their cash.

BankInterest RateTenureEMI (Per lakhs)Disbursed
HDFC Personal Loan10.75%5 YearsRs. 2,162Instant Disbursed only for HDFC Customer
ICICI Personal Loan11.25%5 YearsRs. 2,1873 to 4 days
SBI Personal Loan9.60%5 YearsRs. 2,1495 to 7 days
PNB Personal Loan9.95%5 YearsRs. 2,1225 to 7 days
Bajaj Finserv Personal Loan12.95%5 YearsRs. 2,27324 Hours
Tata Capital Personal Loan10.99%5 YearsRs. 2,1745 to 7 days
Indiabulls Personal Loan11.99%5 YearsRs. 2,22424 Hours
Citibank Personal Loan10.05%5 YearsRs. 2,1275 to 7 days
Yes Bank Personal Loan10.99%5 YearsRs. 2,1745 to 7 days

Why You Need a Bank Account for Personal Loan Approval?

To get an approval on a Personal Loan, you would require a Bank Account. For, a Bank Account Statement is used as a valid proof of income by lenders. They adjudge your repayment capacity by checking regular salary credits as well as average balance in the account. You would require submitting a bank statement for past 3-6 months for Personal Loan.

A salary bank account statement enables a lender to gauge your financial stability and risk adversity for loan repayment. However, in case you do not have a bank account, you must consider opening a zero-balance savings bank account at the earliest.

Whatever be the hassles in your life, such as receiving cash salary or having a small business that accepts payments in cash, opening a bank account will help you better manage your funds. You will not only earn interest on the deposit amount in the account, you can also get preapproved credit offers from your bank. Besides, internet banking can help you automate payments of utility bills, insurance premium, etc., and ease your life to a great extent.

Bank Statement and other Documents that are Required for Personal Loan

Let’s have a quick look at other factors and documents that are required to avail of a personal loan.

Existing customer:

If the bank that you are taking the loan from is connected to you in some form or another; say, you already have an account with them, then you may get a personal loan without a bank statement as the lender already has access to your account.

All you need to do is enter your Bank Account number or your Customer ID number in the application form, and they will fetch out all your data and relevant statement as well. The bank will extract your credentials from your account, assess your repayment schedules with other billers, assess if there have been any delays, penalties or dishonored payments, etc. A Bank Statement gives an overall financial situation of a person’s income and his expenses and also demonstrates if there is any further room for additional expenditure.

Salary Slip/ ITR copies: 

Besides the bank statement, you are also required to provide other income documents like Salary Slips, latest ITR copy, Form 16 copy as income proof for the loan approval. This is true for all, whether you are working for a Public Limited, PSU, MNC or Top 500 companies of the country.

In select cases, the lender may consider an application with some missing documents, purely basis its relationship with you. If you have been able to maintain a good relationship with the bank, and have a clean track record, with no irregularities or defaults in credit repayments, the chances for acceptance for loan application are high.

Tips for Maintaining a Good Relationship with Your Bank

Let’s list some of the good practices that will help you gain approval on loan:

Maintain a good relationship with the bank you have a Savings Account or a Current Account with.

Don’t have too many bank accounts and don’t switch your accounts too often; rather stick to one or two banks and try to channelize all financial transactions from these only. A lender would give you more preference when they know that they are the primary bank for you.

It is recommended to use your bank for additional services& products rather than switching them for these products such as fixed deposits, Insurance, Bank Locker, etc.

Ensure that you pay all your Credit Card dues on time, and there are no penalties on them.

A dishonored or missed bill payment depicts that you are ignorant towards your finances and that you don’t take your financial affairs seriously; hence watch that carefully.

Try always to maintain a High Credit Score; banks generally cannot turn down a person with a High Credit Rating for loan services.