How to Get Personal Loan without Income Proof?

09 Dec 2020 // 29 min read // Personal Loans
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Have you lost your job due to COVID? Do you need urgent Cash Loan to tread through cash flow issues? Be it medical, personal or any of the unprecedented expense brooding on your shoulder; it is possible to apply for Personal Loan without standard documentation re monthly income.

Amidst pandemic, the whole world is learning to live with new normal. If we look at RBI released data we can see that Personal Loans are constantly growing in the range of 10-12% month-on-month from April 2020. Lenders are also investing on technology and ensuring contactless and online loan disbursals for eligible customers.

Here in this article, let’s understand various aspects of Applying for Instant Personal Loan with no salary slip in hand. Also, you should understand factors that are positive for your application. Fulfilling other factors perfectly can substantially compensate for any of the missing factors.

BankInterest RateProcessing FeeEMI (Per lakhs)Tenure
HDFC Personal Loan10.75%2% of the approved loan amountRs. 2,1625 Years
ICICI Personal Loan11.25%2% of the approved loan amountRs. 2,1875 Years
SBI Personal Loan10.50%1% of the approved loan amountRs. 2,1495 Years
Bajaj Finserv Personal Loan12.95%2% of the approved loan amountRs. 2,2735 Years
Tata Capital Personal Loan10.99%1% of the approved loan amountRs. 2,1745 Years
Citibank Personal Loan10.05%1.5% of the approved loan amountRs. 2,1275 Years
MoneyTap15%2% of the approved loan amountRs. 3,4673 Years
MoneyView15.96%2% of the approved loan amountRs. 2,4305 Years
Fullerton India11.49%3% of the approved loan amountRs, 2,1995 Years
CASHe21.60%3% of the approved loan amountRs. 9,3401 Year

Basic Eligibility for Personal Loan

The most important Eligibility Criteria for Personal Loan approval include Credit Score above 750, credit repayment history without irregularities, and a stable source of monthly income, preferably a salary of Rs 25000. The monthly income criteria vary as per lender and the loan requirement. Standard documentation for Personal Loan  include income, identity proof, income proof, and address proof.

Personal Loan: Rate of Interest

Currently lending rates are constantly falling. Lenders have rolled up multiple festive offers and discount schemes to push credit to the prospective borrowers. It indeed is the right time avail a loan to meet the cash needs. Personal Loan Interest Rates starting from 10.50% are available to borrowers meeting basic eligibility requirements.

As you miss any of the eligibility criteria as set by the lender, the rate of interest offer will rise. For rate of interest is proportionate to the risk premium attached to your profile.

Top Personal Loans for Festive Shopping

Getting Personal Loans without Income Proof

Instant Cash Loan

In all possibilities, it is absolutely hassle free and instant to avail small cash loans for anyone who has a decent credit history and credit score. For instance, if you are an HDFC Credit Card customer and have been diligent in repaying your Card bills in time, you can avail of HDFC Insta Jumbo for up to Rs 5 Lakh without any documentation. The best part is you get complete repayment flexibility and limit on your card is also not blocked.

However the rate of interest for Instant Cash Loan would be slightly higher than regular Personal Loans from banks & NBFCs.

Let’s discuss what all does it entail to avail a Personal Loan without income proof or latest salary slip in hand.

In all, you must ensure that you meet following requirements:

1. High CIBIL score

Your Credit Score is a measure of your credit worthiness. Any borrower with CIBIL Score above 750 is considered as a disciplined borrower by the lenders. Thus having a good score makes it easier to get the loan. Indeed you can carry out negotiation with the lender for best interest rate.

2. Income Proof

It is mandatory to prove repayment capacity to avail of a bank loan. In case you do not have a current salary slip to support your loan application, you surely would need to provide some documents to prove monthly income from other sources.

In place of your salary slip, you can attach following:

  • Regular income proof from property/ house rent.
  • Income from investments like Fixed Deposits, Monthly Income Schemes etc.
  • Standard Income proofs of co-applicants such as parent, spouse & other biological relatives.
  • Professionals may also show income from private consultancy, royalties etc.

3. Add a guarantor or co-applicant

In case of job loss, you can add a guarantor or co-apply with a biological relative with stable income source.  This substantially will improve chances of Personal Loan approval for you. Besides, you will be able to borrow higher loan amount at attractive rate of interest.

4. Relationship with your lender

Your previous relationship with lender also helps you get a faster loan. Each engagement with the bank, such as a Savings/ Current Account, Credit Card, Loans or Bank Deposits, builds relationship. A lender prefers to offer concessional rate of interest to its existing customers.

Simple steps such as maintaining substantial bank balance, transacting online and paying Credit Card bills in time, make you eligible for further bank products.

5. Handy documentation

Ensure that you have documentation in hand for instant e-approval. You will require following documents for Personal Loan:

  • KYC: PAN/ Aadhaar/ Voter ID/ passport, etc.
  • Passport-size photographs.
  • Address proof: Utility bills, registered rent etc
  • Bank Account Statements for past 3 months

6. Professional Help

Last but not the least, you should use professional help to ensure success with your loan application. A loan aggregator can help you find the best available offer for your profile. All you need to do is fill the application and you will be able to locate the best available offers near you. You do not need to visit the bank branch. Compare and choose the best suitable offer right from your home.


Also Read: Personal Loans for Self-employed Individuals with No Income Proof


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