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.
|Bank||Interest Rate||Processing Fee||EMI (Per lakhs)||Tenure|
|HDFC Personal Loan||10.75%||2% of the approved loan amount||Rs. 2,162||5 Years|
|ICICI Personal Loan||11.25%||2% of the approved loan amount||Rs. 2,187||5 Years|
|SBI Personal Loan||10.50%||1% of the approved loan amount||Rs. 2,149||5 Years|
|Bajaj Finserv Personal Loan||12.95%||2% of the approved loan amount||Rs. 2,273||5 Years|
|Tata Capital Personal Loan||10.99%||1% of the approved loan amount||Rs. 2,174||5 Years|
|Citibank Personal Loan||10.05%||1.5% of the approved loan amount||Rs. 2,127||5 Years|
|MoneyTap||15%||2% of the approved loan amount||Rs. 3,467||3 Years|
|MoneyView||15.96%||2% of the approved loan amount||Rs. 2,430||5 Years|
|Fullerton India||11.49%||3% of the approved loan amount||Rs, 2,199||5 Years|
|CASHe||21.60%||3% of the approved loan amount||Rs. 9,340||1 Year|
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.
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.
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.
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:
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:
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.
To apply online for Best Personal Loan in India, Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served 7 million+ happy customers since 1989.