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Personal loans are issued against a borrower's income. Hence, income certificates, such as salary slips, play a crucial role in loan approval. That said, salary slips are just one of the many forms of income proof. Borrowers who might not be able to produce them, say, self-employed individuals, freelancers, and others, can also get the required financial help via personal loans without salary slips.
The important criterion is to showcase a steady source of income and establish high credibility. This helps gain a lender's trust and confidence. Here, we discuss the various ways using which you can do exactly that, even without having a salary slip.
| Feature | Description |
|---|---|
| Loan Purpose | Multipurpose (medical expenses, family functions, etc.) |
| Interest Rates | Typically higher for loans without salary slip |
| Loan Tenure | Generally shorter for instant loans without salary slip |
Self-employed individuals and freelancers can prove their income through these methods, even for an instant personal loan without income proof:
A high credit score (800+) can compensate for lack of formal income proof when applying for a personal loan without income proof. Improve your score by:
Consider applying with a co-borrower who has a steady income for a small loan without salary slip can apply jointly with their spouse, parent or any other reliable co-borrower and use their steady income to gain the bank's confidence.
Offer collateral to increase your chances of approval for an instant loan without salary slip. However, borrowers can mortgage high-value securities such as properties, mutual funds and others to gain loans without salary slips.
Non-Banking Financial Companies (NBFCs) often have more flexible eligibility criteria for personal loans without salary slip.