How to get a personal loan without a salary slip?
What is a Personal Loan?
A personal loan is a loan given to a borrower by the lender for carrying out expenditures that are personal. A personal loan is given by the banks or financial institute to the borrower for a stipulated time period and rate of interest. It’s given after checking the borrower’s credit score and ability to pay back the loan in time. A personal loan is granted when the person has a steady flow of income in the bank account and a fixed income keeps coming into the account. Personal loans are granted without any security. You can now apply for a personal loan online as well. Having a salary slip eases the process of getting a personal loan. A salary slip is proof that you have a fixed income coming to your account every month and it’s safe to give you the loan.
But what about those who don’t have a salary slip? How will they get a personal loan?
- Personal loans can be given to someone who doesn’t have a salary slip. You can avail of loans without a salary slip.
- To get the loan without a salary slip the borrower needs to show their bank transactions of the last 6 months. A bank statement acts as proof of all your transactions.
- To fit the eligibility criteria you need to have at least 15,000 rupees in the bank account. Less than that will not make you eligible for the personal loan you are looking for.
- Salary slip is not compulsory for all banks or financial institutes. So you should check with the bank if they need a salary slip for getting the personal loan.
- To get a Personal loan without a salary slip you will need a good credit score. A salary slip acts like proof that you have an adequate flow of income in your bank account. Without a salary slip, it’s difficult to trust that the borrower will be able to pay back the sum taken as a loan. With a good credit score, the lender can be assured that you have a good history of paying back the bills and debts to the bank on time. This is why it’s important to have a good credit score that will ensure the lender that you are creditworthy.
- Personal loans usually don’t have security. However, if you are opting for a personal loan without the salary slip, one way to avail of the loan is to keep security. You can pledge your assets in order to get the loan.
- In order to get the loan, you need to show your salary slip to the bank. In case you don’t have one then you can show any other alternate proof of your income to the bank. The income proof includes documents such as income certificate, ITR, bank account statements and so on.
The Bottom Line:
If you are a self-employed person you may need a personal loan to expand your business or use it for personal expenses. The way you can get a personal loan is through the banks or financial institute that doesn’t require a salary slip. You can even apply for a loan by keeping collateral. By providing alternate income proof you can get a personal loan. Check Finserv MARKETS for more. You can calculate your personal loan on an EMI calculator personal loan.