Information & Application for Personal Loan Without Income Proof

To apply for a personal loan, an individual must submit some documents that help the lender verify your loan repayment capability. The most important one of those is your income proof. Since a personal loan is not secured by any collateral, the lender has to be sure that your income is stable in order to process your loan. And hence, an income proof document is mandatory when applying for a personal loan.

• The age of the applicant must be between 23 to 60 years.
• They must be a citizen of India
• The borrower must be a salaried individual
• They must have a high credit score

• Identity proof and Address Proof (KYC): PAN card, Aadhaar card, Driver’s license, Passport etc
• Income proof: Last three months salary slips and
• bank statement, Form 16, etc
• Passport size photographs
• Filled application form

Even though income proof is very important in order to secure a personal loan, sometimes you may be able to get a loan without it, especially if you have a healthy history with the lender. Given below are a few pointers to help avail unsecured personal loans no income proof in India:

1. Have a good credit history

If you have a credit card, make sure to pay all your dues on time. Similarly, pay all your EMIs for existing loans in a timely and disciplined manner. This will ensure that your credit history is favourable, and lenders would be willing to give you a pre-approved personal loan without income proof, judging your credit history alone.

2. Have a high credit score

All of your previous credits and repayment are consolidated into a number that is termed as your credit score. If you have paid all your dues on time and have a good credit history, your credit score will also be high. When lenders see that your credit score is high, they may give you a personal loan without income proof.

3. Having a good relationship with the lender

If you have a long history with the lender and have previously taken and repaid loans with them, you will definitely be in their good books. If the lender is of the opinion that you have a good repayment capacity and good credit history, they just might provide you with a personal loan without income proof.

Both bank and NBFC calculate the rate of interest on a personal loan basis your income, credit score and other crucial aspects. The primary difference between a personal loan from a bank versus an NBFC is that the former is very stringent in terms of their documentation process and background checks. NBFCs, on the other hand, are a little lenient when it comes to paperwork, and hence your chance of getting a personal loan without an income roof is higher with NBFCs.

Whether it is a bank or an NBFC, you can very conveniently apply for a personal loan by visiting the lender’s website and filling an application form. After submitting your documents, the lender will perform the due verification and approve your loan if you’re eligible.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.