Personal Loan Without Salary Slip & Bank Statement In India

Financial crisis can strike anytime. To fulfil specific life goals, you may have to seek help through a personal loan . Be it marriage, paying child’s education fee, buying a gadget or just an emergency medical problem, this type of loan gets disbursed in minutes. It is totally up to you for what purpose you use it for.If you may not be aware, banks do not ask for any collateral when you apply for the loan. Hence it is categorised as an unsecured credit service. Just like a credit card loan, it requires minimum documentation. Banks levy a fixed interest charge on loan.To be eligible for a personal loan, banks have to evaluate many factors, right from your age, income, job type to your location. Income is one of the crucial element banks watch out for, and it is given preference over other factors because it determines your ability to pay EMIs to rule out any default repayment.Talking about income, some people do not have a salary slip due to which they may not be able to seek a personal loan. Well, some banks do offer loan even if you don’t possess an income statement as they factor in other conditions for approval. Let’s get to know how you can avail a personal loan with a low income or no salary slip:

The maximum lending of the loan amount is totally dependent on the bank. Some banks offer personal loan up 50 lakhs, while others offer not more than Rs. 25 lakhs. Being a salaried individual, you can apply for a personal loan depending on your annual income earnings. Deciding a loan amount is totally at the bank’s discretion.For example, if you’re monthly income is between Rs.20,000 and Rs. 25,000. When it comes to monthly repayments, banks calculate in such a way that your monthly EMI is close to 45-50% of your monthly income. So, the average EMI for your personal loan would be somewhere close to Rs. 12,5000.

Yes, you can avail low salary personal loan. Low salary individuals often have to face a cash crunch as financial responsibilities are many. It is a fact that low wage can be an obstacle when you apply for a personal loan; however, some banks have come to your rescue to reduce your worries.You can easily avail the loan even if you earn less than Rs. 15,000 per month. You need to satisfy the following criteria, these include:

• You should be employed at a private or public sector company or any government firm.
• Your age should be between 21 years to 60 years.
• At times, banks tend to approve a personal loan for low salaried individuals if they reside at metro cities like Mumbai, Delhi, Bangalore, Chennai and so on.
• You should have work experience of at least two years.

Can I get a personal loan without a salary slip?

You can still apply for a personal loan without salary slip, especially if you’re self-employed. Below are some of the ways you can get the loan approved:

• You can validate your income by producing other financial documents like bank account statements, income certificate, Income tax returns or Form 16.
• You can jointly apply for the loan with another applicant, who could be your family member. But the co-applicant needs to have a steady income. This assures that your other applicant will pitch-in for repayment even if you fail to do so.
• You can insist your bank for an asset-back loan wherein you will have to pledge an asset if you don’t have a salary slip to produce. These assets can be high-value FDs, gold or any investments.
• You can also seek for a peer-to-peer lending option. It is a type of crowdfunding that you can avail from online sources. It doesn’t require any income proof and get the loan at a low-interest rate.

• Proof of Residence
• Proof of Identity
• PAN Card
• Latest 3 Months Bank Statement for salaried individuals, while self-employed needs to produce 6 months bank statement
• Passport size photographs
• Office address proof in case of self-employed
• Proof of office ownership and continuity of business for self-employed individuals

Concluding: Before you apply for a personal loan with a low income or no salary slip, it becomes all the more vital that you check the eligibility criteria, monthly EMIs, loan processing charges your credit score, among other things.

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.