How to Get a Personal Loan without a Salary Account?


24 Sep 2019 | 5 min read

From the year 2013 to 2019, the CAGR (Compound Annual Growth Rate) of personal loan is around 22%. But if you look on the other side, there are a large set of people across India who are still facing a problem in availing personal loan as they don’t have a salary account. 

Most people facing this problem are either cash salaried or self-employed like carpenter, mechanic, technician, electrician, plumber, driver, salesperson, security guard, paanwala, phoolwala, or any street food shop owner with a fixed set up. How to get rid of this problem? What are the financing options for them? 

There is a lack of financial knowledge among people regarding the upgraded products in the market. We, Afinoz, tie-up with lenders, and facilitate your loan/finance even if you don’t have a salary account. You can avail loan on your persona and KYC documents. We have a card option available for non-salaried individuals; they have to provide only their KYC documents. That’s it! And, this card is available across 2000+ pin codes of the country.

There is no need to put any security like a mortgage of property or gold ornaments to avail a personal loan without documents. Now a day, the non-salaried people can avail a personal loan even without a credit history. 

Non-salaried individuals financing options -



KYC Documents

Personal Loan

Min. Rs. 2000

Max. Rs.15 Lakhs

Identity Proof, Residential Proof, Office Proof, Business Continuity Proof

Credit Card

Cash Limit

Min. Rs. 3,000

Cash Limit

Max. Rs. 20,000

Identity Proof, Residential Proof, Office Proof, Business Continuity Proof

Here is the list of essential KYC documents required for availing the personal loan without a salary account. However, the list may vary based on the lender to lender

KYC and other required documents -

  • Identity Proof - Aadhaar Card /Voters ID/Passport/Driving License /PAN Card.
  • Residence Proof - Leave and license agreement, utility bill (should not be more than three months old), and a copy of your passport if, you own one.
  • Official Address Proof – Address proof along with your email ID and phone number.
  • Business Continuity Proof – Testimonials to show your business is running from the last 1 year.

Self-employed applicants need to establish their last year ITR’s income, turnover etc. for availing a personal loan at a better interest rate.  

Here are some of the reasons for which you take a personal loan -

  • Medical Emergency

A personal loan can be your best friend. It helps you most when you need it. Even if you have done medical insurance, many times, your insurance or protection plans don’t cover the required expense. The best way to meet this medical emergency is through a personal loan. 

  • You will receive funds instantly
  • They are hassle-free
  • It can be repaid in easy monthly instalments
  • You will get more funds than your existing credit card limits
  • Debt Consolidation 

If you have multiple debts, roll it into one window. Take a personal loan, and you can pay all your bills with a single personal loan EMI. By this means, you can avail a low-interest rate with an attractive tenure of payment. 

Suppose you have done shopping on 2 credit cards. On 1st credit card, you have used the amount of Rs 50,000 at the rate of 2.1% per month and on the 2nd credit card, you have utilized the amount of Rs 50,000 at the rate of 2% per month. And you want to pay it in 1 year, the combined EMI will be near around Rs 9,500.

If you take a personal loan for the entire Rs 1,000,00 amount at the rate of 11.5% for 1 year, your EMI will be 8861.

Total re-payment in case of credit cards is around Rs 1,14,000 and in case of personal loan, it will be around Rs 1,06,338. So, there is a saving of more than Rs 8,000

  • Funding New Businesses

Getting a business loan for a new or start-up venture is a tough task. This requires various documents and specific criteria to be met, in regards to qualify for a business loan. Hence, people seem personal loans as the best option. You can avail a personal loan up to Rs 50 lakh at an interest rate starting from 11% p.a. 

The borrowed money can be used for any purpose.

  • Wedding Expense

 India is famous for its big fat weddings. You can take a personal loan and meet various expenses ranging from wedding costumes to the gifts & hosting a luxury party. Some of the best wedding destinations are Goa, Havlock Island, Alibaug, Kerala, Jaipur, Udaipur, Jodhpur, and Hyderabad to name a few. 

  • For Traveling  

If you want to enjoy an exotic vacation around the world with your near and dear ones, then take a personal loan. Don’t liquidate your savings like fixed deposits. The loan amount is available from Rs 5,000 onwards. You can choose the amount and tenure as per your convenience. And, there is no need to put up any collateral as security. 

  • Purchasing Gadgets

Advanced gadgets like i-Phones, ideapad, play stations, cameras, home appliances have turned out to be to a greater extent than a need. These have become the temptation, and we want to have the latest one. You can take a personal loan and avail a gadget of your choice. 

Read here tax savings tips for salaried individuals


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