Personal Loan without Salary Slip? Is it possible?
Yes, you can get a personal loan without a salary slip. Yet, it is not that easy to avail. Therefore, in this certain post, you will be knowing about all the ways by means of which you can take out a personal loan without having salary slips.
Ways To Get A Personal Loan Without Salary Slip
In order to be eligible for a Personal Loan, banks need to assess many elements, right from your income, type of job, age, to your residential location.
Out of all, income stands out to be the most crucial element that the banks take into consideration, and they prefer to check out this element over all the other elements. After all, it determines your potential capability of paying off the loan.
However, you can still apply for a Personal Loan without Salary Slip. Below are some of the core ways by means of which you can get your Personal Loan application approved:
- Attach Every Sort of Income Proof
- You can show your income by other financial documents such as bank account statements, income certificates, income tax returns, or Form-16.
- Apply with a Co-Applicant
- You can jointly apply for a Personal Loan along with another applicant who must be one of your loved ones. But the co-applicant must possess a virtuous income. This makes sure that other applicants will pitch in for repayment if you fail to pay so.
- Put an Asset Against the loan
- You can insist your lender for an asset-back loan wherein you can be asked to promise an asset if you do not possess salary slips to show. These assets are often priced with high-value like fixed deposits, gold, or any investment.
- Consider Applying via Fintech
- You can also seek a peer-to-peer lending option such as Afinoz where you get multiple options as per your needs and circumstances and choose accordingly.
- To apply, you can download the Afinoz instant loan app from the leading app store viz. Goole Play Store.
How Much Personal Loan Can A Salaried Person Avail?
- The maximum loan amount that you can get as a borrower is completely hooked into the bank.
- Some lenders offer Personal Loans up to Rs. 50 lakhs, while others offer less than Rs. 25 lakhs.
- Being a salaried individual, you can apply for a Personal Loan on the basis of your annual income earnings.
- Deciding on a loan amount completely relies upon the discretion of the bank.
Understand it below with Illustration:
Vikas’ monthly income ranges between Rs. 20,000 and Rs. 25,000. When it involves monthly repayments, banks compute in such a way that his monthly EMI is on the brink of 45-50% of his monthly income. So, the EMI for his Personal Loan would land somewhere around Rs. 1,25,000.
Documents Required For Personal Loan without Salary Slip
Following are some of the basic documents required for the purpose of taking out a Personal Loan without a Salary Slip:
- PAN Card
- Proof of Identity
- Proof of Residence
- Last 3 months’ statement (for salaried individuals)
- Last 3 months’ statement (for self-employed individuals)
- Recent passport-sized photographs
- Office address proof (for self-employed individuals)
- Proof of office ownership and continuity of business (for self-employed individuals)
Get the Best Personal Loan deal from Afinoz!
- No matter what, Afinoz has got you covered from almost all the aspects as it possesses association with more than 33 leading financial institutions including banks and NBFCs.
- To apply, all you need is to simply download the Afinoz instant loan app from the Google Play Store and apply accordingly within a matter of minutes.
The Final Verdict
To conclude, prior to applying for a Personal Loan without a salary slip, it becomes very important that you check your eligibility criteria, monthly EMIs, loan processing charges, your credit score, among several other elements.