How to get a personal loan without a salary slip?A Personal loan is sanctioned based on identity proofs and income documents. Depending upon lenders, borrowers are required to submit authentic documents reflecting their income stability, so that there is no risk involved in repayment. Borrowers working in a public or a private sector company earn a monthly salary and the same is recorded in a salary slip. This is an important income document of salaried individuals that is demanded by many lenders to confirm the loan repayment capacity.
However, if there is no salary slip in hand, how can the borrowers proceed with a personal loan without a salary slip? In the absence of a salary slip, borrowers can submit their latest bank statement copy reflecting the last 6 months of bank transactions. A bank statement is a significant income proof listing down all the transactions till date.
If your bank statement shows an income of less than Rs.15,000, you will not be eligible for a personal loan with major credible finance companies. The eligibility criteria with the majority of financial firms in India start with a minimum income of Rs.15,000 or more.
Not all borrowers will approve of personal loans without a salary slip. So, it is better to check the eligibility criteria and mandatory documents required with different lenders in comparison.
SimplyCash, an instant personal loan app by HeroFinCorp approves small cash loans up to 1.5 lakhs with minimal documentation. Borrowers applying for an instant loan via SimplyCash will have to submit their last 6 months of bank statement as a mandatory document for quick loan approval within 24 hours.
Besides a salary slip for personal loans, there are other documents deemed necessary for an instant loan approval:
- Aadhar card and PAN card
- Smart Card Driving License
- Passport size photograph
- Last 6 months of bank statement
Steps to apply for a personal loan without a salary slip at SimplyCashAfter you confirm the eligibility criteria for a particular loan, you may follow the below steps to apply for a quick personal loan via SimplyCash:
- Download SimplyCash loan app from Google Play Store
- Register to create your account. Enter email id and mobile number
- Use the EMI calculator to set a suitable EMI amount considering the principal amount, tenure, and interest rate
- Enter the Aadhar card number, a mobile number linked to your Aadhaar card, PAN card number, and Bank Account affiliated to SimplyCash.
- Create an electronic signature with a single click
- It may take a while to process the details. Finally, the loan amount will be credited to your bank account within 24 hours.
So, salaried individuals seeking personal loans online will have to produce a salary slip whereas, for some lenders like SimplyCash, even a bank statement is a concrete income proof for a loan approval.