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How to get a personal loan without a salary slip?

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 SimplyCash

After you confirm the eligibility criteria for a particular loan, you may follow the below steps to apply for a quick personal loan via SimplyCash:
  1. Download SimplyCash loan app from Google Play Store
 
  1. Register to create your account. Enter email id and mobile number
     
  2. Use the EMI calculator to set a suitable EMI amount considering the principal amount, tenure, and interest rate
  3. Enter the Aadhar card number, a mobile number linked to your Aadhaar card, PAN card number, and Bank Account affiliated to SimplyCash.
 
  1. Create an electronic signature with a single click
 
  1. 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.
 

SimplyCash

SimplyCash powered by Hero FinCorp is an instant personal loan app providing cash loans of upto INR 1,50,000 for both salaried and self-employed individuals. Driven by technology and fuelled by innovation, SimplyCash solves instant cash requirements of customers in just a few simple clicks without any physical documentation or meeting. The mobile app is available to users through all popular Android play stores like Google play store, Samsung store, Xiaomi store etc. With one of the most widespread presence, SimplyCash currently offers its services in over 90 major locations in India. Known for a seamless process, instant loan disbursal and transparent pricing - SimplyCash truly lives upto the expectations of being a 'Hero' product.  

Note: SimplyCash is a duly registered trademark and is a loan product offered, managed and operated by Hero FinCorp. Hero FinCorp Limited is a Non-Banking Financial Company registered under the provisions of Reserve Bank of India ("RBI") and is in the business of finance and lending.

Accepted Banks:

ICICI BANK LTD HDFC BANK LTD IDBI BANK STATE BANK OF INDIA PUNJAB NATIONAL BANK YES BANK INDUSIND BANK KOTAK MAHINDRA BANK LTD

IDFC FIRST BANK LTD AXIS BANK BANK OF BARODA TAMILNAD MERCANTILE BANK LTD INDIAN OVERSEAS BANK INDIAN BANK RBL BANK LTD DEUTSCHE BANK AG CITY UNION BANK LTD FEDERAL BANK SOUTH INDIAN BANK STANDARD CHARTERED BANK CANARA BANK KARNATAKA BANK LTD CITI BANK BANDHAN BANK UNION BANK OF INDIA DCB BANK LTD DBS BANK INDIA LTD THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD DEUTSCHE BANK UCO BANK

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