Can you get a personal loan without a salary slip?

Are you struggling to raise funds? Do you fret about not receiving an instant personal loan in the absence of salary slips? Well, do not worry! At Money View, the internal team would assist you in procuring one without a salary slip. However, applicants are supposed to attach bank statements of the previous three months along with salary credits as proof of income for procuring an instant personal loan through Money View.

Searching for a personal loan without a salary slip and bank statement

You could easily obtain a personal loan without furnishing salary slips, but it is most unlikely to obtain a loan from a money lender in the absence of income proof. It is quite easy to procure an instant personal loan through Money View with low income. Money View had recently launched an alternate credit model to assist people with poor credit or low income in obtaining a personal loan in a country like India.

Listed below are the eligibility requirements to procure Money View personal loans without salary slips

For salaried professionals: --- An individual should earn a monthly income of Rs.13,500 with a CIBIL score of a minimum of 600 & an Experian score of 650.

Age must be between 21 years and 57 years

Monthly income must be credited to your bank account

For self-employed individuals: --- A person should earn a monthly income of Rs. 15, 000 and must be aged between 21 years and 57 years. They must maintain a CIBIL score of 600 and an Experian score of 650 or more. Their monthly income must be directly credited to the bank account.

What are the steps involved to apply for a personal loan in the absence of salary slips through Money View?

The procedure for applying for a personal loan through Money View is hassle-free and quick. However, you are required to go through few simple steps as given below:--

1. The initial step involves the submission of personal details to check the loan eligibility within just two minutes.

2. The next step is the selection of a loan offer and choosing a flexible repayment tenure of your choice

3. The third step is uploading supporting documents in digital format

4. Once the loan application is approved, the entire loan amount will be credited to your bank account within two hours.

Essential Documents to be submitted while applying for a personal loan without salary slips through Money View

Applicants are required to submit an Aadhaar card, PAN card, voter ID card, valid driver's license, valid Indian passport, Bank statement, ration card, and utility bills.

Note: -- Utility bills such as telephone bill, gas bill, water bill, and electricity bill must be dated within the previous two months with name and address mentioned. Even a bank statement is considered valid when it is generated within the previous sixty days.

Lenders often go through the financial profile of an individual before loan approval to determine repayment capacity. It consists of verifying monthly income and salary slips. Those applicants who are self-employed, working as a freelancer, or working on contract could apply for a personal loan in the absence of salary slips.

In certain cases, an applicant is required to produce a relevant finance document for verification of income. Earning a steady flow of income would rest assure the lenders' repayment capacity thereby qualifying for a budget-friendly loan at a faster pace.

Focus on maintaining a robust credit score: ---

It does not matter whether you are a self-employed individual or encountering job-associated problems or without salary slips; one should focus on maintaining a strong credit score. This number would have a direct impact on credit handling abilities, repayment history, and debt status. Always aim for a score exceeding 750 while securing financing with ease.

Under any circumstances, you do not have the financial capacity at present; inquire if the lender accepts asset-backed loans. Pledge high-value FD's, mutual fund units, and gold as collateral apart from the existing financial profile. You will be able to obtain a loan in the absence of documents to support current finances.

Consider applying for a personal loan with a co-applicant

It is better to apply for a personal loan with a credit-worthy applicant even in the absence of salary slips and bank statements. This is primarily because the co-applicant steady flow of income would enhance the level of confidence and trust in the lender.

Whenever you are planning to avail of a personal loan in the absence of salary slips, it is essential to search for a reliable lender who maintains the eligibility requirements in a simple manner. This would ensure a seamless loan application process along with verification and approval as well.

Submission of relevant documents

One of the major things taken into consideration by the lenders is that if an applicant has the financial capacity to repay the entire loan amount. In such cases, they request appropriate documentation that confirms your ability to pay off the loan amount. The documentation consists of ID proofs, employment proof, and salary slips.

Applicants should furnish the sources that verify the income source and its actual value. If in case an applicant does not have a bank account, then it is up to them to open a new bank account before applying for a loan.

Circumstance wherein an individual applies for a personal loan

A personal loan is an unsecured debt that is availed to cover emergencies including education loans, home renovation, and carrying out purchases.

Conclusion:

Here at Money View, it is quite easy to obtain a personal loan in the absence of salary slips. However, make sure that there are no outstanding dues to enhance the creditworthiness and to be considered eligible for a personal loan.