If you are looking to get a personal loan but don’t have a salary slip to produce, you needn’t worry. There are many ways to get a loan, even if you don’t have a payslip. For instance, you can use a loan app that lets you avail of a loan without needing much documentation. Likewise, you have many other ways to get a personal loan without having to produce a salary slip or proof of employment or income.
But before that, you might want to know the requirements to get a personal loan without producing a salary slip.
Eligibility for Getting a Personal Loan without Producing a Salary Slip
The eligibility criteria for getting a personal loan without producing a salary slip are different for the different categories, including salaried professionals and self-employed individuals. So, before you avail of a loan, you must know these eligibility requirements.
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Salaried Individuals
If you are a full-time employee or professional, you fall under the salaried category. So, as a salaried individual, to apply for a personal loan without needing to provide your salary slip, you must be between 21 years and 58 years. Your income must be credited directly to the applicant’s bank account or, in this case, your bank account.
Furthermore, the income you get as salary every month should be no less than Rs. 15,000 a month. If you are concerned about your credit score, connect with the lender’s representative and clear all your qualms.
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Self-Employed Individuals
As a self-employed individual or a freelancer, your income must be no less than Rs. 15,000 a month to get a personal loan. Also, the income must be credited directly to the applicant’s bank account.
Likewise, as far as age is concerned, you must be between 21 and 58 years to avail a personal loan. Another important criterion that you must note for availing a personal loan your credit score and history.
How to Get an Instant Personal Loan without Producing a Salary Slip?
As suggested earlier, there are many ways to get a personal loan without producing a salary slip. While you can use a loan app such as the one by simply cash, here are other alternatives that you can rely on to get a personal loan.
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Last Six Months Bank Statement
If you don’t have a salary slip to produce, you may as well show an alternative income proof, such as your bank statement from the last six months.
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A Valid Identity Proof
You must also provide valid identity proof such as your PAN, Aadhar Card, or Driving License.
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Employment Information
When availing of a personal loan, lenders may also ask for your employment information. That is, whether you are an individual working in a private firm or if you are a self-employed individual having a business.
Documents Required
When you decide to take out a personal loan, you will need to provide a few documents to the lender for verification purposes. These documents may include:
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PAN Card
You will need to provide a copy of your PAN card to the lender when applying for a personal loan so that they can verify your tax information. Besides, a PAN card also acts as valid identity proof.
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Banking Information
For verification purposes, most lenders may also ask for your bank details, such as your account number. So, you will need to give them your bank account details.
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Employment Information
When taking out a personal loan, lenders also ask for employment information. You will need to furnish details like whether you are employed full-time or are running a business. The information you provide will help lenders verify your income sources. Moreover, it acts as a reassurance that you have a stable job and will repay the loan in time.
Closing Words
When applying for a personal loan, if you need to produce a salary slip but don’t have one, you can always use any of the ways mentioned above to avail of the same. Also, you can take out a personal loan without much haggling using a loan app such as Simply Cash.
So, the next time you apply for a personal loan, keep these points in mind, as they will help you get one with ease.
