How Can I Get an Instant Personal Loan Without a Salary Slip?

How Instant personal loan is helpful in an emergency situation

Loan Personal Loan

An instant personal loan is a no questions asked collateral-free loan which can be a godsend for someone in a sticky situation. It can be extremely beneficial for individuals who are facing a sudden shortage of funds and need a quick solution without any hassle. This brings us to the question –

What exactly is a personal loan and how does it work?

A personal loan is a collateral-free unsecured loan that can be used by salaried or self-employed individuals for any funding purpose without the compulsion to specify the reason. This makes it extremely popular as a short term funding option among the young generation who have just started out on a job or profession and do not have assets to pledge.

Eligibility criteria for a personal loan

Well, personal loans are designed in such a way that most individuals can meet the eligibility requirements.

You can avail of a personal loan if you are an Indian citizen or resident over the age of twenty-one years and earning a net monthly income of over INR 30,000.  In the case of some lenders, the minimum salary requirement can even be as low as INR 10,000. These requirements are comfortably met by a large section of the population that has made personal loans such a popular financial product to handle an emergency situation.

Some examples of emergency situations where an instant personal loan can make a difference

The definition of emergency may vary from person to person but some examples of financial emergency would include-

  • Medical Emergency
  • Urgent family emergency with a need to buy flight tickets
  • Deadline to pay examination fees/visa processing fees etc
  • Need to put down a rental deposit in a new city
  • Urgent need to close down debts
  • Business emergency

Let us examine these cases in detail.

Medical Emergency

Imagine if a family member has a medical emergency and money needs to be deposited for an immediate medical procedure. The situation requires urgent attention and cannot be delayed. You cannot visit multiple banks and lenders to request a loan nor can you wait for the long procedure and paperwork to be completed because you need funds immediately. Under such circumstances, getting an online personal loan within a day is like manna from heaven. The convenience of a simple paper-free process is priceless. You can actually see the money in your account within 24 hours and that is nothing short of a miracle in an emergency.

Urgent family emergency with a need to buy flight tickets

Suppose you get news about the death of a close family member in another city or country and you need to buy flight tickets to reach your destination. It could be a grave emergency where you cannot run around for cash to book the tickets. In such a situation applying and getting an instant personal loan can be a customer-friendly solution that solves your problem in a jiffy. Instead of running from pillar to post or making personal requests to friends and family, you can solve the issue by approaching a fintech lender.

Deadline to pay examination fees/course fees etc

Imagine if you need to pay the fees to book your seat for a course or an examination and the due date is tomorrow. Any delay would lead to the cancellation of your seat and disrupt your future plans. Imagine the stress if your alternate funding plans have gone awry and you need to make instant funding arrangements. Under such dire circumstances, getting an instant personal loan would solve your problem comfortably and give you breathing space and peace of mind.

Need to put down a rental deposit in a new city

If you have moved into a new city and need to look for a place to live, it may be a tricky proposition. In some cities, you may be required to put down a deposit of 6-12 months of rental.

If you find the perfect place you are looking for and need to close the deal immediately, having access to immediate funds to place the rental deposit may become an emergency. This is especially true if the place you have found is in a popular neighbourhood and has many takers. You would love to close the deal as soon as possible and an instant personal loan can come in really handy in such a situation.

Urgent need to close down debts

Let us assume you have been leading an undisciplined life and suddenly find yourself in a vicious debt trap that is leading to stress and sleepless nights with the lenders calling you and asking for payments. You may be forced to take a harsh decision of taking a personal loan urgently to consolidate all debts, pay them off and start afresh. Incase of some individuals, this may be a grave situation that needs to be handled on priority. An instant personal loan may really be a blessing in such a situation as it will help you start your life afresh.

Business emergency

If you are a self-employed person running your own business and face an emergency fund crunch, you may find the personal loan to be a real saviour. It may help you tide over a working capital crisis where you find it hard to pay your bills.

Process of getting a personal loan

The process of getting a personal loan is simple and convenient. The online interfaces are user friendly and it hardly involves any paperwork. All you need to do is fill up an online application and upload the following documents

  • PAN Card
  • Aadhaar Card/Driving Licence/Passport for KYC address verification
  • Salary slips / Monthly Income details for the last three months
  • Bank statements for the last six months

If your documents are accurate and you maintain a good CIBIL score, there is a very high probability that your loan will be approved immediately. On receiving the approval, the amount will be disbursed to the mandated account.

The entire process may take from a few minutes to around 36 hours at a maximum which is reasonably quick by any standards and can help you handle an emergency.

Benefits of a personal loan

A personal loan is a convenient financial product that can be really useful in an emergency when you are short of funds and don’t know where to turn. You can get a personal loan from as low as Rs 1000 to even Rs 25 lakhs in some cases.Annual Interest rates can range from 11% to 24% which still makes them cheaper than credit cards. The tenure could range from 2 months to five years.

The borrower can choose from a range of flexible repayment options. They can use a personal loan EMI calculator to work out the ideal tenure and EMI that fits the monthly budget. With most lenders, you can foreclose the loan after you pay your EMIs for six months without any prepayment penalty.


The instant personal loan can be a lifesaver when life pushes you into an unexpected crisis. It is a structured unsecured loan from reputed lenders with a formal agreement drawn up. The ease, speed and seamlessness of the experience make it a very popular product that can relieve your stress when you have an emergency on your hands. When you face a personal crisis, a personal loan is indeed your best option.