Personal Loan Without Salary Slip

Even though your salary slip is one of the most important documents to apply for a personal loan, it is not mandatory. You can get a personal loan even without a salary slip. 

All you have to do is submit an alternative proof of income. Let’s learn ways to apply for a personal loan without a salary slip.

9 Ways to Get an Instant Cash Loan Without a Salary Slip

If you want to apply for a personal loan online without a salary slip, here are the 9 ways to do so -  

1. Provide Alternate Proof of Income

No salary slip? Don’t worry! Just submit alternative documents such as income certificates, IT returns, bank statements, proof of rental income, or government pensions. 

Just make sure to check with your lender which documents are acceptable and arrange any one of them. All the lenders need is proof of the flow of income in your bank account and that you will be able to pay off the loan. 

2. Have a Good Relationship with the Lender

In case you have a cordial relationship with your lender, then you can discuss with them to not submit a salary slip. Since lending depends on trust between the two parties, a good relationship with the lender can help you convince the lender of your repayment capability. 

So, if you already have a bank account in the bank that you are applying for a loan from, it might work in your favor.

3. Have a Good CIBIL Score

CIBIL score is one of the most important factors that determine your creditworthiness. It assures the lender of your credit profile and immediately increases trust in your borrowing capacity.  Above all, a high CIBIL score indicates that you are a responsible borrower. 

A high score of 750 and above, is acceptable by every lender across India. With such a score, you can negotiate with the lender to provide a loan without the salary slip. 

However, you can even get a personal loan with a CIBIL score higher than just 650 without a salary slip through Moneyview. 

4. Apply for a Secured Loan

You can consider applying for a secured loan if you don’t have a salary slip. A secured loan reduces the risk for the lender as you pledge a collateral that acts as security. 

Salary slips are mostly necessary when you apply for an unsecured loan since they help lenders understand your repayment capacity. 

5. Apply with a Co-applicant

Applying with a co-applicant is another way to get a personal loan without a salary slip. Ask a close friend or a family member to be a co-applicant. It is an added benefit if the co-applicant has a high credit score and good credit history. 

However, be punctual in your repayments, as your negligence can cause your co-applicant to lose their credit score.

6. Peer-to-Peer Lending

Peer-to-peer lending, or P2P loans, is a lot like crowd funding or social lending. In this case, you borrow funds directly from other individuals instead of banks or traditional lenders. There are no middlemen involved, but a P2P lending platform acts as a mediator between the investor and the borrower. 

7. Take a Smaller Loan or a Loan with a Shorter Tenure

Some lenders require lesser documentation if you apply for a small loan or a loan with a shorter tenure. Thus, you may be able to get the loan without submitting salary slips.

This can help in the future, as it will also help you build a relationship with your lender. It will come in handy when applying for a bigger loan later.

8. Apply for Special Loans - NGO, govt. etc

The government or some NGOs often have special programs running for people without an income proof. You can get small personal or business loans from these sources without needing to submit too many documents. 

These loans also have subsidies that can help if you are an entrepreneur and need a somewhat large amount.

9. Apply from a Lender Who Requires Minimal Documentation

Partner lenders on digital lending apps such as Moneyview require minimal documentation, of which salary slip is not a part. Apply for a personal loan from such apps and make sure to fulfill the other eligibility requirements so you can avail of a loan easily without the need for a salary slip. 

Want to know more about loans from the Moneyvew digital lending app? Read on!

Instant Personal Loan through Moneyview Without Salary Slip

The steps to get a personal loan without a salary slip through Moneyview are quite simple. You just need to fulfill the eligibility requirements of the lending partners, provide the necessary documents, and voila! The loan will be credited to your account within 24 hours.

Documents Required for Personal Loan Without Salary Slip

To avail of a personal loan without a salary slip from Moneyview, you must submit the following documents. The document requirements are the same for both salaried and self-employed applicants. 

Moneyview's lending partners only ask for the following documents: 

• Your PAN number

• Your mobile number will have to be linked to your Aadhaar card for KYC verification

• Clear selfie taken in a well-lit area

Please note that the documentation requirements will vary based on your profile. Our partner lenders may require proof of address, bank statements, and other supporting documents.

In case a proof of address is required, any one of the following documents will suffice -

• Aadhaar Card

• Valid Indian Passport

• Valid Voter ID

• Valid Driver’s License

• Utility Bills (Electricity, Water, Gas) dated within the last 60 days

If our lending partners require income proof, you must furnish your bank statements for the last three months. This statement must also show your salary credits.

Eligibility Criteria for Personal Loans Without Salary Slip

You can easily get personal loans from Moneyview without the need for a salary slip. All you need to do is fulfill the eligibility criteria given below -

• You must be between 21 years and 57 years

• Income must be credited directly to your bank account. 

• Minimum in-hand income of Rs.25,000 for salaried and self-employed applicants

• Minimum CIBIL score of 650

How to Apply for an Instant Personal Loan from Moneyview Without a Salary Slip? 

To apply for a loan through Moneyview, you just need to follow these simple steps -

Check your Eligibility

Visit the Moneyview website or download the app, provide all the necessary details, and know your eligibility in just 2 minutes

Choose your Loan Plan

Based on the options given, you will have to select the loan amount and repayment term of your choice

Provide Documents

Easily upload all of the necessary documents online for verification

24-Hour Loan Disbursal

After your documents are verified and the loan agreement is submitted, the loan amount will be credited to your bank account within 24 hours, in most cases

Please Note -

You will also have to enable the auto-debit facility from your bank account. This is a quick process where you can use a debit card, net banking, or NACH form. The auto-debit facility will help you pay your monthly EMIs automatically without any manual intervention.

Please ensure that the documents listed above are officially valid when you submit your loan application. Documentation requirements will be minimal if you clear the oKYC process during your application flow.

Conclusion

Getting an instant personal loan without a salary slip is no longer impossible. In fact, with so many alternative options available, you can take your pick. 

You can get attractive loans at affordable interest rates through digital lending platforms such as Moneyview without a salary slip. Just submit the necessary documents, fulfill the eligibility criteria, and get your instant personal loan now!