Your salary slip is a rock-solid proof of income. This is why it is one of the most important documents when you apply for a loan. However, it is not mandatory for you to furnish your salary slip.
You can get a loan even without it. All you have to do is submit an alternative proof of income. Let’s see what options you have if you don’t have a salary slip!
6 Ways to Get Instant Cash Loan Without Salary Slip
If you want to apply for a personal loan online without a salary slip, here are the 6 ways to do so -
1. Provide Alternate Proof of Income
Instead of a salary slip, you can submit alternate documents such as an income certificate, IT returns, bank statements, or more. Check with your lender to understand which documents are acceptable.
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.
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.
4. Apply for a Secured Loan
Salary slips are a necessity for an unsecured loan since they help lenders understand your repayment capacity. On the other hand, secured loans require collateral hence a salary slip might not be as needed. While applying for a loan, you can offer to provide collateral as security. This reduces the risk for the lender who may then offer a loan without salary slip.
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, preferably with a high credit score to be a co-applicant. When they have a high credit score, it acts as an advantage to your profile as well. However, be punctual in your repayments as your negligence can cause your co-applicant to lose their credit score.
6. 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 as well as self-employed applicants.
Moneyview's lending partners only ask for the following documents:
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Your PAN number
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Your mobile number will have to be linked to your Aadhaar card for KYC verification
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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 statement, and other supporting documents.
In case a proof of address is required, any one of the following documents will suffice -
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Aadhaar Card
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Valid Indian Passport
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Valid Voter ID
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Valid Driver’s License
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Utility Bills (Electricity, Water, Gas) dated within the last 60 days
If our lending partners require income proof, you must furnish your bank statement 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 -
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You must be between 21 years and 57 years
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Income must be credited directly to the your bank account. If you receive your salary in cash, our lending partners will not be able to provide personal loans for you.
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Minimum in-hand income of Rs.25,000 for salaried and self-employed applicants
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Minimum CIBIL score of 650
How to Apply for an Instant Personal Loan from Moneyview without 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, to 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
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 EMIs automatically every month 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.
