How to Get Personal Loan Without Salary Slip

Applying for a personal loan usually involves submitting income proof, such as salary slips, bank statements, or work certifications, which help lenders assess your repayment capacity. However, not every applicant may be salaried. Freelancers, self-employed individuals, contractual workers or those with irregular income may not have such documentation. In such cases, applicants can submit ITR or financial statements to lenders for income verification.

Updated: 23-05-2025 08:56:31 AM

Why do lenders ask for salary proof for personal loan

Salary slips are required by lenders to verify your income. Most of the banks and Non-Banking Financial Companies (NBFCs) use these documents to determine your ability to repay the loan. Apart from salary slips, lenders also ask for ITR, Form 16 and bank statements to determine the repayment capacity.

Who requires a personal loan without a salary slip

Consultants and freelancers who have multiple projects or clients and have no fixed income.
Doctors, small business owners, lawyers and other self-employed professionals who do not receive formal salary slips.
Delivery agents, remote workers, drivers and other contractual workers paid on an hourly basis or per-task basis also don’t draw salary slips.

How to get a personal loan with no salary slip

If you are a business owner, you can get a personal loan without a salary slip based on your business proofs, audited balance sheet, P&L statement, etc.
Freelancers can submit client invoices or contracts.
Other alternative documents include ITR, bank statements, etc.

How can you improve the chances of your personal loan approval

Maintain or improve your credit score of 750 or above

The higher the credit score reflects your creditworthiness and financial discipline.

Apply with a co-applicant

Applying with a co-applicant with higher income and a strong credit score will reduce the risk for lenders and thereby improve your chances of loan approval.

Submit complete additional documents

Submit the latest bank statements, ITR, certified P&L statements, etc, as proof of financial stability.

In case, your personal loan application is not approved

Applying for secured loan options i.e., gold loan or loan against your car
If you have a credit card, you can apply for a loan against your credit card. This is usually offered to those with a good credit history and a low credit utilisation ratio.

FAQs on Personal Loan without Salary Slip

Can I get a personal loan without salary slip?

Income proof is important for the lender to determine your repayment ability and verification. It might be very difficult for you to get a personal loan without any income proof.

I’m a freelancer. Can I get a personal loan without a salary slip?

Most lenders accept client invoices, IT returns, bank statements, etc, as income proof for freelancers. Other factors include credit score, repayment history, et,c to determine your personal loan eligibility.