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.
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Step 2: Provide your personal details
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Step 4: Select the loan purpose and loan amount
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Why do lenders ask for salary proof for personal loan
Who requires a personal loan without a salary slip
How to get a personal loan with no salary slip
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.
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In case, your personal loan application is not approved
How Can I Apply for a Personal Loan Online?
Get up to ₹40 Lakh in 5 Simple Steps
Step 1: Enter your mobile number in the application form
Step 2: Provide your personal details
Step 3: Enter OTP to verify your mobile number
Step 4: Select the loan purpose and loan amount
Step 5: Compare offers and apply for the best-suited loan
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FAQs
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.
Will I get a lower personal loan amount without salary slips?
Lenders may offer you a personal loan of smaller amounts or at a higher interest rate due to increased credit risk for the lender.
Personal Loan Articles
View All ArticlesPaisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners.
The APR (Annual Percentage Rate) of a personal loan is its annualised cost of borrowing, which includes the interest rate as well as the processing fees, documentation fees and other fees charged during the loan origination. The APR is expressed in the form of a percentage and thus, allows personal loan applicants to detect personal loan schemes offered at lower interest rates but with higher processing fees and/or other charges.
The APR of personal loans usually ranges between 11.29% to 35%. For example, assume that you have availed a personal loan of Rs. 5 lakhs @ 10.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, which amounts to Rs 7,500. Therefore, the total borrowing cost of your personal loan will be Rs 1,52,317 and its APR will be 11.16%.
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