Can I get personal loan without a salary slip?

What is a loan?

A loan is a type of unsecured or secured loan that you can borrow from a bank or financial institution if you require funds as per your financial needs.

Availing a personal loan without a salary-slip will be complicated because salary slip is an important constituent of the documents required.

Documents Required to Avail Instant Personal Loan are:

Identity Proof- PAN card, Passport, Driving License, Aadhar Card, Voter ID, Govt. issued ID-card
Address Proof – Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill
Income Proof – Bank statement (not more than 3 months old)
Age Proof – PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate
Factors on which Insta Loan Eligibility depends:

Age

The younger you are your probability of getting loan is more you have. As when you are young the bank or any financial organisation thinks you are more capable of repaying the loan. In the case of Insta Loan whether you are a salaried employee or you are self-employed your age should be between 25 to 65 years.

Income

Your income is the most important factor on which your Insta Loan eligibility depends. The more you earn, more is the possibility of timely repayments. In case of Insta Loan if you are a salaried person your yearly minimum income should be INR 400,000 and if you are a self- employed person your minimum income should be INR 600,000.

Employment

Employment stability is also an important factor on which your Insta Loan eligibility depends. For the Insta Loan if you are salaried person you should have at least 2 years of full time work experience in your current profession. And if you are a self-employed person then you should be having at least 5 years of earning turnover.

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Credit Rating/CIBIL Score

Your credit rating holds a lot of value. It reflects your financial borrowing history and your repayments history too. If your credit score is high your probability of getting a loan is more. Generally 750 credit score is considered good. If you are have a CIBIL score less than 750 then your chance is also less, and in some case you may get loan at this credit rating also but then your interest rate will be somewhat high as compared to others.

Employer

The employer with whom the candidate (borrower) is working with is the most ideal approach to gauge the trust ability of the candidate. Being a piece of rumored and high turnover organizations is an advantage with regards to applying for the Loan.

I hope this may help!

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Author: Sunday Idika

A graduate of Computer Science at Godfrey Okoye University. Writer at bitveng, scholarship hunt, content creator, music lover and Web Designer.

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