A Personal loan is sanctioned based on identity proofs and income documents. Depending upon lenders, borrowers are required to submit authentic documents reflecting their income stability, so that there is no risk involved in repayment. Borrowers working in a public or a private sector company earn a monthly salary and the same is recorded in a salary slip. This is an important income document of salaried individuals that is demanded by many lenders to confirm the loan repayment capacity.
However, if there is no salary slip in hand, how can the borrowers proceed with a
personal loan without a salary slip? In the absence of a salary slip, borrowers can submit their latest bank statement copy reflecting the last 6 months of bank transactions. A bank statement is a significant income proof listing down all the transactions till date.
If your bank statement shows an income of less than Rs.15,000, you will not be eligible for a personal loan with major credible finance companies. The eligibility criteria with the majority of financial firms in India start with a minimum income of Rs.15,000 or more.
Not all borrowers will approve of personal loans without a salary slip. So, it is better to check the eligibility criteria and mandatory documents required with different lenders in comparison.
Hero FinCorp’s instant personal
loan app approves small cash loans up to Rs.1.5 lakhs with minimum documentation. Borrowers applying for an instant loan should submit their past 6 months of bank statements as a required document in order for their loan to be approved within 24 hours
Besides a salary slip for personal loans, there are other documents deemed necessary for an instant loan approval:
- Aadhar card and PAN card
- Smart Card Driving License
- Passport size photograph
- Last 6 months of bank statement
Steps to apply for a personal loan without a salary slip at Hero FinCorp
After you confirm the eligibility criteria for a particular loan, you may follow the below steps to apply for a quick personal loan via Hero FinCorp:
- Download Hero FinCorp instant personal loan app from Google Play Store
- Register to create your account. Enter email id and mobile number
- Use the EMI calculator to set a suitable EMI amount considering the principal amount, tenure, and interest rate
- Enter the Aadhar card number, a mobile number linked to your Aadhaar card, PAN card number, and Bank Account affiliated to Hero FinCorp personal Loan app.
- Create an electronic signature with a single click
- It may take a while to process the details. Finally, the loan amount will be credited to your bank account within 24 hours.
So, salaried individuals seeking personal loans online will have to produce a salary slip, whereas for Hero FinCorp you just have to verify with net banking details for income proof for loan approval.
