An Instant personal loan is a quick and convenient method to cater to urgent financial requirements. It can be used for diverse credit needs such as debt consolidation, wedding expenses, travel expenses, durable consumer products, home renovation, medical expenses, or other conditions. An instant loan is a collateral-free, short-term loan with minimum documentation and eligibility criteria. It ensures timely financial help from anywhere and any location. Numerous financial institutions and NBFCs developed the idea of loan apps to provide easy personal loans with unified features that instantly benefit borrowers in times of financial difficulties. Our loan app also offers additional features like loan calculators, amortization schedules, and loan application monitoring services to help borrowers manage their finances.
Features & Benefits of the Instant Personal Loan
Listed below are the seamless features and benefits that await you if you are looking for an instant loan online.
You can repay the loan EMI flexibly as per your suitability within the given tenure, mainly between 6 – 36 months. You get the option to customize the loan tenure using the loan EMI calculator before applying on the instant loan app.
You need to meet the lender's eligibility criteria to get the instant loan approved immediately. Your instant personal loan will get real-time approval once you have qualified the lender's expectations.
Unlike secured loans, no security or guarantor is required for pledging your assets against the instant loan. Instead, your income is the only collateral for obtaining the line of credit.
Once your loan gets sanctioned, the instant loan disbursal is done on the same day. The amount is directly credited into your bank account within a working day.
When you avail instant loan, the interest rates tend to be lesser in contrast to the credit card interest rates, which are very high. Therefore, instant loans are always a better option for debt consolidation and many other usages.
No printout of documents is required when applying for an instant personal loan. It is an entirely paperless effort; therefore, the records are minimum and hassle-free.
No more delayed payments if you often forget to make the payments on time. The auto-debit loan repayment deducts the EMI on the monthly fixed date. The only thing needed is a sufficient amount in your account to prevent cheque bounce.
There is no restricted time when applying for an instant personal loan. The loan app is available 24x7, and you can contact the customer service officer online or by phone at any time for any issues while applying for an instant loan.
The entire process of applying for an instant personal loan online is transparent, and there is no CIBIL and income proof involved. You can easily track your loan application status and repayment schedule using the loan app.
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Eligibility Criteria for Instant Personal Loan
To meet the lender's eligibility criteria, you need to follow the below-mentioned to get instant loan approval on the same day:
- You should be an Indian resident. A foreign resident cannot apply for an instant personal loan in India.
- Your minimum age should be 21 years and a maximum of 58 years of age can apply for instant loans online.
- Employment in a private or public organization or a stable business is mandatory to get an instant loan.
- Your income is another important criterion for getting a personal loan online. You should earn a minimum income of Rs.15,000 monthly to get instant loans.
- Good credit history is another essential criterion for getting an urgent cash loan, but not mandatory with all lenders.
Documents Required for an Instant Personal Loan Without Salary Slip or Bank Statements
Hassle-free and paperless documentation is the sphere of online loan apps. Moreover, a personal loan is designed explicitly for salaried and self-employed individuals. Several financial institutions, NBFCs, and banks provide personal loans without salary slips or bank statements. But there are other mandatory documents that are eligible for availing of a personal loan.
Let's peep at the eligibility criteria and list of documents for salaried and self-employed individuals to get an instant personal loan.
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Personal Loan Eligibility & Documents for Self-Employed
Self-employed individuals are those people who own one or more businesses or work as a freelancer for relevant services. The source of income is not regular and constant like salaried individuals. Hence, the eligibility may differ slightly, but the documents needed are similar to the salaried individuals:
- Borrowers must be between 21 – 58 years
- Must have a good credit score to stand credible for instant loans
- The minimum income must be Rs.15,000 or above per month
- Minimum business stability of 6 months is mandatory
- Legal business type that is widely accepted and has no hidden aspects
Required Documents for Self-Employed Individuals
- Aadhar card and PAN card as a basic identity proof
- Proof of the existence of a business – Tax registration copy/shop establishment proof
- Income Tax returns filed for the preceding year
- A self-employed individual may seek a personal loan without a salary slip. Verifying net banking credentials instead of a bank statement seems satisfactory for most lenders.
Personal Loan Eligibility & Documents for Salaried
- A salaried person must be an Indian citizen
- A salaried person's income must be at least Rs.15,000 monthly
- A credit score is not mandatory if you are a first-time applicant. Still, for individuals who are not first-time borrowers, a credit score is good to submit for credibility.
- Job stability in the private or public sector is mandatory
- Minimum work stability of 6 months is essential
Required Documents for Salaried Individuals
- Identity proof includes – an Aadhar card and PAN card as mandatory KYC documents.
- Aadhar card number verified with registered mobile number
- Verify with net banking details
How to Apply for an Instant Personal Loan Without a Salary Slip or Bank Statement?
A Salary slip or bank statement are significant document categorized as income documents that reflect your ability to repay the loan on time. For many lenders, these are the primary documents for salaried individuals, whereas, for self-employed, a bank statement stands out as a mandatory document when availing of a loan. Your bank statement shows your maximum transactions if self-employed.
Though these income-proof documents are essential in getting an instant personal loan, lenders like Hero FinCorp Instant Personal Loan do not require a salary slip or bank statement for getting an instant personal loan. Now, getting an instant cash loan without a salary slip or bank statement via Hero FinCorp Instant Personal Loan is not difficult because Hero FinCorp Instant Personal Loan verifies the net banking details of the borrower above any other income document.
Now, with the Hero FinCorp Instant Personal Loan app, you can apply for an instant personal loan without salary slips and bank statements with just a single verification criterion. Verify your net banking credentials and move ahead in the instant loan process. This process not only saves time but also makes it convenient for individuals who might not have access to these documents.
Why Hero FinCorp Instant Personal Loan?
Hero FinCorp Instant Personal Loan app is a one-stop solution to all your urgent cash requirements. Moreover, it provides seamless features and benefits to its customer's as mentioned below:
Provides Instant Loan
Borrowers can instantly avail of a personal loan starting from 50,000 up to 5 lakhs with our loan app, and the process is quick without salary slip, and direct disbursal in the bank account.
Real-Time Approval & Disbursal
Hero FinCorp Instant Personal Loan enables quick real-time approval and disbursal within a business day. Once your KYC documents and application form are verified, your loan will get approved and disbursed directly into the affiliated bank account with Hero FinCorp Instant Personal Loan.
Flexible EMI Repayment
An instant personal loan allows a flexible and customizable EMI method by evaluating your EMI on the loan EMI calculator, inbuilt in the Hero FinCorp Instant Personal Loan app. You can make the payment between 6 – 36 months as per your planned monthly budget. If the repayment tenure is shorter, the loan EMI will be higher; if the tenure is longer, the EMI will be lesser, and the interest rate will be higher. So, plan your repayment tenure accordingly.
Minimal Documents
Hero FinCorp Instant Personal Loan enables paperless documentation without any salary slip or bank statement. The only documents required are an Aadhar card and a PAN card for E-KYC verification.
Digital Process
Hero FinCorp Instant Personal Loan follows a 100% digital process right from registration to loan application, every step doesn’t demand any personal involvement. Borrowers can access Hero FinCorp Instant Personal Loan via Google Play Store on their smartphones.
Simple Eligibility criteria
Most traditional lenders have a lengthy eligibility procedure for availing of a personal loan, but with Hero FinCorp Instant Personal Loan, it is another way round. Your loan will get approved once you meet the lender's eligibility criteria which are essential and minimum altogether. The borrower should be in an age group between 21 – 58 years, earning a minimum income of Rs.15,000 per month.
Tips for Availing of a Personal loan Without Salary Slip or Bank Statements
Income documents count when availing of an instant personal loan. However, it differs from lender to lender. Here are some tips to avail loan without a salary slip/bank statement:
Alternate Source of Income
Suppose you are self-employed and cannot produce a bank statement or salary slip. In that case, there are other alternative ways to validate income proof by producing other financial documents like an income certificate, ITR, or form-16 to get the personal loan approved.
You should build and maintain a healthy credit score for quick personal loan approval. A good credit score reflects responsible credit behavior and also increases the chances of getting pre-approved personal loan offers from lenders. Most lenders emphasize credit scores while assessing individual loan applications. A low credit score may affect your loan approval negatively. Hence, it becomes essential to maintain a healthy credit score which would be helpful in getting an instant loan in the absence of salary slip or bank statements for loan approval.
Apply for a Loan with a Co-applicant
The entry of a co-applicant is required when your credit score is poor, or you may not have the documents like the bank statement or salary slip. At such times, you need a responsible co-applicant who maintains a good credit score. A co-applicant will be responsible for the loan if the partner cannot repay it for another reason.
Maintain a Healthy Relationship with Lenders
individuals who wish to get instant personal loans without income proof and documents should approach their existing financial provider for instant loan assistance. This is because your personal and financial details already exist with the lender and may not require additional documents. Moreover, such lenders may also offer you pre-approved personal loans based on your repayment history, credit score, or maintenance of good relations over the years.
Pay Existing Debts
With multiple loans at your end, such as credit card bills and loans, the prospective lender where you are applying for a personal loan will consider that you are overburdened with credit, resulting in default payments. Therefore, before applying for a personal loan without salary proof and a bank statement, you must first pay off your existing loans or debts without delay.
Read Also: Apply for Instant Personal Loan Without Documents - ₹15k Minimum Salary
Things to Keep in Mind While Taking a Personal Loan Without Income Proof
Taking a personal loan without income proof can be tricky, but there are a few things that can make the process much easier.
- Check Your Credit Score: Without income proof, lenders may consider other factors to evaluate the creditworthiness for this they check your repayment history via credit score.
- Know Your Loan Amount: Be realistic about the loan amount you can afford to repay to ensure smooth processing of the loan application.
- Read the Terms and Conditions: Make sure you understand the terms and conditions of the loan, including interest rates, repayment tenure, and penalties for defaulting.
Bottom-line
Instant personal loan online is flexible and versatile, unlike traditional loans. You can get a personal loan instantly if you follow the tips and tricks effectively to get an instant personal loan approval without salary slips and bank statements. Also, you’ll enjoy the convenience of applying from anywhere at any time with just a few clicks on your phone or computer.
FAQs
1. Can i get an instant loan without salary slip?
Yes, you can by providing alternative income proofs like bank statements or itr credentials.
2. How to apply for an instant personal loan without salary slip?
To apply without a salary slip, download the hero fincorp instant personal loan app and follow the simple loan procedure.
3. What is the minimum income requirement for an instant cash loan without a salary slip?
The minimum requirement for an instant cash loan is rs 15,000 per month.
4. Can i get a personal loan from hero fincorp if i get my salary in cash?
Yes, hero fincorp considers cash income for loan eligibility. Download the app and apply for an instant personal loan without a salary slip.
5. How to apply for an instant personal loan without salary slip?
to apply for an instant personal loan without a salary slip, complete the online application form and verify your documents.
