How to get a personal loan without a salary slip?

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