5 Foolproof Ways To Get A Personal Loan Without Salary Slip

Since you’re a salaried employee looking for a personal loan, it is possible that you may be required to provide your wage slip with your loan application in order to be approved. If you are unable to present a wage slip for any reason, you have the option of requesting a receipt of payment from your employer, or you can provide an earnings certificate.

Some people, on the other hand, may not be paid employees and may want a personal loan in order to deal with an unforeseen incident, such as paying power bills or medical costs, among other things. If you are self-employed, it is feasible to obtain a personal loan without salary slip; nonetheless, you will be required to produce evidence of other sources of income in order to demonstrate the eligibility for personal loans. Following are the actions you can take if you are self-employed or cannot furnish a wage slip.

1. Provide an alternative source of income documentation

As a self-employed worker, you would most likely work on a contractual basis and would not receive monthly pay stubs in the traditional sense. You can, however, continue to provide evidence of your income. Other financial papers, such as certificates, financial records, Income Tax Returns (ITRs), and Form 16, are available for purchase as well. These papers might assist you in validating your income and reassuring lenders that you will be able to repay the loan amount you have borrowed.

2. Jointly Submit an Application

Making a joint application for a Personal Loan with such a creditworthy individual as just a co-applicant will help you qualify for a personal loan without salary slip. The co-applicant can give the necessary income verification papers as well as a solid credit score, which boosts the lender’s trust in the co-ability applicant to repay the loan. You will be able to obtain the loan you require to cover your costs in this manner.

3. Good CIBIL score

On the CIBIL’s range of 300-900, a score of more than 700 is considered outstanding. Having a CIBIL score exceeding 700 indicates that you have a disciplined credit life and that you pay all of your debts in a timely manner. It communicates to your lender that you intend to be punctual in making your personal loan payments. “A solid credit score instills confidence in the lender, who consequently authorizes your personal loan application without requiring a wage stub.” Having a strong CIBIL score could also help you receive favorable interest rates on personal loans.

As an example, some banks offer competitive interest rates to consumers who have a good credit score. In case you have a strong credit score and fulfill all of the other qualifying requirements for personal loans, you might obtain a personal loan without a salary slip of lakhs.

How to get a personal loan from banks without shaving salary slip

4. A loan secured by a piece of property

In the same way that you may receive a fixed deposit, you can also get a Personal Loan secured by securities. Property, gold, and even life insurance plans are examples of what is available. During this procedure, you will be required to pledge the documentation for these assets as security in exchange for the Personal Loan without salary slip that is being offered. Unsecured Personal Loans are the type of Personal Loans that can be obtained in this way. This option allows you to obtain a loan at a lower interest rate than you would otherwise qualify for. But you should be aware that if you default on your payments, the money will be collected through these assets.

5. Higher rate of interest

It might be a little more difficult to obtain a personal loan without salary slip, but it is not impossible. A person who is denied credit due to a poor credit score or an inability to prove income may be charged a higher interest rate than those who are approved by other lenders. In certain cases, you may be able to accept a higher interest rate in exchange for not having your credit or income check. This is dependent on the loan length and your repayment capacity. To find a lender who has flexible eligibility requirements for the same, you will need to shop around. So, you can get a personal loan without salary slip or income proof, but you may have to say yes to a higher rate of interest on your repayment.


To get a personal loan without salary slip, you must first establish your creditworthiness and obtain a satisfactory credit score. You will be required to produce alternative documentation to demonstrate your financial well-being, such as bank statements, ITRs, income certificates, and other similar documents.

Related Articles

Back to top button