How to Get a Personal Loan without Income Proof?
When you apply for a personal loan, in most cases, lenders would ask you to provide income proof to check your repayment capacity. However, some lenders may offer personal loans without income proof, which can be helpful for those who do not have a regular source of income or are self-employed. Read on to understand how to apply for instant personal loan without income proof.
Did You Know
You can get instant personal loans up to ₹20 lakh without income proof.
How Can You Get an Instant Personal Loan without Income Proof?
If you are unable to submit your salary slips or Form 16, then the following tips will help you get an instant personal loan without income proof:
1. Your Credit History
A strong credit history becomes very important for a successful application of a cash loan without income proof. A credit score of 750 or more may be needed.
If your credit history is not great, then you can improve it by using credit cards, repaying EMIs on time, and maintaining a low credit utilisation ratio. Always repay credit card bills on time.
2. Provide Alternative Income Proof
It can be difficult to show regular income proof, especially as a self-employed individual. If possible, you can provide bank statements, proof of rental income or tax returns. Showing regular invoicing or proof of family member’s income or even FD receipts can be acceptable.
3. Apply with a Co-applicant
It is a good option to have a co-applicant while applying for a personal loan. A co-applicant with a steady income and a good credit score will help you get loans at better terms. However, remember that if you default, the onus will be on the co-applicant to repay your loan. So, apply responsibly while keeping this factor in mind.
4. Build a Business Relationship with the Lender
The trust factor plays an important role while getting any form of credit from a lender. When the lender trusts you as a responsible borrower, you can easily avail a personal loan without income proof. So, always maintain a healthy credit utilisation ratio, repay your EMIs on time and maintain a good business relationship with your lender.
Also Read
Eligibility Criteria for Personal Loan without Income Proof
The eligibility criteria to get an instant personal loan are as follows:
1. Eligibility Criteria for Self-employed
- Nationality: Indian resident
- Age: 21 – 65
- Credit Score: 650+
- Must have a legitimate business or regular income stream
2. Eligibility Criteria for Salaried Employees
- Nationality: Indian resident
- Age: 21 – 65
- Credit Score: 650+.
Documents Required for Loans without Income Proof
1. Documents Required for Self-employed
- KYC document – Aadhaar, PAN, Voter ID, Driving Licence
- Age Proof – PAN, Aadhaar, Passport, Birth Certificate
- Address Proof – PAN, Aadhaar, Passport, Voter ID
- Bank statement for the last 6 months
- Income tax returns of the last 2 years
- Business Proof – company licence, registration documents, GST Number
- IT assessment or clearance certificate
2. Documents Required for Salaried Employees
- KYC document – Aadhaar, PAN, Voter ID, Driving Licence
- Age Proof – PAN, Aadhaar, Passport, Birth Certificate
- Address Proof – PAN, Aadhaar, Passport, Voter ID
- Bank statement for the last 6 months
- Income tax returns or Form 16
However, with Navi Cash Loan, you can get an instant loan on your PAN and aadhaar card.
How to Apply for Personal Loan without Income Proof?
Once you satisfy any or all of the conditions mentioned above, you can apply for an instant cash loan in 1 hour without documents online by following these steps:
- Download the app or visit the website of your preferred lender
- Enter your personal details
- Check your loan eligibility
- Complete your KYC with PAN or Aadhaar
- Set up auto-debit and get the amount disbursed to your account
Note that the procedure may vary from lender to lender.
Interest Rate of Personal Loan Without Income Proof
| Loan Amount | Up to ₹20 Lakh |
| Interest Rate | 9.9% to 45% p.a |
| Foreclosure Fee | Nil |
| Tenure | Up to 72 months |
Calculate Your Personal Loan EMI
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Final Word
Though you can get an instant personal loan without income proof, that doesn’t mean the lender won’t check your credit score and repayment capacity before processing your loan. In fact, if your credit score is too low, your loan application might get rejected. So, consider all these factors before applying.
In case you’re looking for an urgent loan without income proof, apply for a Navi Cash Loan. You can get instant loans up to ₹20 lakh with Navi in a 100% paperless manner and with flexible repayment tenure.
FAQs
The limit for instant loans varies from lender to lender and depends on a horde of factors like your credit score, repayment capacity, and income, to name a few. However, with Navi, you can get personal loans up to Rs. 20 lakh.
Your interest rate depends on your overall application, tenure, EMI choice and credit history. You can use the EMI calculator to estimate your interest rate. However, if you have a poor credit score, lenders may charge you higher rates.
Yes, you can apply for an instant cash loan even if you are unable to furnish proof of salaried income.
The minimum income criteria vary from lender to lender. However, it’s safe to say that your monthly income must be a minimum of Rs. 15,000 to Rs. 20,000 per month.
Yes, you can avail an instant personal loan without a salary slip or bank statement by submitting alternate documents such as PAN or Aadhaar card.
Although it is recommended to have CIBIL score, you can still get an instant personal loan without it, but you must have proper bank statements and proofs to show the lenders that you are eligible for loan repayment. But, for such loans, the terms and conditions are quite strict, like higher rates, low loan amount and tenure.
Yes, self employed individuals with a low credit score can also apply for personal loans. Credit score is one of the many metrics that lenders take into account while deciding on a loan application; however, it is not the only one that lenders focus on.
If the self-employed individual has solid income proof or a trustable co-applicant, they have a good chance of securing the loan. However, they may have to pay high interest.
There is a minimum age and income requirement that self employed individuals must fulfil to avail loans. The minimum age can be 21 or 23 years, and it varies from one lender to another. Many banks mandate a minimum income requirement as well. It can be between 4 and 5 lakhs and depends on the repaying capability of the borrower.
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