Get Instant Personal Loan Without Income Proof: Eligibility & Process

When you have a sudden need for credit, a personal loan can help you manage your expenses. Personal loans are unsecured loans that can help you with a financial cushion during emergencies such as medical expenses, home purchase funds, rent payment, debt consolidation, etc. 

Both salaried and self-employed professionals can apply for a personal loan. However, it can be difficult to get an instant personal loan without a salary slip. But it’s possible with Navi. You can just download the Navi app on your Android or iOS device to get yourself an instant personal loan without any income proof.

Financial institutions usually require borrowers to show that they have credit discipline and funds enough to arrange for repayment. Those who are salaried or self-employed can apply for personal loans, but lenders require showing some income proofs such as salary slips, employer affidavits, income tax returns, bank statement, Form-16, etc. Lenders verify the monthly income flow and the sources of income claimed.

Navi’s high-tech platform uses multiple alternate approval procedures and criteria to help you get credit regardless of your income status. You just need to show the availability of funds to repay and avail of a personal loan without a salary slip.

How Can You Get Personal Loan Without Salary Slip?

If you are unable to submit your salary slips or Form 16, then don’t worry. The following tips will help you get a personal loan without income proof::

1. Your Credit History

A strong credit history becomes very important for a successful application of personal loan with no income verification. 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. Build A Trust-worthy Identity

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 of a personal loan without income proof. So, always maintain a healthy credit utilisation ratio, repay your EMIs on time and maintain a good relationship with your lender. 

3. 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. 

4. Applying 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. 

5. Going With A Lender With Simple Eligibility Criteria

The process of availing a personal loan must be made easy if you feel you are eligible. Hence, choosing a lender with not so complicated terms & conditions, and eligibility criteria will make the process hassle-free. 

For instance, Navi offers instant personal loans through a completely paperless and automated process. You can get loans up to Rs. 20 lakh at attractive rates starting from 12% p.a.

Features & Benefits of Personal Loan Without Income Proof 

Here are some of the features and benefits of Navi personal loans without income proof:

1. Paperless Application

No hassle of submitting hard copies; all you need is your Aadhar and PAN along with a selfie.

2. Instant Loan Disbursal

Navi’s high-tech loan approval process will allow you to access your borrowed money in your bank account on the same day.

3. No Hidden Charges

Navi is very transparent about all the charges you have to pay. There are no hidden charges for availing instant personal loans online without income proof.

4. Flexible Repayment

You can estimate your EMI and also set your tenure as per your convenience.

5. Avail of Loans Up to Rs. 20 Lakh

Whether you need Rs. 15,000 or Rs. 20 lakh, Navi can instantly help you get an emergency cash loan.

6. Tech-enabled Verification

The super-quick verification process happens due to the power of the latest technology driving Navi’s platform.

7. Responsive Grievance Redressal

Sometimes the human touch is necessary to clear doubts. Navi’s customer care is very prompt and keen to resolve all kinds of grievances.

Eligibility Criteria For Loan Without Income Proof

The eligibility criteria to get an instant personal loan are as follows:

Eligibility Criteria For Salaried Employees

• You must be an Indian citizen, aged between 18-65.
• You should have a minimum credit score of 650.
• You should have been working for a minimum of 2 years. 
• Your monthly income must be a minimum of Rs. 20,000.

Eligibility Criteria For Self-employed

• You must be an Indian citizen, aged between 18-65.
• You should have a minimum credit score of 650.
• You should have sufficient funds to repay the loans on time.
• The turnover/profits of your company should meet the lender’s requirements.

Documents Required For Loan Without Income Proof

Documents Required For Salaried Employees

1. KYC document- Aadhaar, PAN, Voter ID, Driving License.
2. Age Proof- PAN, Aadhaar, Passport, Birth Certificate.
3. Address Proof- PAN, Aadhaar, Passport, Voter ID. 
4. Bank statement for the last 6 months.
5. Income tax returns or Form 16.  

Documents Required For Self-employed

1. KYC document- Aadhaar, PAN, Voter ID, Driving License.
2. Age Proof- PAN, Aadhaar, Passport, Birth Certificate.
3. Address Proof- PAN, Aadhaar, Passport, Voter ID. 
4. Bank statement for the last 6 months.
5. The annual turnover documents of the last 2 years.
6. Income tax returns of the last 2 years.
7. Business Proof- company license, registration documents.
8. IT assessment or clearance certificate.  

However, with Navi you can get personal loans with minimal documentation and without any income proof. 

Also Read: Apply For Personal Loans From NBFCs

You can always contact Navi for clarification pertaining to your specific circumstances.

FAQs on Loans Without Income Proof

1. Is there a limit on the amount of instant loan without income proof?

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.

2. Do I have to pay higher interest for getting a loan without income verification?

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.

3. If I don’t have regular salaried income, Can I still apply for a personal loan?

Yes, you can apply for an instant cash loan even if you are unable to furnish proof of salaried income. 

4. What is the minimum income requirement for an instant cash loan without salary slip?

The minimum income criteria varies 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. 

5. Can I get an instant loan without salary slip and bank statement?

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. 

6. Can I get an instant loan without CIBIL and income proof?

Although it is recommended to have CIBIL, 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. 

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