In today’s world, a person’s individual liquidity is one of the factors that contribute to his/her overall participation in the market. Especially now, ever since the global pandemic hit the world and restricted businesses, industries and individuals to earn the bare minimum, personal loans became the go-to option for everyone. A personal loan can be used for both personal and professional reasons to support your requirements with time and as need be. The only concern regarding a personal loan is that it is known to be a collateral-free loan, which can be risky for the lender i.e. the bank.

Most banks today require a certain number of documents to rectify your eligibility to get a personal loan against your name. However, not everyone can afford to arrange these required eligibility documents in order to claim a personal loan. One common required document is salary slips from your existing company to justify your repayment patterns. But how do you apply for a loan without a salary slip or even without an active income?

Let us discuss different ways to get a personal loan when you do not have a salary slip. Additionally, the best part is you can apply for it online in just a few steps. Click here to know more.

Find a Private Lender or NBFC

One of the easiest ways to get loan approval in a matter of few minutes is applying to a NBFC. The non-banking financial companies approve instant personal loans without much hassle. The complete procedure of loan approval is done online, giving you much relief from the hassles of submitting documents offline. It can also be the best option to get a loan without salary slip, just choose the right lender and keep basic documents like personal details, address proofs, etc ready.

ITR Proof

For anyone who earns a salary within a given bracket, he/she is eligible to pay tax to the government. If you are a taxpayer and at present do not have salary slips from your company, you can get a personal loan without salary slip with the help of the tax returns to showcase your received salary payments to the lender or bank. It is a very strong document that can increase your chances of getting the loan effectively.

Use Securities

Just as you can get a personal loan on the basis of your salary slips, you can also use your personal securities to apply for a personal loan. These securities include any sort of policies like LIC, Jeevan Bhima or even land papers/gold. In order to apply for a personal loan without salary slip, you’ll have to submit original asset documents to the bank. Additionally, you can also benefit from a lower interest rate.

Bank statements are the second most direct proof of your salary payments after salary slips.

Company Offer Letter

Similar to salary slips, every employee also gets a letter of appointment from the company at the time of joining which mentions the payable salary per month to the employee. So, if you want a personal loan without salary slip, you can present your letter of appointment to the lender or bank as evidence of your employment as eligibility to get a personal loan.

Loan Against Fixed Deposit

If you do not have salary slips from your employer, you can take a loan without salary slip against the fixed deposit funds you have under your name. Multiple banks and lenders today allow an individual to claim approximately 90% of the total fixed deposit funds as part of the personal loan. You do not require tedious documentation in order to apply for this loan without a salary slip. Moreover, the fixed deposit itself is taken as collateral which can benefit you from a lower rate of interest.

Bank Statements

Whenever you join the company, you receive your salary payments in your personal account. So, in times when you do not have a salary slip, you can get a loan without salary slip when you submit your bank statements as proof of salary payments from the employer.

Certification of Employment

Other than the letter of appointment given by the company, an employment certificate is also given to the employee throughout his/her tenure in the company which can be used to get a loan without salary slip. The different letters that can fit under this criteria include a letter of intent, confirmation letter, agreement letter, etc. Moreover, a letter from the employer on the company letterhead stating your association with the company is also acceptable.

Maintain a Healthy Credit Score

Lastly, in order to get a personal loan without salary slip, you can use your credit score as it states your repayment history, debt status, etc., which allows the bank to make a decision. The higher the credit score, the better the chances to get a personal loan.

Overall, it is not impossible to get a loan without a salary slip if you know all the available options. The times are tough and so the lenders are more open to other means to offer their best support to the people in need. Choose your online service and get a loan today.