Personal Loan

Different ways to get Personal Loan without Income Proof


There are often emergency cases where people require a sizable amount of cash. It’s only natural that borrowers want the money hassle-free. The lender’s lengthy list of terms and conditions can be a bit bothersome. You’d like the loan approval process to be as simple as possible. A personal loan is not secured. You won’t have to go through the hassle of providing collateral to your lender for it. Even if you do not need to submit collateral, you must meet certain requirements to receive the loan. 

However, it’s not always possible for everyone to submit documents like Income proof. Fortunately, some lenders will grant you a personal loan even if you don’t submit such documents. We will now explain different ways to obtain a personal loan without income proof.

Various Strategies for the Objective:

Set up a Favorable Professional Relationship with the Preferred Bank/Lender

A strong link between you and the lender is one of the major aspects of achieving the goal. If you and the bank/lender are well acquainted with each other, it’s likely that the latter will grant your requirements. Here are steps to earn their trust:

  1. Remain faithful to that particular bank for all the monetary services.
  2. Paying all the dues and bills on time will increase your trustworthiness.
  3. Maintain a good credit utilization rate.
  4. Prefer a local bank since it’s beneficial for both sides. The bank will be much more inclined to be at your aid. 
  5. Try to avail as many schemes as possible offered by the bank.

Apply for the loan alongside a Guarantor/Co-Applicant

An excellent alternative is to seek the aid of a trustworthy acquaintance. You must guarantee that the person acting as guarantor has a reliable credit score. A person with a steady income and a healthy credit history will make an ideal co-applicant. This is the most typical approach for people to apply for a personal loan without income proof. Although, if you fumble with the loan, it’ll be the guarantor’s responsibility to make the repayment. So it’s advisable to be cautious.

Set up a Collateral

You can put up collateral(such as a valuable asset) for the lender instead of income proof. This tends to be an ideal way to obtain a personal loan without income proof. The most popular form of collateral offered by applicants in India to obtain a fast loan without income proofs and CIBIL scores is Gold. This is largely due to the fluidity and profitability of gold. The number of individuals opting for this kind of quick loan increases every day. The collateral serves as security in the absence of the CIBIL score to reduce the lender’s risk of default. You can pledge any asset, such as real estate, a car that hasn’t already been pledged for another loan, gold, etc., depending on the circumstances.

Build up a Good Credit Score 

Most lenders would consider you a creditworthy borrower if you have a high CIBIL( Credit Information Bureau (India) Limited) score. It proves that you are financially responsible. They will have any issues while granting you a Personal Loan in the absence of Income Proof. The ideal CIBIL score typically falls around 750. 

Apply for a Personal Loan with a High Rate of Interest

If you are not able to supply your income proof or a good CIBIL score, this can be one of your main resorts. Certain banks or lenders will be willing to accept your requirements if you apply for the loan at a high-interest rate. It usually tends to work well for both parties in this case. 

Proper Ratio between Debt and Income

You should always try to keep the debt-to-income ratio around 0.4 or less. This largely uplifts your profile as an able borrower. It shows that you will be able to make repayments timely. It also lowers the risk for banks to lend you a personal loan without income proof.

Benefits of Applying for a Personal Loan without Income Proof:

You are now aware of the different ways to apply for a personal loan without income proof. Here are some benefits of the above:

  1. It allows you to establish a healthier relationship with the bank or lender.
  2. It’ll help in the growth of local banks a great deal.
  3. Simple reimbursement with an adjustable tenure.
  4. You will be able to satisfy your urgent requirements in time. 
  5. Lucidity and prompt payment.
  6. The interest rates offered benefit both parties.

Procedure to Apply for Personal Loan

We will now guide you through the entire procedure of applying for personal loans without income proof.

  1. Browse through the website of your desired bank or lending company. You can also download their applications, if available.
  2. Create an account or log in to an already existing one.
  3. Finish the KYC(Know Your Customer) procedure by submitting the necessary paperwork.
  4. Navigate to the personal loan section. 
  5. Go through the terms and conditions. 
  6. Enter the required loan amount.
  7. Seek the aid of an online assistant of the bank.
  8. Tell them your circumstances.
  9. (Depends on your situation) You can offer the collateral, accept the higher interest rates, or request a meeting with an official. You can also mention the reliable co-applicant. 
  10. After the conditions are met, you will be granted the loan amount.

We also advise you to visit the bank physically. For many people, the entire process is convenient offline too.


With changing times, it has become easier to apply for a personal loan without income proof. The key to availing of the loan is to establish a good professional connection with the lenders. Always keep in mind to maintain a reliable profile. Be sure to repay your debts and loans punctually. 

sure to repay all the loans and debts timely to ensure your credibility. 

For more details, you can visit our website:  Piramal Finance.  We will be more than pleased to answer your queries.