Personal Loan

How to Apply for a Personal Loan Without a Salary Slip?


Finding out how to apply for a personal loan without a salary slip can be easier than you think! To assess your ability to repay loans, lenders check your financial background before giving you a loan. As part of this, they check your income and verify what they see on your salary slip.

On the other hand, personal loans are possible even when one doesn’t have a regular income stream. You can show alternate sources of income and maintain a high credit score to qualify. Check out this article to learn how to apply for a personal loan without a salary slip. It can help make the process go much more smoothly and quickly. 

How to apply for a personal loan online?

There are a few simple steps you can follow to get a personal loan online without a salary slip. 

Step 1: Visit the lender’s website

Step 2: Check the eligibility, terms, and conditions

Step 3: Once eligibility criteria are matched, you can register here

Step 4: Complete your KYC and upload the required documents

Step 5: Select loan amount and tenure 

They will verify the necessary documents and submit the loan agreement

Step 6: Within 24 hours, the loan amount will be deposited into your bank account

Eligibility to get Personal Loan without Salary Slip

To get a personal loan, you just need to fulfill another alternative requirement. Many ways help to get a personal loan without a salary slip. Here are a few:

Show some other proof of income

Personal loans are typically a last resort when you don’t have another option. You may be self-employed, a freelancer, earning cash, or on a contract. So, you can get an urgent loan without a salary slip and a statement from the bank. If you earn a good amount, then you need to produce other financial documents to verify your income. These documents prove your income and confirm that you earn the stated amount. The most commonly used income proofs are ITRs, income certificates, and lender account statements. Lenders value steady income. So, a steady income helps you qualify for a loan more quickly. 

Must have a good CIBIL score

You need to maintain a high credit score to receive a loan. This stands true even if you’re unemployed or facing a job loss. Lenders consider your credit score as an indicator. It will show them how you’ll handle loan payments in the future. It is always beneficial to have a high credit score when applying for a personal loan. Hence, if you pay your EMI or other financial obligations on time, it will help keep your credit history positive. In it, you can show that you’ve managed to get some credit before.

Pledge an asset as collateral

If you lack financial strength at present, you can opt for asset-backed loan options. These are also offered by a lender. Personal loans are unsecured loans. So, you will need collateral, such as gold, equity mutual funds, and FDs, against the loan amount. In addition to your current financial profile, collateral provides something you can lean on. Thus, you can avail of a personal loan without a salary slip by keeping your asset as collateral. 

Bring in a co-applicant

Even if you don’t have a perfect credit score or consistent income, you may know someone who can back your application. Co-signing an application with a creditworthy individual can work in your favor if you approach it without any bank statements and payslips. The co-signer can also serve as a form of insurance. This will decrease the likelihood of loan denial or increase the lender’s confidence in your repayment capabilities. This is because co-signers typically act as supplemental sources of payment. This is to give you the money you need to cover your immediate financial needs.

Lenders with easy terms for eligibility

If you need a personal loan without a salary slip, look for a lender with easier personal loan eligibility requirements. This type of lender is more likely to provide you with the amount of money you need. This is because you can make sure the rates fit your profile. You can then also think about whether or not you need to provide a guarantor for a personal loan.

Debt-to-income ratio

Paying off your current debt can help reduce your debt-to-income ratio. This, in turn, can make it easier for you to get credit from new sources. It is also possible for salaried individuals to be denied personal loans if their debt-to-income ratio exceeds 35–40%. This is also the best way to avail of a personal loan without salary slips.

Other documents required for a personal loan

A personal loan is a form of unsecured loan. It is given to borrowers based on their credit histories and repayment capabilities. The basic documents required for a personal loan are:

  • Personal Identity Documents (ID, passport, Aadhar card, voter ID, driving license, etc.)
  • Income Proof 
  • Address Proof (Utility Bill, Ration Card)
  • A good CIBIL or credit score
  • At least 90 days of bank statements


In conclusion, you can understand that taking money without a salary slip is not as difficult as you think. A personal fund is helpful to cover an emergency, make some home improvements, go on vacation, or just supplement your monthly income. If you have been unemployed lately, then you no longer have any salary slips to submit with the application form this time around. So there are many ways to get a personal loan without a salary slip. Alternative income proof, debt-to-income ratio, asset-based loans, and a good CIBIL score are some of these methods.

We would like to thank you for reading our blog post on how to apply for a personal loan without a salary slip. We hope that this has helped you in your situation. Please visit our website, Piramal Finance, for further details, and do not hesitate to contact us.