Personal Loan

How to get personal loan without income proof


A personal loan can be a lifesaver. It is helpful for people who face financial difficulties. Unfortunately, getting a quick personal loan may be challenging if you cannot provide proof of your income. 

When applying for a loan, you need to demonstrate your reliability. This is often done by providing proof of address, identity and income. Personal loans are available to both salaried and self-employed individuals. You must prove your income through various documents. For example, pay stubs, affidavits from employers, tax filings, financial records, Form-16, etc. 

While these are necessary documents, it is possible to get a personal loan without income proof. As long as you can prove to the lender that you have the funds to pay back the money, you will be provided with a personal loan without income proof. However, such loans come with stricter terms.

This article highlights how you can get a personal loan without income proof. You will have to prove your reliability through other documents.

How to get a personal loan without income proof?

Many solutions are available to those who need urgent money but don’t have proof of income.

If you need a personal loan but don’t have pay stubs or a Form 16, here are some ways to go about it.

1. Use your credit report.

A good credit history is essential when applying for a personal loan. However, this is more important if you cannot provide proof of income. A score of 750 or higher is preferable. Therefore, it is recommended to have a high credit score when you apply for a personal loan without income proof.

You can increase your credit score by using the following practices.

  • Use your credit cards responsibly.
  • Make EMI payments on time.
  • Do not take on more debt than your financial capacity.

2. Demonstrate your reliability through other means.

When applying for any loan, the lender’s confidence is crucial. When the lender trusts your ability to repay the loan, you may get a personal loan without income proof. Maintain your debt-to-income ratio by making on-time EMI payments.

3. Provide proof of alternative income.

If you have lost your job or are self-employed, you may find it difficult to provide income proof. In such cases, you can provide other documents. You can submit regular invoices (for freelancers), proof of a family income, or FD receipts. If you have rented out your additional home/car/etc., show those as an alternative income.

4. Apply with a co-applicant.

When looking for a personal loan, it helps to apply with a co-applicant. The terms of any loans can improve. Therefore, if you need a personal loan without income proof, apply with your spouse, children, family members, etc. Their income can help you prove that you can pay back the amount.

5. Select a lender with simple criteria.

Choose a lender with simple terms and conditions and qualifying criteria. However, in such cases, you may have to compromise on some loan conditions. For example, you may get a loan for a short tenure. Alternatively, you may not receive the amount but only some percentage of what you need.

6. Apply with a guarantor.

If you do not have a good CIBIL score and cannot provide proof of income, you can apply with a guarantor. A guarantor is a person who will repay the loan if you cannot. Remember, this person will be held liable if you default.

You can ask a member of your direct family (parents, siblings and spouse) to sign the loan as a guarantor. This strategy will only work if the guarantor has a good credit rating, a high CIBIL score and a reliable income.

7. Apply with collateral.

You can offer collateral if you need a personal loan without income proof. The collateral serves as security to the lender. If you default or declare bankruptcy, the asset will be seized. For example, a property, car, gold, etc. can all be put up as collateral. Some lenders also accept investments like bonds.

Lenders will check the collateral’s worth before accepting your loan application. Therefore, evaluate the worth of your asset before placing it as collateral.

8. Choose a loan with a higher interest rate.

Without income verification checks, getting a personal loan is challenging. If you cannot meet the financial criteria, some lenders may still provide you with a loan. However, these loans will have a higher interest rate. You can accept the higher rate and get a loan if you cannot provide proof of income.

Do you have to pay a higher interest rate to get a loan without income proof?

The lender will review your complete application form, desired loan term, EMI selection and credit history. Then, the lender will provide you with an interest rate. You can find interest rate estimates using the EMI calculator. Loan interest rates may be higher if your credit score is low.


There are ways to secure financing even with a low or nonexistent CIBIL rating. There are opportunities for consumers to secure personal loans without income proof. You will have to search to get the best deal if you need money but don’t have a CIBIL score or evidence of income.

Getting a personal loan without income proof will need extra documentation. It is because you need to provide your reliability and your ability to repay the loan. This article has highlighted some avenues you can use to get a personal loan without income proof. If you and interested in applying for a personal loan, visit Piramal Finance now.

Obtaining a personal loan has never been easier than with Piramal Finance. You can acquire a quick loan of up to Rs. 10 lakh through Piramal Finance Personal Loan.