Personal Loan

How to Secure a Personal Loan without a Salary Slip in India?


A personal loan is an unsecured loan; that is, it doesn’t need much security or collateral. A personal loan requires minimal documentation. Due to the absence of collateral, creditors often request wage receipts or salary slips to validate the applicant’s income.

But what if you don’t have a salary slip or a fixed salary? Not everyone is a permanent employee in India. As per studies, most people are exploring business and freelance opportunities. Many are pursuing higher studies or scouting for other jobs. The point is even those without a steady income can need a loan.

A salaried individual can easily furnish their salary slip, but the task gets quite challenging for others. So, how can I get a personal loan without a salary slip? It is possible. The process is a little different, but securing an instant loan without a salary slip is quite simple.

Read on to find out how to obtain a personal loan without a salary slip in India.

What is a personal loan?

A personal loan is simply a loan offered without collateral or security. It requires less paperwork and is a quick process. People generally prefer personal loans because they can use the funds any way they like, for example, travelling, home renovating, or weddings. Personal loans are different from car loans or home loans.

Salaried workers can obtain personal loans, especially if their income is steady. But business owners or self-employed individuals have to resort to other methods. However, many lending institutions willingly provide loans to people without a fixed income. But there are some factors you need to keep in mind. Take a look at what you need to know to secure a personal loan without a salary slip.

Things needed for a personal loan without a salary slip

1. Proof of income

If you don’t have a salaried job but are earning enough to support yourself and your family, you must produce proof of your source of income. Documents like bank account statements, ITR, or income proof are essential.

These documents prove to the lender that you have a stable source of income. If you are seeking an instant loan without an account balance, you must optionally provide Form 16. Providing this documentation will enable you to receive an immediate personal loan clearance based on the bank’s processing timings.

The lender wants to make sure that you will be able to pay back the loan. You do not need a salary slip as long as you have a stable alternate income source and can provide proof.

2. High CIBIL score

The CIBIL score is the numerical representation of your credit history. If you pay your credit card dues and EMIs on time and have a good loan repayment history, chances are you also have a good CIBIL score.

A good CIBIL score inspires confidence in the lender, which consequently authorizes your loan without requiring a salary slip. A high CIBIL score could also result in low-interest rates on personal loans without a salary slip. A good CIBIL score ranges between 600 and 900. It is recommended to aim for a score of 750 or higher.

3. Offer collateral

Personal loans do not require collateral, security, or assets, but you are free to do so if you wish. If you are applying for a personal loan without a salary slip, you’ll face challenges in the bank or with any other lender.

However, offering collateral will make a good impression on the bank. It shows that you are a professional and serious about obtaining the loan. Since it can be used to pay the loan itself, it inspires confidence in the lender. The collateral could be anything, such as a high-value investment, jewellery, property, or vehicle. However, confirm with the lender which types of assets or collateral are accepted.

Offering collateral is an excellent way of securing a loan without a salary slip if the value of your assets exceeds that of the loan amount.

4. Co-applying with a salaried Individual

Do you have a close friend or a family member with a fixed income and good history with the lender? If so, your chances of securing a personal loan without a salary slip increase.

You can nominate someone as a co-applicant. The co-applicant will share the responsibility of repayment with you. The better the creditworthiness of the co-applicant, the better your chances of getting an instant loan. Applying with a salaried individual, such as a spouse or a parent, ensures you can apply for a personal loan without a salary slip.

However, ensure you fully trust your co-applicant because they will have to pay the repayment EMIs if you miss the due date.

5. Relationship with the lender

The relationship you have with the lender also makes a difference. While lenders are unlikely to give you a loan just because you know them, it can help you in other avenues. Therefore, if your relations with your lender are sour, it will complicate getting a personal loan without a salary slip. Good relations can help you avail of an instant loan without a salary slip.


It all comes down to credibility when seeking a personal loan without a salary slip. The lender will not offer money to anyone. They need assurances that the borrower will repay the loan on time.

So, even if you do not have a salary slip, if you possess an alternate source of income, good CIBIL scores, valuable assets, positive relations with the bank, or a co-applicant, you can secure a loan without a salary slip.

If you liked this article on obtaining personal loans without salary slips. Check out Piramal Finance for more insightful blogs on banking information. And if you need a personal loan, you won’t get a better alternative than Piramal Finance.