Can I Get a Personal Loan Without a Salary Slip?

To get approval on any loan requires certain documents. While some banks have heavy demands on documents, there are still other financial institutions that will offer you a loan with minimal documentation requirements. 

Today, many NBFCs and lenders offer digital loans that are disbursed almost instantly. Paperwork and documentation are also scarce, making the whole loan application process smooth and time-saving. This article will see how to get a personal loan without a salary slip so that the loan approval is readily granted.

What is a Salary Slip, and What is its Importance?

A personal loan availed by individuals is an unsecured loan used to meet a number of expenses. To give approval on loan requests, banks need to see some proof of identity, address, and income that will authorize your identity as well as attest to your credibility as a reliable borrower.

A salary slip, a crucial document, essentially serves as proof of income. A salary slip is an official slip that contains a breakdown of monthly income for salaried individuals employed under a firm.

A salary slip contains various important details such as the employee’s name, designation, total earnings, total deductions, and other pertinent personal and professional information about the individual.

A salary slip also accredits an individual’s professional holding as well as their involvement as a salaried employee. This, in turn, proves that the individual has a stable income and is financially well-off to take on a loan. Thus, a salary slip is an important document that is asked as proof of income at the time of loan application.

Can I Get a Personal Loan Without a Salary Slip?

It is possible to get a personal loan without a salary slip. Moreover, self-employed individuals not working under an employer will not have access to salary slips.

Similarly, as the job market seems to become more diversified and specialized, many individuals work as freelancers or contractual workers without provisions of an official salary slip. Others who might not be employed will lack a salary slip as proof of income.

However, there is no need to worry, for there are many other ways to land approval on a loan. If you do not possess a salary slip, you need to provide alternate proof of income that will showcase your reliability as a borrower. Failing to do so, possession of other assets that you can pledge will also make you eligible to apply for an instant personal loan. More importantly, many financial institutions lend money without asking for stringent income proof, such as a salary slip.

Ways in which you can get a personal loan without a salary slip 

  • Alternate Proof of Income

Not all salaried or self-employed earners receive an official salary slip from their workplace. If you are a part-time or full-time worker engaged in freelance or contract-based work, it is pretty unlikely that you will be furnished a salary slip at the time of payment. With self-employed individuals, the concept of a salary slip is even more remote. 

Thus, if you are able to provide an alternate proof of income, it can function as proof of your stale financial status. Financial documents like bank account statements, Income Tax Returns, Income Certificates, or Form 16 can act as alternate proof of income. If you can prove to have a good consistent income, the lender will feel assured about granting you a loan even without a salary slip.

  • A High Credit Score

A high credit/CIBIL score will not only help you get a loan in the absence of a salary slip but will also increase your chances of loan approval in general. Your credit/CIBIL score is a figure that is determined by looking at your credit record, repayment history, defaulting status, etc., to measure your creditworthiness, i.e., how reliable you will be as a borrower. 

If you have a higher than minimum credit score, you will have solid ground to get approval on a loan even without a salary slip. A credit score of 700 and above is considered a high score with more chances of approval. 

With a good credit score, the lenders will know that you have been prompt and responsible with your EMIs and credit in the past, which will drastically increase your chances of getting a loan.

  • Offer to Pledge a Collateral

Personal loans are generally an unsecured form of a loan. This means it does not require security/collateral against borrowing the money. This is also why personal loans charge high-interest rates or impose stringent eligibility criteria to safeguard against the possibility of defaulting. 

If you do not possess a salary slip or are currently out of employment, you can offer value-based collateral such as gold, an FD account, or a mutual fund unit against borrowing the money. With security to depend on in case of defaulting, you will have a higher chance of getting approval on a loan. 

  • Going With a Co-Applicant

Putting forward a loan request with a co-applicant with a good credit history can substantially increase your chances of loan approval. If you cannot repay the money, your co-applicant will act as a secondary source of repayment. 

Banks feel more inclined to offer loans if two individuals are accountable for the repayment of the loaned amount. Applying with a co-applicant can therefore ease the process of loan application and approval even if other factors are not in your favor.

  • Borrowing from a Known Bank/NBFC

Borrowing from a lender whose services you have previously availed of have many benefits.

Firstly, they are in prior possession of your personal and professional information, which will save you from going through the entire hassle of submitting information all over again, cutting down on the loan application time. 

Secondly, if you have a good record of repayment of a loan/credit card money under this bank, it will be less likely that you will need to prove your reliability as a borrower. 

If you have fine relations with the bank based on previous exchanges, you will have a better chance of loan approval than others who may be applying for the first time, even if you cannot present a salary slip.

  • Borrowing from a Lender with Lenient Eligibility Criteria

Some banks, NBFCs, and other financial institutions offer personal loans with eligibility criteria that are easy to meet. The absence of a salary slip does not stand in the way of loan approval. Proof of income may be in the form of a simple bank statement showing the salary amount of the last 3 months. Finding such lenders can automatically make the loan process much easier and hassle-free, where the amount may be disbursed within a brief period.


Money View offers instant digital personal loans that are easy to get. All a person needs to apply for a personal loan at Money View is the pdf of the last three months’ salary account for salaried individuals and the last three months’ bank statement for self-employed individuals. Even with a low credit score and low income, it is possible to apply for unsecured personal loans only at Money View at interest rates starting at as low as 1.33%.

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