Tips to Avail Personal Loan Without Income Proof

A personal loan is one of the easiest unsecured loans you can get for umpteen expenses. You don’t require collateral to get a personal loan from a lender. Basic documents like your identity and address proof along with your income proof are more than enough for processing your loan application. Usually, banks or lenders consider consecutive three months’ salary slip as income proof. While this document may be easy for a salaried person to present, it can be difficult for a freelancer or an individual who has other sources of income. In such cases, you might find getting an instant personal loan without income proof difficult. 

How to get personal loan without income proof?

Not all lenders provide a personal loan with no proof of income. Salary slips, bank statements, and ITR are some of the documents required to verify an individual’s income and repayment ability. If you are a salaried individual, you will have to provide the last 3 months’ salary slips. In case, you are a self-employed individual or have other sources of income, you will need to provide bank statements and ITR for the loan application otherwise instant loan without documents won’t be possible.

Also read: Loans for Self-Employed

If you don’t have the ITR, instant personal loan without documents from Airtel Flexi Credit are a good option for you.

Airtel Flexi Credit has lending partners like Money View, IDFC Bank, and DMI Finance, which value customer satisfaction. Therefore, if you are a self-employed individual without income proof and ITR looking for emergency funds, look no further. Airtel Flexi Credit can help you get a instant loan without income proof.

Related read: What are the benefits of a personal loan? Let’s find out!

We will discuss more about how to apply for an instant personal loan with no income verification in this article. Keep reading!

Eligibility for an instant personal loan without income proof

You need to fulfill the following parameters to get personal loans for self employed with no proof of income:

Money View instant personal loan:

• In-hand income of Rs. 15,000.

• Income should be credited directly to the borrower’s account.

• Minimum CIBIL of 600 and Experian score of 650.

• Age limit: 21 – 57 years

IDFC First Bank personal loan:

• Business should be in operation for 3 years

• Age Limit: 25 – 65 years

DMI Finance personal loan:

• DMI Finance hasn’t revealed the eligibility criteria for personal loan without salary slip or other documents for self-employed individuals . Although, the NBFC does offer personal loans to self-employed individuals.

Now, let’s take a look at the documents required for getting a urgent cash loan without documents.

Documents required for an instant personal loan without income proof

You will have to produce the following documents: For Money View, produce the following documents:

• Last 3 months’ bank statements showing income credit

• Identity proof (Aadhaar, Indian passport, Voter ID, Driver’s License)

• Address proof (Indian Passport, Voter ID, Aadhaar card, Driver’s license, Utility bills)

No ITR is needed.

For IDFC First Bank, produce the following documents:

• Identity Proof

• Address Proof

• Bank statement for the last 3 months in a PDF format

For DMI Finance, produce the following documents:

• Identity Proof (Passport, Aadhaar Card, Driving License, Voter’s ID)

• Address Proof (Aadhaar card, Ration Card, Passport, Driving license)

• Residence Proof (Property documents, electricity bill, maintenance bill)

• Bank statements and income proof – Audited balance sheet and P&L accounts

You can easily get the best personal loan without income proof with Airtel Flexi Credit.

How to apply for personal loans from Airtel Flexi Credit?

Here’s how you can apply for a personal loan or urgent cash loan without salary slip from Airtel Flexi Credit:

• Download the Airtel Thanks app.

• Head to the Shop section in the app.

• Locate the financial services tab and tap on it.

• You will see various services available. Tap on the personal loan tab.

• Check if you are eligible for a personal loan by entering your PAN details.

• Once done, you will see the best loan offers for you.

• Select one and start your loan application. Enter the relevant details and submit the required documents online easily.

• Hit submit.

• Once approved, the loan amount will be disbursed within 24 hours of the approval.

Also read: How to improve your Credit score – Complete guide

The personal loans range between Rs. 10,000 to Rs. 9,00,000. The loan tenor is flexible ranging from 3 months to 42 months. You can use the personal loan EMI calculator to check the EMI amount according to the loan amount and loan tenure. The option is available on the app and the website. It is a loan app without income proof.

We highly recommend keeping your credit score above 700 for instant and easy approvals. If you have no proof of income loans, maintaining a good credit score and a decent relationship with lending partners can definitely help you negotiate lower interest rates.

Also read: How to improve your Credit score – Complete guide

FAQs

1. Do I have to pay higher interest for getting a loan without income verification?
   Yes, typically, when applying for a 5 lakh loan without income proof or any other amount, lenders may charge higher interest rates due to the perceived risk of not having income verification, such as salary slips or ITR.

2. What should I consider before applying for a personal loan without a salary slip?
   Before applying for a personal loan without a salary slip and income, ensure that you have other necessary documents such as bank statements or identity proof. Consider whether the interest rates are higher and if you can handle the repayment comfortably.

3. How can I get a loan without proof of income?
   To get a loan without proof of income, such as a 2 lakh loan without income proof, you can apply through platforms like Airtel Flexi Credit. These platforms often allow small loans without salary slip or income proof, provided other eligibility criteria, such as credit score, are met.

4. Can I apply for a loan online without providing salary slips?
   Yes, many platforms, like the Airtel Thanks app, are loan apps without salary slip requirements. You can apply for a personal loan online without salary slip by submitting other valid documents like bank statements, identity proof, and address proof.

5. Are there any loan apps for instant personal loans without salary slips?
   Yes, Airtel Flexi Credit is one of the best personal loan apps for no income verification. It allows you to apply for an instant loan without salary slip or income verification, making the process quick and easy.