There are times when unexpected events could disrupt your budget and leave you facing a financial crunch. This crunch is not always a huge deficit, but a slight shortfall, which may not let you make ends meet. When due dates for certain debts or forgotten deadlines for paying some bills creep up on you, all you need is a slight financial push to fulfil these obligations. However, approaching your bank for a personal loan would involve filling out lengthy forms along with numerous documents, and then awaiting approval on your loan application.
Read: Pan Card Loan 50000: How to get 50000 loan from PAN card?
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How can you apply for a personal loan without income proof?
Some lenders disburse personal loans without income proof. Here’s how you can avail of such a loan:
Other Source of Income
If you have other source of income besides your salary income that can boost your repayment capabilities you can highlight them during your application. Other sources of income may include rental income, parental/spousal income, interest income from investments.
High Credit Score:
Lenders examine the applicant’s credit history and track record of timely payments prior to approving an application for a personal loan or credit card. If you have a strong credit score of 750 it can help approval of personal loan without income proof.
Debt-to-income ratio
A consumer’s debt-to-income ratio is the proportion of their monthly gross income that is used to pay off debts. A debt-to-income ratio of at least 50% is required for a quick and simple loan approval. If your ratio is lower, it indicates that you have a strong capacity for repayment and a strong income stream.
Eligibility Criteria For Personal Loan Without Income Proof
The eligibility criteria to get an instant personal loan without income proof are as follows:
Eligibility Criteria For Salaried Employees
- Must be an Indian citizen, aged between 18-65.
- Should have a minimum credit score of 650.
- Should have been working for a minimum of 2 years.
- Minimum Monthly income must be Rs. 20,000.
Eligibility Criteria For Self-employed
- Must be an Indian citizen, aged between 18-65.
- Should have a minimum credit score of 650.
- Should have sufficient funds to repay the loans on time.
- The turnover/profits of the company should meet the lender’s requirements.
Documents Required For Personal Loan Without Income Proof
For Salaried Employees
KYC document- Aadhaar, PAN, Voter ID, Driving License.
Age Proof- PAN, Aadhaar, Passport, Birth Certificate.
Address Proof- PAN, Aadhaar, Passport, Voter ID.
Bank statement for the last 6 months.
Income tax returns or Form 16.
For Self-employed
KYC document- Aadhaar, PAN, Voter ID, Driving License.
Age Proof- PAN, Aadhaar, Passport, Birth Certificate.
Address Proof- PAN, Aadhaar, Passport, Voter ID.
Bank statement for the last 6 months.
The annual turnover documents of the last 2 years.
Income tax returns of the last 2 years.
Business Proof- company license, registration documents.
IT assessment or clearance certificate.
Read: I Need 2000 Rupees Loan Urgently. Get an Instant Loan from Money Club
Steps to Apply for Personal Loan Without Income Proof
Once you satisfy any or all of the conditions mentioned above, you can apply for loan online by following these steps:
Step 1: Download the application or visit the website of your preferred lender.
Step 2: Create an account.
Step 3: Uploading the relevant documents and complete the KYC formalities.
Step 4: Browse to the ‘Personal Loan’ section on the application/website.
Step 5: Enter the loan amount that you wish to apply for and the loan tenure and submit your request.
Step 6: Once the loan is approved, the same will be disbursed to your bank account.
Online Lenders For Personal Loan Without Income Proof
Lender Rate of interest
PaySense 12.77% p.a
LazyPay 18% p.a
Money Tap 13 – 24.03% p.a
Dhani 12.3% p.a
Read: Instant loan apps without PAN card(Rs 1000 to Rs 50000)
Need A Personal Loan Without Income Proof? Don’t Worry!
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It is a transparent, safe and secure platform that allows like-minded people from all over India to save, invest or borrow efficiently through their smartphones. Members who are in need of urgent money can bid for the pooled amount. You can receive the pooled amount within 6-8 hours in your bank account and that too at low interest rates. The best thing that there is requirement of a good credit score or any documentation.
Read:How Does The Money Club Mobile App Work? – The Money Club
