Whenever we want to take a loan, before giving the loan, the bank asks for our salary slip. But there are many people who even today do not get a salary slip from their company. In such a situation, there is a lot of difficulty in taking a personal loan without a salary slip.
If it is the same with you and your company also does not give you a salary slip and you are thinking about how to get a loan without salary slip then you need not worry. In today’s post, we will get to know how to get an instant personal loan without salary slip.
Borrow Money From Money Club At Low Interest
How To Get Instant Personal Loan Without Salary Slip?
In today’s time, when everything has become digital, loans are also available digitally. Yes, nowadays there are many such apps available in the market which provide online personal loans. And here you do not even need to give many documents. The best thing about these apps is that they give you online personal loans sitting at home, that too in no time.
With the help of these apps, you can get a personal loan without a salary slip. These loan apps give loans only on your credit history or CIBIL score. So you do not need a salary slip to take a loan from them.
To get a personal loan without a salary slip, you can take a loan from the apps mentioned below. With the help of these apps, you can get a loan without a salary slip, but one thing you need to keep in mind is that here you get a loan on a little higher interest, and initially you get a less loan amount. As you keep repaying the loan money on time, next time you will be eligible for getting a higher amount of loan.
Related: Low Credit Score Loans: 20 Low Credit Score Loan Apps
How can you get a personal loan on a low CIBIL score? Learn Now
Loan Apps
Here is the list of loan apps that give you instant personal loan without salary slip:
- Dhani
- Paysense
- MoneyTap
- CASHe
- India Lends
- KreditBee
- NIRA
- SmartCoin
- Money View
- Early Salary
- Home Credit
- Flexsalary
- LazyPay
- mPokket
- Paymeindia
- RupeeRedee
- LoanTap
- StashFin
Download The Money Club App Today For All Your Needs
Eligibility Criteria To Get A Loan Without Salary Slip From Loan Apps
You need to fulfill some criteria in order to take a loan from the mentioned loan apps. Let us look at the eligibility criteria:
- The person applying for the loan should be a citizen of India.
- The age of the person applying for the loan should be between 18 to 55 years.
- Salary Slip is not required here, but the applicant should have a source of income.
- CIBIL Score should be good.
- The applicant should have a savings account.
- The applicant should have a smartphone or any other device and internet connection.
- At least more than 50 contacts should be saved in the smartphone.
- Incoming calls or outgoing calls should have been made from that phone in the last 7 days.
Process Of Getting A Loan Without Salary Slip From The Loan Apps
The method of getting a loan from all these loan apps is almost the same. You can take a loan from any of these loan apps by following the steps given below: –
Step 1: – Click on the loan app from which you want to take loan, download the app and open it.
Step 2:- Now sign up and login with your mobile number or Google account.
Step 3: – After completing the login, you will reach the home page of that app. Now, click on the Apply Loan tab and you will reach the loan application page.
Step 4: – Here you will be asked for your personal details. Complete the documents verification by filling all the details.
Step 5:- After completing all the details, your credit limit will be shown. Now enter your bank details to withdraw that amount.
Step 6:- Fill the OTP received on your mobile number in the next page and after that your loan amount will be disbursed to your bank account within 24 to 48 hours.
Best Instant Loan App – 15 Best Apps For Instant Loan
Benefits Of Taking A Loan From Loan Apps
Following are the advantages of taking a loan from all these loan apps:-
- You can take a loan from these loan apps within 5 minutes.
- You don’t need to go anywhere for this, you can complete the process from the comfort of your home.
- You do not have to give a salary slip to take a loan from here.
- You can apply for a loan from anywhere in India.
- Loan money comes to your bank account within a few hours.
- You do not have to provide any security to avail the loan.
- All loan giving apps are NBFC approved by RBI, so there is no fear of any kind of fraud.
- You can take a loan from these loan apps on the basis of Aadhaar card and Pan card.
- There is no need to pay any extra fee for taking a loan from these apps.
- After taking the loan, you can make the repayment online.
- You get different payment options for repayment.
- You can apply for a new loan only after repaying the loan.
- From taking the loan, to the disbursement, the whole process is online.
Interest And Charges Of Personal Loan Without Salary Slip
Interest Rate – You will have to pay a maximum 36% annual interest for loan from these apps.
Processing fee – You will have to pay a processing fee of 5% to 10% on every loan.
GST– You will have to pay 18% GST on every type of charge or fee.
Penalty– In case of failure of any payment, then you will have to pay penalty charges on a daily basis.
Other charges – Apart from all the charges mentioned above, you will not have to pay any kind of charge.
How To Increase CIBIL Score From 600 To 750 Immediately?
Things To Keep In Mind While Taking a Loan Without Salary Slip
- If you apply for a loan through these loan apps, then your interest rates can be around 30 percent which will largely depend on your CIBIL score.
- If you take an online loan, it is necessary that your Aadhaar card and PAN card are linked to the mobile number as OTP will be sent to these numbers for verification.
- If you apply for a loan online or offline, you must carefully read the terms and conditions.
- If you have already taken a loan from somewhere and have not yet repaid it, you cannot take another loan online until you have repaid it.
Another Option If You Need Money Urgently
If you are in urgent need of money then there is another option which is chit fund. Chit Funds act as a savings as well as a means of borrowing when we are in urgent need of funds. In the chit fund savings scheme, a group of subscribers save a fixed amount every month. You can save money from your salary every month to invest in chit funds. And when the need arises, you can bid to borrow the lumpsum amount at affordable rates. In a chit fund, the number of months for which the investment is made is equal to the number of members in the scheme.
Each member gets a turn to take the total amount in a month. The member who gets the money is decided on the basis of a bidding system. Generally, those who are in need of money in a particular month participate in the bidding, and the member who bids the lowest is given the total amount of the deposited money. It gives you a quick liquidity option when you are faced with a financial emergency.
Banks/NBFCs charge an interest rate between 12%-24% on personal loans. There is also no guarantee that your loan application will be approved. Higher interest also results in higher EMI. Compared to a personal loan, if you borrow money from a chit fund, the interest rate is quite less.
The Money Club is an online chit fund platform which uses high-end technology to be able to bring basic financial services (saving, borrowing and investing) for millions of customers to provide a safety net in times of crisis.
Related: How Does The Money Club Mobile App Work?
Know Your Money Club platform Journey On The Money Club App
Is it safe to invest in Chit Funds? Digital Vs Offline Chit Fund
Small Loans Online: Small Personal Loan Rejection Reasons
Conclusion
In this post we have shared all the necessary information related to getting an instant personal loan without a salary slip. Be cautious, do a good research according to your requirement and then choose the best app.
Read these: Top 6 Ways to Buy Mobile on EMI Without Credit Card in 2022
Debt Consolidation: How To Avoid Falling In A Debt Trap?
How to Get Out of Credit Card Debt- Step by Step Guide
Instant Cash Loan In 5 Minutes: 25 Instant Cash Loan Apps (Rs. 5000 to Rs. 5 lakhs)
