Amidst the current financial atmosphere, availing a loan for personal finance is one of the easiest ways to get monetary support. They usually entail quicker disbursal of funds, minimal documentation, and attractive interest rates. However, a necessary documentation you will need is your salary slip or any other income proof.
Are you wondering how to apply for a personal loan without proof of income, especially if you’re self-employed? Since no rulebook states otherwise, you can avail one without a salary slip or other equivalent. Here are various Ways of Getting a Loan without Income Proof.
Showing proof of income from another source
You can produce other financial documents to validate your income. These can include your income certificate, bank account statements, Form 16, or income tax return statements. Additionally, you can also show proof of income from house rent, fixed deposit interests, or through a spouse, parent, etc.
Applying with a guarantor or co-applicant
If you’re looking to avail a personal loan without proof of income, getting a guarantor or co-applicant’s help is another excellent solution. You can jointly apply with your family member or another applicant/guarantor. However, they must mandatorily hold a steady income, which assures that they can confidently repay when you may fail to do so.
If you choose a co-applicant, lenders will consider their repayment capability while deciding on the loan amount and loan interest rate.
If you opt for a guarantor, there’s a chance that you avail a higher personal loan amount by including them in the agreement.
Online lenders
Today, several online lenders also offer the opportunity of availing loans without income proof. You can search for one, and they may even have a personal loan EMI calculator on their portals. This will allow you to quickly determine the EMI amount by entering the loan duration, amount, and personal loan interest rate. Quite nifty!
Asset-back loans
You can also try to insist your lender for an asset-back personal loan. However, this will require you to pledge one of your assets, if you don’t have a salary slip as an income proof. These assets may include gold, high-value fixed deposits, or other investments of yours.
Peer-to-peer lending facility
If it’s available, then you can also seek a peer-to-peer facility for lending. This is a crowd-funding option that you may find on online sources. This usually doesn’t mandate an income proof, and, you may avail a low-interest loan!
Maintaining a high credit score
Sometimes, the toughest of all is to maintain a higher CIBIL score. We all face financial crunches, which often lead to repayment delays, and hence, lower CIBIL scores. However, if you have a high one, it indicates your creditworthiness. This will help you negotiate terms with lenders, getting them to providing you with a loan without income proof.
Bust the Myth, Get the Help You Need
Now that we’ve busted the myth, it is clear that there are available options for you to get personal finance without any income proof. What are you waiting for? Get the assistance and overcome your financial hurdles quickly!
