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Home Finance

Avail Personal Loans Without Income Proof

J. Smith by J. Smith
September 23, 2022
in Finance
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applying for a Personal Loan
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Whether you are salaried or self-employed, you can always apply for a Personal Loan. However, getting a Personal Loan for the self-employed can get complicated when they do not have income proof, which plays a significant role in loan approval. 

Lenders usually need to know that you have credit discipline and enough income for loan repayment. While income proof is one of the most important documents to submit with your loan application, a few NBFCs provide loans without certain documents, including income proof.

Here’s how to get a Personal Loan without income proof

  • Make sure you are trustworthy

Trust is vital in getting any form of credit from a lender. When the lender knows that you are trustworthy and a responsible borrower, your loan approval chances increase, so ensure that you always maintain a healthy credit utilisation ratio and a cordial relationship with your lender and pay all your EMIs on time. 

  • Clean up your credit history

If you are applying for a Personal Loan without income proof, your credit history becomes a strong contender in deciding the fate of your application. A credit score of 630 or more is generally considered good by most lenders. So, get your credit score updated before you apply so that you have the time to go through the report, iron out the details and get any mistakes rectified. 

  • Apply with a co-applicant/guarantor

If you are  a businessman and applying for a Personal Loan without income proof, consider a co-applicant for loan application. A co-applicant with a steady income and a good credit score can work in your favour and help you get that Personal Loan with better terms. However, you must remember that if you default on your payments, the onus will fall on the co-applicant to pay them. This can also affect their credit score. 

  • Provide any other income proof

Being self-employed, you may not have documents showing a regular income. If possible, submit account statements highlighting your income transactions. You can also show your tax return receipts, proof of rental income, or FD receipts. 

  • Find a lender that has simple eligibility criteria

There are online eligibility calculators that you can use to find out whether you are eligible for a Personal Loan or not. This way, you can find a lender for which your profile is pre-approved. You can also look for NBFCs who especially state that they accept applications for a personal loan for salaried persons without any salary slips. This makes the application process easier. 

How to apply for a Personal Loan?

Once you have satisfied all the conditions mentioned above, you can plan your application. Just visit the lender’s website and follow a simple process.

  • Check your credit score and ensure that it is more than 630
  • Fill up the Personal Loan application form
  • Get your documents verified online
  • Once you receive your loan approval, accept the loan offer
  • Activate the e-mandate for regular EMI payments on time

Eligibility criteria for self-employed individuals

  • Indian citizens aged between 21-58
  • Minimum Experian credit score of 630
  • Sufficient income for EMI
  • Overall turnover meets the lender’s requirements

Documents required for self-employed individuals

  • Age proof: Passport, PAN, Birth Certificate, Aadhaar Card
  • KYC: PAN, Voter ID, Driving License, Aadhaar Card
  • Income proof: Six months’ account statement, two annual turnover documents, and income tax returns from the last two years.
  • Business proof: company license, registration documents, IT assessment or clearance certificates

Final Word

Getting a Personal Loan without income proof is possible, but you will have to submit some documents to get one. A Personal Loan offered by Clix Capital can be sanctioned quickly with minimal documentation online. 

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