Many people wonder whether it’s possible to get a personal loan without a salary slip. While the answer may seem simple, there are important financial details to understand before applying.
At Shivafinz, we break down the truth behind personal loans for individuals without a regular income or salary.
💼 Can You Get a Personal Loan Without a Salary Slip?
❌ From Banks & Major NBFCs? Not Likely.
If you’re applying for a loan from a traditional bank like SBI, HDFC, or from big NBFCs like Bajaj Finserv or Tata Capital, salary slips and regular income proof are mandatory.
Why? Because these lenders want to:
- Ensure your repayment capacity
- Assess your income-to-debt ratio
- Check job stability through documents like salary slips, bank statements, and employment proof
🏦 No salary = high rejection chances with banks and large NBFCs
📱 What About Fintech Apps & Small Loan Providers?
There are digital lending platforms and mobile apps that offer small personal loans even to individuals without salary slips. But there’s a catch:
✅ Yes, You Can Get Loans From:
- App-based lenders like mPokket, KreditBee, Fibe, etc.
- Peer-to-peer lending platforms
⚠️ But You Must Be Aware Of:
- High interest rates (often 24% to 48%)
- Short repayment tenures
- Tight late payment penalties
- Risk of scams if the lender is not RBI-approved
🔍 So, What’s the Safer Option?
If you’re looking for a loan with a lower interest rate, it’s always best to apply through registered banks or NBFCs. For that, you will definitely need:
- ✅ Salary slips
- ✅ Income tax returns (ITR)
- ✅ Bank statements
- ✅ Proof of employment
These documents build your financial credibility and improve your chances of loan approval at better terms.
🛑 Final Words from Shivafinz
While small app-based loans may offer a temporary solution, they come with higher costs and more risk. For long-term or large personal loans, ensure your income documents are in place.
Need help understanding which lenders are best suited for your income profile?
💬 Drop a comment with “Loan Help” and Shivafinz will guide you.