Can I get a personal loan without a salary slip?


To be precise, yes you can. Life is unpredictable and financial emergency may strike anytime without prior notice. To manage an emergency successfully, you may need funds. And the personal loan is something that helps you handle your pecuniary requirements. Whether hospital bills, marriage, paying for school/college fees, buying a gadget – a personal loan disbursed in a couple of minutes would be of great support.

Banks might not be the right option

Banks disburse a quick personal loan without asking for collateral. But with them, you will have certain criteria to meet. And your income evident through your salary slips is one of the most important of them. If you fail to furnish the salary slips for at least the last three months, it is unlikely that the banks will lend you money.

Private financial services come as a savior

If you are unable to furnish a salary slip, banks are likely not to lend money. And there the need for private finance companies in Kolkata comes into play. They offer personal loans even if you don’t furnish a salary slip. However, you must fulfill other criteria.

Eligibility criteria for personal loan application

If you are self-employed and unable to produce a salary slip, then also you may get a collateral-free loan from private financial services like Peerless Finance. Here are the criteria that you should meet.

  • Alternate proof of income – This is a must. Whether you’re a freelancer, contractual staff, self-employed, or earning in cash, you can apply for a personal loan without salary slips. In this case, you have to furnish other documents to prove your income. The documents may include Form 16, bank account statements, or IT returns. A stable income source ensures repayment of the loan without being a defaulter.
  • Good credit score–This is another major condition to meet if you need a personal loan in Kolkata.  Whether you are self-employed or presently have no job, you must maintain a healthy credit score. This proves that you have a good repayment history while having the ability to handle credit efficiently. It shows your current debt status as well. A credit score indicates the creditworthiness of a borrower. A credit score of 750 and above helps to get a loan with ease.
  • Applying with a co-applicant – It would be easy for you to get an unsecured loan if you apply for the same jointly with a person with high creditworthiness. A stable income of the co-applicant will make the lender convinced regarding your capacity to repay the loan. Co-signers or co-applicants act as the secondary source for repayment. If you fail to pay off the EMI, the lender will bank on the co-signer to pay the installment.

For a personal loan, choose a lender that doesn’t impose stringent eligibility criteria while ensuring an easy and hassle-free loan application, as well as verification and approval. The most trusted name to offer simple loan terms is Peerless Finance. With them, you can apply for almost an instant loan with flexible tenure and an affordable interest rate.

Summary – Getting a personal loan from a bank without salary slips is not an easy job. But private financial institutions offer such funds considering certain easy criteria like alternate proof of income, good credit score, and applying with a co-signer.

Arnab Mukhuty