Salaried employees can apply for a Personal Loan online if they need some credit. However, getting a Personal Loan without income proof is challenging to say the least. Financial institutions require applicants to show their credit history and prove they earn sufficient income that will suffice over the course of repayment. That is why they ask for income proof through salary slips, ITR, Form 16, and account statements to verify the monthly cash flow. Here’s how to get an instant personal loan without income proof online.
Maintain a Strong Credit History
Strong credit history is essential for a loan application, especially if income proof is not accessible. A credit score of 750 or above will help. If it is low, try improving it by paying off debts, using credit cards, and repaying loan EMIs and credit card bills on time.
Establish a Reliable Identity
The reliability factor is crucial for getting an instant loan from loan providers. When the financial institution deems an applicant as a creditworthy borrower, they can very well approve their loan without proof of income. So, maintaining a low credit utilisation ratio, paying EMIs on time, and establishing a good relationship with the provider is advisable.
Also Read – Personal Loan Disbursement
Apply With a Co-Applicant
In the absence of income proof, consider applying for a Personal Loan with a co-applicant. If they have a high credit score and steady monthly income, it can help them get a loan on better terms. However, if the primary applicant defaults, the co-applicant will be responsible for repaying the loan. Understandably, not everyone will be willing to take this risk for you.
Select a Bank with an easy Personal Loan process, simple eligibility criteria, and minimal documentation requirements. Fulfilling all eligibility conditions and documentation requirements is crucial in getting a Personal Loan approved without income proof, as loan providers depend primarily on an applicant’s credit history and employment stability to approve loan applications.