In order to check your financial capabilities for the repayment of a personal loan, the lenders will evaluate many factors. They will ask for proof of income to look into your financial profile before approving the loan. The proof of income is the most crucial factor that lenders will look into as it will determine your ability to pay the EMI payments on time. Proof of income involves checking your income and verifying it through salary slips. 

If you are a salaried employee applying for a personal loan, it may be mandatory for you to submit the salary slip for your loan application. If you cannot provide a salary slip for some reason, you also have the option of asking your employer for a receipt of payment, or you can also submit an income certificate. 

On the other hand, some people may not be salaried employees and may need a personal loan to go through an unexpected event such as paying electricity bills, hospital bills, etc. However, it is possible to get a personal loan without submitting the salary slip if you are self-employed, which means you have to provide alternate sources of income to show your eligibility for personal loans online. Here are a few things you can do if you are self-employed and cannot provide a salary slip. 

How To Get Personal Loan Without Salary Slips

EarlySalary is India’s most trusted online personal loan app that allows individuals to apply for personal loans which are not bound by salary slips. Here are 5 options for obtaining a personal loan without submitting a salary slip. 

  • Alternate proof of income

If you are not a salaried employee and are self-employed, you can apply for a personal loan without submitting a salary slip. But, you will have to provide other such documents to verify your eligibility and your ability to repay the loan. Here are a few documents that you can submit for applying for an online personal loan. 

  • Bank statements: Lenders usually accept bank statements of the previous 3-6 months to check the transactions and determine your financial health. 
  • ITR or form 16: If you are a tax-paying citizen of India and are filing the ITR for a minimum of 2-3 years, you are eligible to apply for a personal loan.
  • Income certificate: You can file for an income certificate to show your annual income to the lender for determining your loan eligibility
  • Healthy credit score

Whether you are self-employed or a salaried employee, a healthy credit score is the most important factor for the lenders to determine your loan eligibility. The lender or banking institution will look into your credit report, which reflects your repayment history, debt repayment, and your credit handling abilities. To keep a healthy credit score, make sure you pay all the EMI’s on time and do not miss out on your EMI payment as it will lower your credit score. Aim for a good credit score of 750 or higher, as it will make you eligible for applying for personal loans online without any hassles. 

  • Find a lender with simple eligibility terms and conditions.

If you cannot provide a salary slip, you should look for a lender with simple eligibility terms and conditions. EarlySalary is India’s most trusted personal loan app with simple eligibility terms and conditions for applying for personal loans. With EarlySalary, you can apply for a personal loan with minimum documentation and low interest rates. 

  • Apply for a personal loan with co-applicant 

If you do not have a stable income to show for applying for a personal loan, you can apply for the loan jointly with a co-applicant with a good credit score. The stable financial health of your co-applicant will ensure the lender that you will be able to repay the loan amount and the interest rate. 

Loans Without Salary Slips

If you plan to apply for personal loans online without submitting a salary slip, ensure you have good creditworthiness and a good credit score. You will have to provide alternative documents for showing financial health, such as bank statements, ITR, income certificate, etc. To streamline your loan application and save some time, you can opt for EarlySalary’s personal loan. 

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