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Getting Personal Loans Without a Salary Slip: A Quick Guide

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Created on
April 28, 2023


What’s Inside

In this informative piece, we will explore the possibilities of obtaining a personal loan without a salary slip. Financial needs can arise at any time, and not having a traditional payslip should not hinder your chances of securing a loan. We will discuss alternative income proof options, the importance of a good credit score, leveraging existing banking relationships, offering collateral, and applying jointly with a co-applicant. Also, we will outline the documentation requirements for salaried applicants and highlight the eligibility criteria for personal loans. Discover the various avenues available to fulfill your financial requirements without the traditional salary slip.

What Is a Personal Loan Without a Salary Slip?

Banks or lenders ask for a salary slip as a way of ensuring that you are able to repay the loans. This is because they want to be certain that you have a regular income in the form of a salary, which helps them process your loan amount accordingly. Essentially, obtaining any loan requires putting up collateral, meaning that you should demonstrate financial capability to repay the amount. In most cases, a credit score or actual collateral such as a house or gold is used. In this case, your source of income serves as the collateral or guarantee.

Getting a personal loan without a salary slip means that your guarantee of repayment will be something other than your salary slip. This applies to individuals who do not have a traditional corporate job salary and may be engaged in business, trading, or receiving other types of income such as rental or dividend income.

Alternative Methods to Getting a Loan without a Salary Slip

1. Offering an Alternative Way to Show Proof of Income

If you're self-employed and have a business contract, you can't get salary slips. But don't worry, there's still a way to get a personal loan. Just give the lender some proof of your income, like a bank statement, tax return, or income certificate. These documents show that you have a steady income. You can also use Form 16 if you don't have a salary account.

2. A High Credit Score

A score above 700 is considered excellent on the CIBIL scale of 300-900. It indicates that you manage your credit responsibly and make timely payments. This reassures lenders that you will be diligent in repaying your personal loan EMIs. A good CIBIL score can also help you secure favorable interest rates on your personal loan.

3. Favourable Relations with Your Bank

If you have a good relationship with your bank, you won't need to provide any documents to apply for a personal loan. A good relationship means that you already have an account (savings or current) with the bank.

Also, if you have borrowed money from the bank before or have a credit card and paid your bills on time, you have a good credit history with the bank. In this case, the bank is more likely to approve your personal loan without needing a salary slip.

4. Put Up a Collateral

Even if you don't need to provide collateral for a personal loan, you can still offer an asset as security. These assets can be valuable investments. If the lender agrees, you can receive your personal loan quickly, even without a salary slip or bank statement.

However, make sure you always pay your dues on time. If you are late or unable to make your monthly payments, the bank may take your asset.

5. Applying Together with Another Person Who Has a Stable Income

You can also request a personal loan with someone who has a stable income from a job. The income of your co-applicant will help the lender assess your creditworthiness and increase the chances of your loan being approved.

Before applying for a personal loan, make sure to do thorough research. Also, it is important to maintain a good credit score and consistently pay your bills on time. These practices can greatly benefit you when you need an emergency loan without a salary slip.

Table Comparing Salary vs Without Salary Loan Process

Loan Type

Salaried Loan

Loan Without Salary Slip

Proof of Income

Salary Slips, Bank Statements

Bank Statements, Tax Returns, Income Certificates

Credit Score

Considered for Approval, Higher Scores Preferred, But Not a Barrier

Considered for Approval, Higher Scores Preferred

Banking Relationship

May Require Existing Account

May Require Existing Account, Good Relationship with Bank


Not Always Required

Collateral Can Be Offered


Not Always Required

Co-Applicant Can Help Increase Approval Chances


KYC Documents, Address Proof, Bank Statements

KYC Documents, Address Proof, Bank Statements, Additional Income Proofs

Eligibility Criteria

Age: 21-57, Minimum In-Hand Income: ₹13,500, Minimum CIBIL Score: 600 or Experian Score: 650

Age: 21-57, Minimum In-Hand Income: ₹15,000, Minimum CIBIL Score: 600 or Experian Score: 650

Documents Required for Salaried Applicants

When it comes to salaried applicants, the process is generally more straightforward and less complex compared to other types of applicants.

KYC Documents:

  • Your PAN number
  • Your mobile number needs to be linked to your Aadhaar card for KYC verification
  • Take a clear selfie in a well-lit area

Please keep in mind that the documentation requirements may differ based on your profile. We may need proof of address, bank statement, and other supporting documents.

Additional Documents:

  • Aadhaar Card
  • Valid Indian Passport
  • Valid Voter ID
  • Valid Driver’s License
  • Utility Bills (Electricity, Water, Gas) dated within the last 60 days

If we need proof of income, you must provide your bank statement for the past three months. This statement should also show your salary deposits.

Eligibility Criteria for Personal Loans without Salary Proof

  • Age requirement: Applicants must be between 21 and 57 years old.
  • Income requirement: Income must be directly credited to the applicants' bank account. We are unable to provide personal loans if you receive your salary in cash.
  • Minimum in-hand income: Salaried applicants must have a minimum in-hand income of ₹13,500, while self-employed applicants must have a minimum in-hand income of ₹15,000.
  • Credit score requirement: Applicants must have a minimum CIBIL score of 600 or Experian score of 650.

Personal Loans via Fi Money

Fi Money offers quick loans that are deposited directly into your savings account. These loans are pre-approved for eligible users with good credit scores. At Fi, the entire process is digital, and the loans come with competitive interest rates. You have full control and visibility of all the loan details. Additionally, you can avoid late fees by setting up automatic in-app payments. Our partner bank, which is licensed, determines the loan amount for each user (up to ₹5 lakh).


Fi Money is not a bank; it offers banking services through licensed partners and investment services through epiFi Wealth Pvt. Ltd. and its partners. This post is for information only and is not professional financial advice.
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