Lenders usually examine your CIBIL score first when applying for a personal loan. Your strong CIBIL score can even be used to meet an applicant’s qualifying criterion when applying for a personal loan without wage evidence or a salary slip.
The repayment choices are varied, and the lender decides which ones to offer depending on the borrower’s credit history.
Here is the 5 way to get a personal loan without income proof.
1. Keep a good credit score
The credit score is a crucial factor in evaluating whether a lender will provide you with the loan you require. All lenders check your credit score. Your credit score is a three-digit figure indicating your credit and payback history. For personal loans, a credit score of 700 or more is considered good. Maintaining a good credit history requires you to pay your EMI and other financial commitments on time.
Also Read: Instant Personal Loan at 12000 Salary
2. Choosing a Lender with Easy Eligibility Criteria
If you believe you are qualified, the process of obtaining a personal loan should be made as simple as possible. As a result, selecting a lender with simple terms and conditions and qualifying requirements will make the procedure easier.
Getloanoffer provides quick personal loans through a totally paperless and automated process. Loans of up to Rs. 10 lakh are available at reasonable rates beginning at 13% p.a.
3. Apply with Co-applicant
You can bring in a co-applicant if you don’t have a solid credit history or a stable income source. Applying together with a co-applicant with a strong credit history increases your chances of getting a loan from a lender. This occurs because lenders believe it is safer to lend money when they can recoup their investment through a constant stream of income. This will assist you in obtaining the essential money for satisfying your immediate financial demands.
Also Read: UCO Bank Personal Loan
4. Clear existing debts
If you are currently in debt, getting a personal loan with or without a wage slip would be tough. Paying off your present debt might assist lower your debt-to-income ratio, making it easier to get new credit from lenders. Personal loans for salaried persons may be rejected if their debt-to-income ratio surpasses 30-40%.
5. Provide Proof of Alternative Income
It might be tough to demonstrate consistent income evidence, especially if you are self-employed. If feasible, bring bank statements, rental income verification, or tax records. Regular invoicing, proof of family member’s income, or even FD receipts are acceptable.