Can I Get A Personal Loan Without Salary Slip?

A personal loan scheme is highly popular and has been availed by a lot of people as a quick financial aid in times of need. Its ease of obtaining increases its popularity.

The personal loan is outstanding because it does not require any security or collateral that you need to give to the bank. The repayment process is also straightforward, and the low interest rates make it easy to repay as well.

You do not need to produce a lot of documents when you apply for a personal loan. This is another perk that is great for people who want fast credit.

And yes, it is absolutely possible to obtain a personal loan without a salary slip as well!

However, you need to produce identity, address, age, and photo proofs along with some details of your monthly income for the verification process.

What is a personal loan?

A personal loan gives you quick financial aid whenever you require it. It can be taken for a variety of reasons. These reasons are not required to be stated mandatorily at the time of the application. 

A personal loan is taken for a short tenure and on low-interest rates. 

The biggest positive of the personal loan is that it provides fast or instant credit. Thus, people can use the money for emergencies as well as for non-emergency purposes.

You can take a personal loan for any reason like weddings, vacations, studies, luxury items, home renovation, and so on. 

However, the loan amount under the personal loan category is fixed, and in most cases, borrowers will not be given more than 5 lakhs in one go. The loan tenure is also comparatively shorter as the credit amount is low.

You will need to submit all the required documents for verification purposes when applying for a personal loan. Consequently, the lending institutions will review your bank statements or salary slip. The objective is to ultimately decide on a loan amount and interest rate suitable for your financial position.

In India, most government banks and NBFCs are allowed to lend personal loans to interested borrowers.

Some of these eminent private banks are:

  • HDFC
  • Axis Bank 
  • ICICI Bank, etc.

Some well-known NBFCs that fall in this category are:

  • Money View
  • LoanTap
  • Aditya Birla Capital
  • Indus Easy Credit
  • Bajaj Finserv
  • HDB Financial Services, etc.

Among these NBFCs, certain notable ones like Money View have more lucrative interest rates, flexible tenure, and a paperless process than others. Thus, borrowers can take advantage and apply for a personal loan without any hassle.

What are the benefits of getting a personal loan?

As mentioned earlier, there are several notable benefits of getting a personal loan. Here is a list of features that make it a very lucrative loan scheme:-

  • No Collateral Required

The most exciting feature of the personal loan is perhaps the fact that it doesn’t require any collateral. You won’t have to put your precious goods and property as security for this loan.

  • Low-Interest Rates

The government directs the government banks and NBFCs to set low and reasonable interest rates to help borrowers repay the money with ease. High-interest rates of other loans usually scare away potential customers.

  • Easy Documentation Process

A personal loan can be obtained with only a few simple documents which are available to everyone. The lending institution will usually ask for your Aadhar card or pan card along with bank statements for loan approval.

  • Listing Expenditure Is Not Required

The personal loan does not require you to state the reason why you want to take the loan. You can spend all the money as you like after it has been credited to your account.

Who can get a personal loan?

Personal loans, like all other loan schemes, have some specific criteria that must be met by the borrowers when they apply for the loan. These criteria also vary from one lending institution to another and are decided by their respective authorities. Here is a general list of criteria that is set for people who want to take a personal loan:-

  • The person has to be 21 years and above. The specific lending institution decides the ceiling age limit.
  • The person has to be a salaried or non-salaried employee with a fixed monthly income as specified by the lending institution.
  • The person should be able to produce necessary documents like photo ID proof, address proof, etc.
  • The person should have a specified CIBIL or Experian score as stated by the lending institution.

What documents are required to get a personal loan?

As a borrower, you need to provide certain documents to the lending institution, whether bank or NBFC, to get approval for the loan. These documents are crucial as the loan request will be canceled if you are unable to produce them.

While each of the banks and NBFCs has its specific document requirements, a general list of documents that may be needed when you apply for a loan is mentioned below:

  • Aadhar Card
  • PAN Card
  • Voter Card
  • Driver’s License
  • Salary Slip
  • Bank Statements
  • Utility Bill
  • Office Address
  • Lease Agreement
  • Other Age Proof
  • Other KYC Documents 

Remember that not all of these documents are required by banks and NBFCs. Each lending institution has its documentation requirements. They will inform you about the same when you enquire or apply for a personal loan.

How to get a loan without a salary slip?

Every bank, NBFC, or other lending institution, will surely ask for your bank statements and salary slip. A salary slip is especially required for people who have fixed incomes every month. 

The bank statements and salary proof also serve as a verification of your financial situation. The bank will look at your salary and decide on a final loan amount and interest rate, which you will then approve and ask for a sanction. 

Sometimes it may not be possible to produce a salary slip. This is especially true for people who are non-salaried employees or have no fixed monthly income. People in the business industry will also face problems here.

However, some NBFCs do not require you to produce a salary slip to apply for a loan. Money View is a great place to get a personal loan without producing a salary slip.

Money View will only require your Aadhar Card or PAN Card for identity and address verification and to check your CIBIL score. They provide instant loans even to people who do not have a salary slip. All you have to do is produce your three months’ bank statement with salary credits.

Their entire documentation process is online, so you will not have to worry about waiting too long to get the loan amount. They will credit the loan amount to your account within 24 hours after being sanctioned.

The highest amount you will be able to borrow from Money View without a salary slip is 5 lakhs for a period of up to 5 years. They even offer loans to people with poor credit scores with a minimum of 600 CIBIL scores and 650 Experian scores.

Related Articles: Apply for a Personal Loan of 1 Lakh without Hard Documents


Personal loans are easy to take and usually don’t require too many documents. However, in some cases, the borrower might have trouble producing some documents like a salary slip. 

Now, applicants need to produce some proof of their financial situation. Some banks and NBFCs like Money View are considerate and offer applicants the chance to get a loan with their bank statements only. You can check them out if you require an instant bank loan with less documentation.