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Tips for How to Get a Personal Loan Without Salary Slips


Did you know that over 90% of India's workforce, which translates to a staggering 409 million people, is part of the informal sector? Many individuals have taken the initiative to establish their own businesses and contribute to the nation's GDP. Lending institutions have also started acknowledging the distinct requirements of the informal sector and they are now presenting inventive solutions for accessing credit even without conventional income documentation, such as salary slips.

In this blog by Shriram Finance, we will discover how to secure a personal loan without salary slip while also learning about the benefits of Shriram Personal Loan!

Key Highlights:

  • A personal loan without salary slip is possible with alternative income proofs, enabling millions in India's informal sector to access financial support.
  • By maintaining a good credit score and choosing the right lender, one can increase their chances of obtaining a personal loan without a salary slip.
  • Top lenders, such as Shriram Finance, offer flexible lending options and support to borrowers seeking a personal loan empowering them to meet their financial goals.

Maintain a Good Credit Score

Ensuring a credit score of 750 or above is the golden standard for increasing the chances of loan approval. About 79% of loans approved in India are for individuals with a credit score above 750.

Regularly monitoring and improving the credit score can make it easier for borrowers to secure a personal loan without salary slips.

Choose the Right Lender and Loan Terms

Selecting a lending institution that offers online personal loan solutions without pay slip requirements can make the entire process easy. Remember to compare interest rates, repayment terms and other factors to find the best fit.

Pay EMIs on Time

Borrowers who maintain financial discipline and clear their credit dues on time have a high likelihood of obtaining a personal loan without income proof.

Showcase an Alternate Proof of Income

Borrowers without salary slips have no other option than providing alternative income proofs like bank statements or income tax returns to increase their chances of loan approval.

Employment Stability

  • Demonstrating consistent employment or a stable business can reflect one’s ability to repay a loan.
  • Many lenders require at least two years of stable employment or business operations for a personal loan without income proof.
  • Freelancers and self-employed individuals can provide alternative documentation like contracts or invoices as evidence of their income stability.

Existing Debt Obligations

  • Lenders assess the debt-to-income ratio of the borrower to ensure that they can manage additional debt comfortably.
  • A debt-to-income ratio of 40% or lower is typically preferred by lenders to approve personal loan online.
  • Prioritizing the repayment of existing debts can improve one’s eligibility for a personal loan.

Alternative Documentation for Personal Loan Without Income Proofs

Bank Statements

Bank statements from the past 6-12 months can showcase the borrower's financial stability. These statements help lenders assess cash inflows and outflows, providing them with a clear picture of a borrower’s ability to repay a personal loan without a salary slip.

Form 16

Issued by employers, Form 16 summarizes income tax deducted at source (TDS) and can act as evidence of income. Providing Form 16 while applying for a personal loan online can help bolster loan application, even without a salary slip.

Income Tax Returns

Lenders can determine the borrower's annual income by reviewing their Income Tax Returns (ITR) for the past two to three years. ITRs can be a strong alternative for a personal loan without income proof.

Other Sources of Income

Borrowers with additional income streams, such as rental income, freelance work or investments, providing relevant documents have more chances of securing a personal loan without salary slips

Providers of personal loan EMIs may be reassured of the borrower’s capacity to handle payments by showing proof of the aforementioned sources of income.

Benefits of Personal Loan Based on Salary Slip vs. Without Salary Slip

Understanding the differences between a personal loan based on a salary slip and a personal loan without a salary slip is crucial to make a well-informed decision.

BenefitsPersonal Loan Based on Salary SlipPersonal Loan Without Salary Slip
Interest RatesTypically lowerLikely to be higher
Loan Amount EligibilityGenerally higherMay be comparatively lower
Loan Tenure FlexibilityA wider range of optionsMight have limited options
Documentation RequirementsMore streamlined processRequires alternative proofs
Approval SpeedFaster approval timeMay take longer for approval
Credit Score ImpactMay be more lenient on credit score requirementsStricter credit score requirements
Collateral OptionsUsually unsecured loans, no collateral requiredMay require collateral or a co-signer
Lender DiversityAccess to a wider range of lendersLimited number of specialised lenders
Repayment Schedule FlexibilityMore options for repayment termsFewer choices for repayment plans
Customer Support & AssistanceComprehensive support & guidanceMay have limited assistance available

By understanding the benefits and drawbacks of obtaining a personal loan based on salary slip versus one without it, borrowers can make a more informed decision about which option best suits their financial needs and circumstances.

How to Apply for a Personal Loan Based on Salary Slip?

Step 1: Check Eligibility - Confirm that you meet Shriram Finance's eligibility criteria, including age, credit score and employment stability, to improve your chances of loan approval.

Step 2: Gather Required Documents - Prepare necessary income proofs, such as your salary slip, bank statements or income tax returns. These documents help assess one's financial stability and ability to repay the loan.

Step 3: Submit Application - Visit Shriram Finance's website or the branch to apply for a to check the eligibility. Fill out the application with the required details and submit the income proofs. After approval, funds will be transferred directly to your account within a few days.

Ready to secure your financial future? Apply for a personal loan with Shriram Personal Loan today! Just follow the simple steps above to check your eligibility, gather the required documents and submit your application.


1. How to get an instant loan of ₹50,000 without a salary slip?

Approach various lending institutions online with a good credit score and alternative income proofs like bank statements or income tax returns to get an instant loan of ₹50,000 without a salary slip.

2. What is an alternative for a salary slip to get a personal loan?

Alternatives include bank statements, Form 16, income tax returns or documents proving other sources of income like rental or freelance work.

3. Can I use a salary certificate instead of a salary slip for a personal Loan?

Yes, a salary certificate can be used, but lenders may require additional documents like bank statements or income tax returns for further verification.

Get a personal loan at low interest rates