Can I get personal loan if I get salary in cash?

If you receive your salary in cash, you can still secure a personal loan. However, the process may involve some additional steps and considerations. Follow these steps to improve your chances of approval:

Provide substantial proof of income that allows financial institutions to assess your repayment capability. Such documents include:

• Bank statements showing cash deposits
• Letter from your employer confirming your income
• Income tax returns
• Employment offer letters
• Salary vouchers

Also ensure you fulfil the following requirements:

• A good credit score indicates your creditworthiness and increases your chances of loan approval. Regularly monitor your credit score and take proactive measures to improve it, such as making timely bill payments.
• Stable employment history can increase your chance of approval as it shows stable source of income.
• Maintain a good debt-to-income ratio and ensure that your existing debts are within manageable limits.
• Ensure that your existing debts are within manageable limits, which showcases your financial discipline.

If you still face challenges securing a personal loan due to your cash salary, consider other borrowing solutions like secured loans or credit cards.

Remember that each financial institution has unique policies. Consult with lending institutions to understand their specific requirements and procedures when applying for a personal loan with a cash salary.