Who is eligible for a loan without financial documents?

Loans without financial documents are designed for applicants who may not have formal income documents but have a steady source of income. Typically, here is a list of the types of applicants that can secure loans without financial documents:

• Salaried Individuals: Salaried professionals who are unable to provide salary slips, bank statements, or Form 16 may apply for this loan. This category includes new joiners with less than six months of work experience.
• Self-Employed: Self-employed individuals, such as shop owners, entrepreneurs, and businessmen who do not maintain audited financial statements, are eligible to apply for this loan.
• Professionals: Professionals such as doctors, lawyers, architects, chartered accountants, and other consultants who earn professional fees may qualify for this loan.
• Non-salaried: Individuals with rental income, pensioners, freelancers, and freelance workers who lack formal financial documents may consider applying for this loan.
• New Startups: Early-stage entrepreneurs with new startups that do not have a financial history may apply for this loan.
• Migrant Workers:  Depending on the loan provider, migrant laborers earning daily wages without proof of formal income may be eligible for this loan.
• Farmers: Farmers with seasonal agricultural income and land holdings may qualify for this loan.
• Retired Persons: Retired individuals whose pensions are inadequate to meet their everyday expenses may apply for this loan.

The key is to have a regular source of income. Applicants need to provide personal Know Your Customer (KYC)documents, bank account statements and undergo credit bureau checks to establish their profile for the loan provider to appraise their eligibility.