Can I get a personal loan without a salary slip and bank statement?

It is necessary to have a bank account to handle all of your financial transactions. When you have a bank account, it is much easier to manage your finances since it enables you to credit and debit money as needed. Having a bank account allows you to own accessibility to your hard-earned income at any time and from any location. You may use your bank account to perform a variety of transactions such as paying bills, salary credits, tax bills, insurance costs, and more.

Even for such a matter, possessing a bank account is required to get credit, since the loan money is released into your bank, and the repayments are also completed via the same account. Your financial statement is among the most essential papers you’ll need to submit to be considered for a personal loan application. For those who do not wish to submit a bank statement or salary slip to get a loan, the following procedure will show you how to obtain a personal loan without providing hard salary slip copies.

Why is a Bank Statement required to procure a personal loan?

When applying for a personal loan, the filing of the financial statements is essential since it serves as legitimate evidence of your monthly earnings and capacity to pay back the loan. It affects your creditworthiness for a private loan in the following ways: It keeps track of your monthly credits and debts, such as your monthly bills, salary credit, and other such transactions.

In addition, it verifies your identification, repayment ability, and current EMI outflow, among other things. Consequently, whether asking for a personal loan with a bank, non-bank financial institution (NBFC), or even an internet lender, the production of your bank statement is mandatory. You may, on the other hand, get a personal loan without providing a bank statement in a straightforward manner by examining the following alternatives:

  1. Payday Loans

Also referred to as payroll loans or salary loans, payday loans are short-term loans that are made as a result of your pay stub or another form of proof of income. This kind of loan is unsecured, meaning that it is not secured by any kind of security. If you are a salaried person who has just begun working, taking out this kind of loan is the best option for you. However, the rate of interest paid on this kind of loan is greater than the interest rate charged on a bank loan obtained through a bank or non-bank financial institution (NBFC). Leading fintech firms in India are mostly responsible for providing payday loans to their customers.

2) Lending between individuals known as peer to peer (sometimes referred to as P2P or crowd lending):

Peer-to-peer lending enables lenders to lend and borrowers to borrow at the same time. This kind of loan and borrowing is often done online, where both parties must register to transact with one another. The borrower is required to provide post-dated checks in the name of the lender to be reimbursed for the loans. In most cases, the loan money is deposited immediately into the borrower’s bank account. This kind of loan is approved based on your credit score, social score, and Know Your Customer (KYC) documentation. Since high-risk borrowers incur high-interest rates on this kind of loan, the interest rate on this form of loan is often quite high.

3) Loan on Fixed Deposits (FDs)

Nowadays, people, especially students, tend to go for loans against FDs. For instance, creating a 20,000 FD in a bank could roughly provide you 70-90% of the credit on the amount of FD that you have made. This is not a popular option for this scenario, and it may not also be possible in every situation. Personally, we would suggest you stay away from it. However, keeping this as a last try option is not an issue.

4) Developing a positive business relationship with your financial institution

A personal loan application with the same bank as a savings or salary account is more likely to be approved since the lender is already aware of your creditworthiness and will not need you to provide a bank statement in support of your application.

5) Pay off all of your credit card debts on time

If you have a credit card, be sure to pay off all of your debts on time since doing so may improve your chances of receiving a loan without submitting a bank account statement.

6) Maintain a good credit score

Having a good credit score increases your chances of obtaining a loan since many banks, non-bank financial institutions (NBFIs), and internet creditors are inclined to give you the loan only on the basis of the credit rating. Achieving a strong credit score is an indication of excellent repayment behavior, and it instills confidence in the lenders that the loan will be repaid on time.

7) Ask a Friend

Right from the title, it seems pretty obvious and straightforward! However, if nothing seems to work out for you, and you need the personal loan badly, then try to ask your friends or known ones to lend you a certain amount of money for some time. If you are lucky, then maybe your demands could be fulfilled.

8) Bring a guarantor

It is possible to bring on a guarantor. The guarantor will be required to provide income verification papers as well as guarantee the repayment of the personal loan.

What are the documents required for procuring a personal loan without a salary slip?

  • Identification documentation (Aadhaar card, PAN card, voter’s ID, or driving license)
  • Address Proof documentation (Aadhaar card, PAN card, voter ID, driving license, or utility bill)
  • If needed a salary slip and Form 16 could also be needed.

Related Articles: How to Avail Personal Loan without Documents


Financial difficulties may strike at any moment, necessitating the use of a quick personal loan to alleviate the situation. Furthermore, given the evolution of India’s financial system, it is simpler for a salaried individual to get a private loan than for a self-employed individual. Due to the nature of a personal loan, which is an unsecured loan, the finance company will implement certain checks and procedures before processing an application.

The scenario is simple! If you want to lower your chances of rejection or want to refrain from high-interest rates, then try to have a bank statement. Not having a bank statement doesn’t mean that you won’t get a loan, but yes, the scenario may become a little complex, and may not match up your expectations. So, all in all, to procure great lending rates on your personal loan, try for a bank statement, if not available, then be ready to struggle or compromise a little here and there.

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