Personal Loan Without Income Proof
Personal Loans are one of the most popular loan products as they offer ready amounts against an applicant's income, as opposed to any collateral. Applicants are, thus, required to produce income proofs while applying for the loan. Oftentimes, prospective borrowers who may not have a steady source of income, such as housewives, retired individuals, daily wage earners, new startups and others, might find it difficult to produce formal proof of their earnings. For such applicants, we discuss how to get instant personal loans without income proof.
Personal loans can be used for a wide range of purposes and are easy to repay. Keep reading to find out all the possible ways out, check the eligibility criteria and much more.
Personal Loan Options Available Without Income Proof
There are multiple ways to gain instant loans without income proof. Here are some of the most popular ones:
- Apply Jointly with a Co-Borrower: Lenders issue personal loans in such cases against the steady income of the co-applicant.
- Collateral Based Loans: Applicants can also opt for gaining the required loan amounts against valuable collaterals such as gold, properties or other securities.
- Approach NBFCs: Non-Banking Financial Companies (NBFCs) offer flexible and friendlier terms on personal loans. Borrowers can approach them as an alternative to banks while seeking loans without income proof.
- Borrow Against FD: Certain banks also offer loans against Fixed Deposits. This allows them to get instant loans without liquidating their FDs.
- Maintain High Credit Score: In case you are unable to produce your income certificates, credit scores above 800 can convince the bank to approve your request.
- Leverage Your Relationship: If you’re opening an account in your existing bank, use your past associations to convince them of your creditworthiness and get instant loans.
Eligibility Criteria for Personal Loan without Income Proof
The following candidates are eligible for loans without security and income proof:
- Age: 21-65 years
- Nationality: Indian
- Credit Scores: Above 800
- Other criteria as specified by the bank
Documents Required for Loans without Income Proof
A borrower must submit the following documents while applying for the loan:
- Duly filled loan Application with passport-sized photographs
- ID Proof: Aadhar Card/ Voter’s ID/ Driver’s License
- Address Proof: Utility Bills/ Aadhar Card/ Voter’s ID
- Co-applicant’s Details
- Other documents as specified by the bank
How to Apply for a Personal Loan Without Income Proof?
Urban Money simplifies the personal loan application process for everyone. Our team lists the best ways for borrowers without income proof to apply for a loan. Contact us to gain end-to-end service, from filling out the application to submitting the right documents:
Customer Care: 1800 208 3344
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Frequently Asked Questions (FAQs)
Can I get a personal loan without income proof?
Yes, it is possible to gain a loan if you do not have formal proof of income. However, the inability to produce such proofs might restrict one’s borrowing limit.
How to get a 5 lakh Personal loan without income proof?
You can get such a loan by applying with a co-borrower with a steady income or putting up an asset against which the bank can issue the loan.
What alternative factors do lenders consider for no-income proof loans?
Lenders lay heavy emphasis on one’s creditworthiness. Hence, applicants with no income proof are strongly advised to ensure a high credit score at all times.
How does the lack of income proof affect my credit score?
While a lack of an income certificate does not directly impact your credit score, it can limit your credit access. Resultantly, borrowers might be eligible for smaller loan amounts.