Different Ways to Get Personal Loan for Self-Employed with No Income Proof

By July 4, 2019

Personal loans are on high demand these days. In order to avail a personal loan, one must present an income proof and adhere to the terms and conditions provided by the financial institution. When you opt for availing a loan, almost every financial lender will verify your income and only approve the loan if you qualify the laid down criteria along with a credit score of 750 and above.

Personal loans for self-employed professionals are instrumental in preparing any small business for its growth phase. As such, these advances are inevitable in the path of your growing enterprise. Knowing all necessary requisites will only help you avail the loan without any hassle.

What are the documents required to apply for a personal loan?

Documents such as salary slips, bank statements and income tax return statements are required for the verification process. For availing Personal loan Bajaj Fiserv, a customer needs to produce the following documents:

  • Passport size photographs.
  • KYC documents such as Pan Card, Aadhaar Card, Voter’s ID and Passport.
  • Three months bank account statement.

However, there are some organisations that do not provide salary slips at the end of every month. A lot of companies pay salaries in cash or cheque. This can create a problem while availing personal loans for the following people:

  • Employees who get paid with cash with no proof of a company paying them for work.
  • Salary is paid with a cheque.
  • Company not providing pay slip.
  • Self-employed people, have an income on an irregular basis and do not pay income tax.
  • People who have just joined an office.
  • Homemakers.

Apart from the documents, a borrower should also maintain a high credit score. For availing a personal loan, a borrower must know how important a CIBIL score is. Having a high CIBIL score can increase the chances of availing personal loans easily along with favourable features and benefits.

What are the eligibility criteria to avail a personal loan?

For availing a personal loan, one must meet the following eligibility criteria:

  • You need to be a citizen of India.
  • You must be between 23 to 57 years of age.
  • One needs to be an employee of an MNC, public or private organisation.

How can you avail a personal loan without having an income proof?

Income proof document like salary slip is vital for getting a personal loan. People who cannot furnish income proof face difficulties in availing personal loans. Hence, if you do not have a salary slip as income proof, then you must provide the following documents to show your proof that you are a salaried employee:

1. Employment offer letter or appointment letter

Some organisations may not offer salary slip, but the offer letter they provide can be helpful in stating your current income. If you provide this document to the financial institute, then it will allow you to avail a personal loan.

2. Bank statement

A bank statement is a supportive document for showing the income proof. If you do not have a salary slip then it can be an alternate document. The statement must show your salary amount credited every month in your account at a similar time.

Bajaj finserv Personal Loan for self employedcan be availed against a bank statement by professionals who do not receive a salary slip.

3. Photocopy of the last cheque received

Since many organisations pay salary to their employees through cheques, the people can present the photocopy of their last received cheque to the financial institution to avail the loan. This a helpful document to avail personal loans if your organisation do not provide salary slip.

From the above discussions, one can get a clear idea that income proof is an essential aspect of availing personal loans. Documents that are necessary for availing Personal loan from Bajaj Fiserv includes KYC documents and three months bank statement. Moreover, maintaining a high credit score is mandatory as personal loans and business loans are unsecured in nature and do not require borrowers to keep an asset as collateral to avail the funds.