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Different ways to get personal loan without income proof

3 Mins 24 Feb 2022 0 COMMENT


As a borrower of money, you would want to receive a loan as fast as possible. If you need the cash in a hurry, you do not wish to be hassled by the lender’s lengthy list of terms and conditions. You would want the loan approval process to be hassle-free and with as little documentation as possible. A personal loan is an unsecured one. That means that you do not need to go through the difficulty of providing your lender with collateral to get the loan. Even though you don’t need to submit collateral, you must pass specific eligibility criteria to receive the loan. Though it varies from lender to lender, one of the criteria is that you should be a salaried individual with a minimum net salary and at least two years of professional experience. To verify these criteria, the lender would want your proof of income. The lenders also ask for your Credit Information Bureau India Limited (CIBIL) score. This score lets the lender know if you can repay what is owed in time.

There are times when you would not be able to submit proof of income or a CIBIL score as a borrower. Though few lenders would approve of providing a personal loan without a salary slip and a CIBIL score, specific lenders do.

Additional read: What are the tax benefits on personal loans?

A Few ways to receive personal loans without CICIL score and income proof

  • You might consider applying for a joint loan. The other person who is using with you should have a high credit score. Or if the person agrees to, you can take it in that person’s name. This person acts as the guarantor. This person could be your immediate family, like a parent, spouse or sibling, and through this arrangement, they agree to be responsible for your debt payment. The lender might agree to provide you with the loan based on the guarantor’s credit score.
  • Even though a personal loan need not be supported by collateral, it would be a massive relief to the lender if your collateral can back the personal loan. If you do not submit your proof of income or your CIBIL score, the lender can be assured, knowing that the risk of default can be avoided by seizing and selling your collateral. Amongst all the assets that can be pledged, gold is the most preferred asset by lenders.
  • If you cannot find a guarantor and cannot provide collateral, the lender would be taking a high risk to approve your loan application without proof of income and a CIBIL score. One of the ways the lender would try compensating this risk is to offer you the loan at a high rate of interest. You need to choose between paying a high-interest rate or submitting your salary slip and CIBIL score. One of the ways to avoid such high-interest rates is to approach a lender with a good relationship. If you have the lender’s trust, you might not have to pay such a high price.

Additional Read: How to Get a Pre-Approved Personal Loan


 Though a personal loan can be received without income proof and a CIBIL score, having both will make the loan approval process easier for you. As you cannot afford to pay highly high-interest rates, you need to ensure that you have a good working relationship with your lenders. Once the lender believes that you will not run into the risk of defaulting payment, you will receive a personal loan without income proof and the CIBIL score.

Additional Read: How Can a Personal Loan be Used to Fund Your Education


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