Can I get a loan without proof of income?


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Self-employed individuals who earn a minimum of INR 15,000 per month can avail of personal loans. For salaried individuals, the minimum requirement for income is INR 25,000. Income is an important eligibility criterion that helps you be eligible for borrowing under the right conditions and terms. When you apply for an instant personal loan online, the first thing that is checked will be your income. If an individual does not have a good income, it will be difficult for them to get approval for a personal loan. This is why it is important that you have proof of income. Without income proof, you cannot avail of a personal loan in Noida. There are various documents that can be used as proof of income. You need to make sure that you have something that is valid and provides sufficient proof of your monthly income, whether you are employed or have your own self-employment.

Various types of common income proof

Salary slips

Salary slips are an important proof of income that is provided to salaried individuals by their respective employers. Salary slips are an official document that has all the details of the salary of an individual. It involves all the components, like gross salary and basic pay. This helps the loan provider gain a complete understanding of the income of the individual. Salary slips are the most common form of income proof that is available to salaried individuals. However, there are various employers that do not generate a salary slip for the individual. In such a case, you need to get other income proof that will help you with the personal loan application. Salary slips are the best way to make sure that you are able to prove your monthly EMI, which gives clarity on your income eligibility.

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Income tax returns

Income tax returns are an important and easy way to file your income, which also acts as proof of income. You should be able to generate your income tax returns. However, only eligible individuals with a particular income slab file the income tax. If your salary falls under the income tax return, then you will get the income tax return file to show as your income proof. The income tax file has all the important information regarding the individual’s income on a monthly and annual basis. It helps individuals without a salary slip. A tax return file serves as proof of income for both salaried and self-employed individuals. You can always use this to prove your income.

Bank statement

Income proof is important for a personal loan application. You need to make sure that you are able to produce the bank statement to which your salary is credited. If your employer credits your account with the salary every month, you will have the records with you. For individuals that do not receive a salary slip or do not have an income tax return, you can easily get a bank statement. The bank statement will have the salary record with the name of your employer mentioned in it. This should be good enough for you to make sure that you are able to provide valid salary proof that confirms the income. It will help the loan provider gain an understanding of your income.

Official document from the employer

If you are not able to find all the income proof that is available above, you will need to use an employer’s documents. If you receive your salary in cash, you will not be able to file it in return, show a salary slip, or get a bank account statement. In such a case, you need to show documents from your employer. Yes, you will be able to get the official documents online, which makes it easy for you to prove your monthly income. It can be your offer letter, your appraisal document, or it can be a letter from your employer stating your income. The letter should be an official document with the letterhead of that particular employer. Make sure you do not forge any documents. It will not be a good decision as the background verification done by the loan provider will be able to trace any forged documents.

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What happens when you do not submit income proof?

Income proof is very important to submit. You need to make sure that you are able to submit any kind of income proof as mentioned above. When you submit the proof, the background verification is done. Individuals that are not able to provide any of the income proof will eventually lose out on the application. Either the loan application will be rejected or it will be suspended. You need to make sure that you are able to offer at least one type of document for easy approval.

Wrapping up

When you take an instant personal loan online from Clix Capital, you will be able to get an affordable and instant loan. Make sure you use a personal loan calculator to compare and choose an affordable loan.

Read Full: What are the basic loan documents?


Ajay Singh

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