Avail Personal Loan without Salary Slip-on Loaney: 4 Easy Steps
Need a quick loan but do not have a salary slip? There are some excellent ways to apply for a personal loan without a salary slip. Getting a personal loan can help and assist you in managing your spending. It is an unsecured sort of debt that may be used to pay for various obligations. It doesn’t require any security and may be approved immediately.
Lenders ask for salary slips as evidence of earnings due to the lack of collateral requirements. The excellent thing is that you may use your salary slip to obtain a decent credit facility.
For salaried people, this feature will not be an issue. However, if you are a self-employed person, you could have problems figuring out how to secure a personal loan without a salary slip. Has this statement piqued your curiosity? So, here we are, with the best possible solution: Loaney. So, if you’re self-employed, read on to know more about getting a loan without salary slip in the most efficient method possible.
Loaney Personal loan without salary slips
Avail instant personal loan without a salary slip. The loan interest rate is affordable, and tenure is flexible. Once the loan is approved through Loaney App, the amount is disbursed directly to your bank account within 24 hours.
Is it Possible to Arrange for a Personal Loan Without Salary Slip?
Personal loans are unsecured debts for which borrowers are not required to put up any collateral, as the word ‘unsecured’ implies. The loan is approved pretty fast, making it a suitable option in a necessity. The individual’s income source, confirmed by salary slips, represents one such aspect. Although salaried workers often receive paychecks every month, what about self-employed workers?
On the other hand, Lenders look at your financial background before issuing a personal loan. This involves looking over your salary slips to figure out how much money you make. So, is it possible to receive a personal loan without a salary account? Yes, definitely! Several lenders offer this enticing feature. Most Importantly, Loaney can help you get a personal loan without salary slip.
Importance of Salary Slip While Getting a Personal Loan
A salary slip is a monthly document that an employee gets from their company. It shows the gross compensation and the net take-home income and taxes. The salary slip is issued every month when your salary is received from your company.
However, this slip isn’t only for figuring up your monthly income. There are additional advantages to that as well. First, it’s the solution to getting more emergency money. Yes, you got that right. Lenders can demand salary slips as income verification due to a lack of security.
You may be eligible for a personal loan without a salary account if you receive cash for your work, are self-employed, work on a contract, or freelance. However, you will need to provide additional financial records to prove your earnings in such circumstances. In the following sections, you will learn more about the necessary documents.
Tips to Avail Personal Loan without Salary Slip
Don’t have salary slips, and do you still want to get a loan without a salary slip? Nothing to worry about! Follow the simple tips and suggestions to get a personal loan without submitting the salary slips.
- Present Different Kind of Income Evidence
Whether you are self-employed or run a contracting firm, you will not obtain salary slips. In this case, giving the lender alternative income evidence is among the simplest methods to secure a personal loan without a salary account for self-employed people. An ITR, a bank account summary, or an income certificate are such papers.
These documents demonstrate to the creditor that you have a consistent income source. If you’re asking for a loan without salary slip, you may alternatively submit Form 16 instead of these papers.
- Maintain a High CIBIL Rating
On the CIBIL’s range of 300-900, a grade of over 700 is considered exceptional. A CIBIL rating of 700 or higher indicates that you have a regulated credit habit and settle all your bills on time. It assures the lender that you can always pay the EMIs on time. A solid credit score inspires confidence in the lender, who authorizes the personal loan without salary slip. A strong CIBIL rating can also help you receive low-interest personal loans.
- Maintain a Positive Professional Relationship with the Bank
Banks like to give loans to customers who have been banking with them for a long time. It is preferable to have a bank account or have previously taken out the loan and paid it back on time. Your credibility and trustworthiness would already have been known to the lender. As a result, make every effort to maintain a positive connection with the bank to avail a personal loan without a salary account.
- Make a Collateral Offer
Personal loans are, indeed, uninsured. You may, therefore, use collateral to obtain the credit. The collateral can be any of your highly valued assets. You can get a loan without salary slip or bank statement if your collateral is of genuine value and approved by the creditor. However, if you choose this path, you should pay all the bills on time. The assets may be seized if you make EMI defaults or late payments.
- Make an Application with Someone Else
You can also qualify for a private loan with the help of some other person. This must be someone who works as a paid employee and can demonstrate a consistent salary. The co-consistent applicant’s earnings will help balance the lender’s credibility requirements. The loan without salary slip is more likely to be accepted by the lender.
Get a Personal Loan without Salary Slip from Loaney
A personal loan is given without collateral and needs the applicant to fill out a little amount of documentation. In comparison to other banks, personal loan interest rates are cheaper. At Loaney, getting a personal loan without a salary account is an easy process compared to other lenders.
Loaney is a mobile app that approves modest financial loans up to INR 15,000 with minimum paperwork. To get a personal loan without salary slip, you merely need to provide your banking information. Bank statements are readily available in electronic form via online banking and may be provided in a paperless manner to rapid lending applications like Loaney. All of your urgent financial demands may be met in one place. Applying for a loan on this platform requires hardly 10 minutes.
Features and Benefits of Loaney Personal Loan without salary slip
Loaney is a one-stop destination for all of the emergency financial requirements. It offers immediate financing with the following attributes and features:
- Instant approval
Because Loaney’s platform is powered by cutting-edge technology, the verification procedure is lightning fast. For example, applying for a personal loan without a salary account takes about 10 minutes. Once you’ve completed the application, you’ll be approved for a loan right away.
- The Entire Digital Process
There’s no need to provide paper copies; all you’ll need is your Aadhar, bank account, and PAN, as well as a selfie. In addition, no offline papers are required for a quick online web loan application.
- No Requirement for Collateral
Loaney does not require any collateral or sureties to make a personal loan.
- Offers a safe experience
Loaney saves and manages your information safely and follows applicable regulations.
- Grievance Resolved Promptly
Perhaps an essential touch is required to alleviate suspicions. However, Loaney’s customer service is responsive and eager to address any issues.
- Avails Loans up to Rs. 15000
This platform may help you receive an emergency funds loan for any amount up to Rs. 15,000 in minutes.
- Assists you in repaying your loan on schedule
They will notify you a few days before the repayment deadline. You’ll obtain the entire repayment plan after the loan without salary slip is approved. It will help you to organise your money correctly.
Eligibility Criteria to avail Loaney Personal Loan without salary slip
The following are the requirements for Loaney Personal Loan without salary slip:
For Salaried Individuals
- You must be an Indian citizen who is at least 18 years old.
- Income should be transferred straight to the applicants’ bank accounts.
- On a range of 300 to 900, you should have a CIBIL rating of 750 or above.
For Self-Employed Individuals
- You must be at 18 years or older and an Indian citizen.
- Income should be deposited directly into the bank accounts of the candidates.
- CIBIL rating of 750 is necessary, depending on the range between 300 to 900.
Interest Rate and Other Charges on Loaney Personal Loan without salary slip
Go through the below table to understand the interest rate and other charges on Loaney Personal Loan without salary slip:
|Maximum Personal Loan Amount||Rs. 15000.00|
|Processing Charge||Up to 17.24% of the financing amount (including Local and federal GST)|
|Early Payment Charges||Free|
|Repayments and Disbursement||Free|
|Monthly Payment||Determined by the amount and length of the loan|
|Late Repayment Fee||Every day, 0.4% of the outstanding principal is deducted (up to 18 percent of the principal amount of the loan)|
Steps to apply for a personal loan without salary slip from Loaney
From loan application to loan approval, the process is straightforward. You can execute it anywhere through the website or application of Loaney’s website. The steps to getting a personal loan without salary slip from Loaney are as follows:
Step 1: Explore the Official Website or app of Loaney.
At this point, you must enroll and complete the application form. You must fill out this form with essential personal information such as your name, date of birth, phone number, and bank account information.
Step 2: Upload Your Documents
You must upload the documents and papers as specified by the platform. Then, after you’ve uploaded all relevant documents and filled out the application form, you’ll need to submit it.
Step 3: Wait for the Verification Process
Loaney will analyze and verify the loan application that you have submitted. Therefore, for a speedier loan acceptance, it is recommended that you give reliable information in the form. Loaney will authorize your fast loan when it has been examined and validated.
Step 4: Loan Disbursal
The loan proceeds will be sent into the bank account you specified in Step 2.
Loaney offers a hassle-free lending process, and it’s a perfect alternative if you would not have a mountain of paperwork or a good credit rating.
Documents Required to Avail Loaney Personal Loan without salary slip.
The documentation necessary for both salaried and self-employed candidates is listed below.
Documents Required for salaried individuals.
- Identity and address proof that can include Pan card, Aadhar Card with your registered Mobile number
- Income Statement, which includes your pay account’s bank statements in Pdf file format displaying your salary credits
Documents Required for Self-Employed Individuals
- Address and identity proof like Pan card, Aadhar card (with registered mobile number).
- Any authentic income proof that displays your monthly in-hand earnings.
- It’s a legitimate app with a lesser level of interest than other applications. However, I am satisfied with this application, and it is the best buddy you could have to help you improve in life.
- Excellent app for getting a personal loan, mainly because the payment duration is only two months. Loaney is among the top financial service providers I have ever come across in my life.
- Loaney is the most excellent and user-friendly lending phone app that met my immediate financial needs in just a few simple clicks. I like their customer service since they are there 24/7 to answer our questions.
Frequently Asked Questions
Q1. Can I get a personal loan without a salary slip?
You may be eligible for a personal loan without salary slip if you are self-employed or a freelancer. However, you’ll need to provide additional financial records to prove your earnings in such circumstances. An income certificate, ITR, or Form 16 are all examples.
Q2. What is covered under a personal loan without a salary slip? What can I use a personal loan without salary slip for?
When you don’t have a salary slip, you can ask your lender for an asset-backed loan, which requires you to guarantee an asset. These assets might be gold, high-value Fixed Deposits, or any other type of investment. You might also look at peer-to-peer borrowing. It’s a sort of crowdsourcing that you may get over the internet.
Q3. What documents are required for applying for a Personal Loan without salary slip?
Some of the essential documents necessary to offer for availing the personal loan without having a salary slip are as follows:
- Pan Card
- A Selfie
- Aadhar Card registered with your mobile number
- Bank Statement or any other Income proof
Q4. Am I eligible for a Personal Loan without a salary slip?
Certainly, yes! You can seamlessly apply at Loaney’s website to get a personal loan without salary slip.
Avail Instant Personal Loan without salary slip upto Rs.15,000.
The Bottom View (Conclusion)
As previously stated in this post, applicants may now acquire a quick personal loan without salary slip. They only need to submit their bank statement containing information about their paycheck credits and sufficient evidence of income. You may also apply for the loan even if your credit score isn’t great. To apply now, go to the Loaney website or download the application.