How Personal Loan Without Salary Slip Approved By The Bank?

When you don’t have the salary slip for the personal loan documentation process then you do not need to worry because the bank can approve your personal loan without salary slip. If you are highly eligible for a loan amount then you are not required to provide a specific income proof like salary slip. There are many other income proof you can submit instead of salary slip for personal loan documentation. To know the solution of salary slip read the given article. 

Required documents for personal loan without salary slip

The normal documents required for a personal loan are Aadhar card, PAN card, salary slip, bank statement and address proof like electricity and telephone bill. But if you don’t have an income proof salary slip then you can submit your bank statement or salary certificate to verify your flow of income. When the applicant is eligible for the loan amount then the bank doesn’t require specifically for a salary slip for the income verification. And, if you are the existing account holder or loan customer of the bank then you can get a personal loan without salary slip

Is Salary slip necessary if the customer income is 10000?

If an applicant’s net monthly income is INR 10,000 and applying for a personal loan from the bank then he doesn’t need to provide a salary slip. Because there are banks like SBI, Oriental Bank Of Commerce and Canara Bank that are providing loans with a salary of 10000. And you can provide your bank statement and Form 16 if you don’t have a salary slip. The loan process doesn’t get affected if you are applying for a personal loan without salary slip. 

How does the bank determine one’s loan eligibility?

The bank checks the loan eligibility of a person by going through their credit report. It shows the applicant’s credit history and previous payments done by him. How can you check personal loan eligibility? You can know the eligible amount you can borrow from the bank by using the online tool eligibility calculator. The personal loan eligibility calculator is a simple device that takes into account your net income, expense and existing EMIs if any. The device calculates the loan amount and generates the loan amount within a second. 

Apply for a personal loan without salary slip by using the bank online services

To get personal loan from your respective bank you just need to visit your nearest bank branch or its official website. Just log in to your account if you are applying for the loan using online banking services. Enter your loan details like name, email, mobile number and PAN details in the application if you are a new customer. Then you are required to pay a processing fee for your loan amount that can be maximum up to 5% of your borrowed amount. And for the documentation process if you don’t have a salary slip then you can submit other alternative income proofs to show your net income. So, freely apply for a personal loan without salary slip if you meet the loan eligibility criteria and have a decent flow of income.