How to Get a Personal Loan without Salary Slip » Residence Style

A personal loan is an unsecured loan, that is, one that does not require a collateral asset. It is granted by a bank or other such financial company and is a perfect way by which an Individual can cover certain unforeseen or planned expenses, from paying fees, to buying a vehicle or clearing one’s credit card debt. While the eligibility criteria can differ from one institution to another there are a few standard factors that are kept in mind, such as age, occupation, income and ability to repay the loan. There are a number of documents required while applying for a personal loan, such as PAN Card, Proof of Residence and Identity and Bank statements of the past 3 months for salaried individuals and 6 months for self-employed.

A bank or other such financial institution can give up to Rs. 50 Lakhs for a personal loan while some institutions don’t offer more than Rs. 25 Lakhs. While the loan amount is at the discretion of the individual, there is a certain minimum monthly income that has to be met for eligibility, usually Rs. 15000 per month.

Additionally, some other criteria are also necessary.

  1. Employed at a private or public sector company
  2. Age between 21 and 60 years
  3. Work experience of at least 2 years
  4. It is beneficial if you belong to a metro city such as Delhi, Bangalore or Mumbai

Personal Loan without a Salary Slip

It is possible to apply for a personal loan without having a salary slip, especially if you are self-employed. These are some ways to do the same:

  1. Validating your income through other documents such as bank statements, an income certificate, and tax returns.
  2. You can apply with another person for a joint loan. The other applicant needs to have a steady income in order to be helpful with repayment in the event that the primary applicant cannot complete the same.
  3. Opt for an asset-back loan where there will be an asset you provide as collateral and no salary slip is required. The asset can be any type of investment or even gold.


Whether one applies for a loan with or without having a salary slip, it is important to be aware of all the details of the institution with which one is applying and know all the options regarding the same. One can even make use of an online personal loan EMI calculator in order to plan for their repayments and avoid defaulting on the loan.

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