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How To Get A Personal Loan Without A Salary Slip?


by Mahindra Finance


April 18, 2024


5 mins read


Are you in need of a personal loan but don't have a salary slip as proof of income? Don't worry, because getting a personal loan without a salary slip is possible! Many lending institutions understand that not everyone has access to traditional income proofs. In this article, we will explore some alternative avenues that can help you secure a personal loan even without the conventional salary slip.

Considerations Before Applying for a Personal Loan Without a Salary Slip

Before applying for a personal loan without a salary slip, there are certain things you should consider to improve your chances of approval.

1. Credit Score Importance:

Your credit score plays a crucial role in loan approvals. Lenders assess your creditworthiness based on this score, which reflects your borrowing history and financial behaviour. A good credit score significantly increases the likelihood of getting your loan approved.

2. Collateral or Guarantor Support:

If you don't have traditional income proof, some lenders may consider collateral or guarantor support. Having reliable collateral or a guarantor who can vouch for your repayment capabilities can boost your application's chances of approval.

3. Self-Employment Alternatives:

If you run your own business and don't receive regular salary slips, you can demonstrate your income stability through official financial statements. These statements showcase the financial health of your business and reassure lenders about your ability to repay the loan.

Documents Required for Non-Salaried Individuals

When applying for a personal loan without a salary slip, there are specific documents you will need to gather:

  1. KYC Documents: These include an ID card such as a driver's license or passport to verify your identity, along with documents like utility bills and birth certificates for address and birthdate verification.
  2. Proof of Residence or Workplace: You can provide documents such as utility bills, rental agreements, or property ownership papers to show where you live or work.
  3. Income Proof: Instead of traditional salary slips, you can use alternative documents such as bank statements or audited financial statements to demonstrate your income stability.

Steps to Apply for a Personal Loan

To apply for a personal loan without a salary slip, follow these steps:

1. Gather Essential Documents:

Before starting the application process, make sure you have all the necessary documents like PAN card, Aadhaar card, income proof, address proof, and bank statements readily available.

2. Access the Personal Loan Application Form:

Proceed to the personal loan application section on the lender's website and fill out the application form accurately with your personal and financial information.

3. Check Eligibility and Submit Form:

Submit the form to check your eligibility for personal loan. The lender will assess your details, credit history, and income to determine if you qualify for the loan.

4. Select Loan Amount and Tenure:

Once your eligibility is confirmed, use a personal loan EMI calculator available on the lender's website to determine the loan amount and tenure that best fits your financial situation.

Personal Loan Eligibility Criteria

To qualify for a personal loan without a salary slip, certain eligibility criteria must be met:

  • Age: Applicants should be at least 28 years old (self-employed) or 25 years old (doctors), with an upper age limit of 65 years.
  • Minimum Turnover: Non-professionals require a minimum turnover of Rs 40 lakh, while professionals need Rs 15 lakh as per their audited financial statements.
  • Minimum Profit After Tax: For self-employed individuals, the minimum profit after tax should be Rs 2 lakh (Rs 1 lakh for non-professionals).
  • Business Stability: Self-employed individuals should have a business history of at least 5 years, and doctors need to demonstrate a minimum of 3 years in their current practice.
  • Liability or Asset Relationship: A minimum of 1-year liability relationship or an asset relationship within the last 36 months is necessary, along with a satisfactory repayment track record.


Securing a personal loan without a salary slip may require some extra effort, but it's not impossible. By considering alternative income proofs, collateral or guarantor support, and fulfilling the eligibility criteria, you can increase your chances of getting approved for a loan. 

Remember to gather all the necessary documents and use online tools like Mahindra Finance's personal loan interest calculator to calculate your EMIs accurately. If you need personalised guidance, don't hesitate to consult expert advisors who can help you navigate the process smoothly. Start your loan application today and take a step towards achieving your financial goals.


Q: Can I get a personal loan without any income proof?

A: Yes, you can get a personal loan without traditional income proof by providing alternative documents such as bank statements or audited financial statements.

Q: Is there an instant loan option available without a salary slip?

A: Yes, certain lenders offer instant loans without requiring salary slips. You can explore online platforms that provide quick disbursal of funds based on alternative income proof.

Q: How can I calculate the interest on a personal loan?

A: You can use a personal loan interest calculator available on various lender websites to determine the interest amount and monthly instalments based on your loan amount, tenure, and interest rate.

Q: Can I apply for a personal loan online without a salary slip?

A: Yes, many lenders offer the option to apply for a personal loan online without a salary slip. You can fill out the application form and provide alternative income proof to complete the process.

Q: Are there any additional charges or fees for getting a personal loan without income proof?

A: While each lender may have different terms and conditions, it's important to review the loan agreement carefully to understand any additional charges or fees associated with obtaining a personal loan without income proof.

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