Personal Loan Without Salary Account
Different Ways to Get Personal Loan without Salary Slip & Salary Account.
- Personal Loans may be secured or unsecured.
- Employers ask for income proof while sanctioning Personal Loans
- You can get Personal Loans without Salary Accounts or Slips
- Lenders accept employment certificates, bank statements, and offer letters for Personal Loans without Salary Account.
- You can also pledge FDs and assets to get the loan.
Personal Loans are an excellent way for you to acquire financial assistance to meet a variety of needs. Most banks today sanction these loans within hours of application. Banks typically ask you to provide some documents to assess your loan eligibility. For instance, you need to provide your salary slips and salary account details to get the loan approval. But did you know that you may avail of Personal Loans without Salary Accounts and salary slips? Find out how in this article.
How to Get a Personal Loan Without Salary Account?
Typically, when the employer pays you your salary, you get the credit of the same in your Salary Account. However, employers who do not provide dedicated Salary Accounts credit your dues into your general Savings Accounts. So how can you get Personal Loans without providing proof of Salary accounts or salary slips? Here are some options:
You can submit your employment certificate obtained from your employer. This certificate will certify your association with the company, and for that purpose, it should be on the company letterhead. It should contain details of your employment like your salary amount, including components of your salary.
In case of a Personal Loan without salary slip, you can submit the bank statement of the account in which your salary gets credited each month. You can highlight the inward credits from your employer, clearly showing the date of credit and the same source account. The lender can cross-check the dates of various transactions and assess your application.
Some lenders may accept the offer letter provided by your potential employer while sanctioning Personal Loans without salary Account or Salary Slips. However, since the offer letter does not guarantee that you are indeed employed, the employer can ask you to provide any additional documents to corroborate the offer of employment.
Income tax returns
Another way to get a Personal Loan without Salary Slip is to provide copies of your duly filed Income Tax returns. Most lenders accept tax returns as a valid document to assess your income sources.
Loan against Fixed Deposit
Banks also approve Personal Loans without Salary accounts for borrowers who have Fixed Deposits with the bank. The Fixed Deposit acts as collateral and is a means of security for the bank if you cannot provide income proof documents.
Loan against securities
You can even acquire a Personal Loan without Salary Slip or Account by pledging securities like property, gold, etc. The bank takes possession of your documents until you repay the loan. Plus, pledging your assets as collateral enables you to enjoy lower interest rates on the Personal Loan.
Personal Loan at digibank
At digbank, you can apply for a Personal Loan without Salary Slips or Salary Accounts with utmost ease. Repay your loan conveniently in pocket-friendly EMIs at competitive interest rates and high repayment tenures. You can send your Personal Loan application through the digibank mobile app or the net banking platform.
Download the digibank mobile app on your smartphone. Launch the app and click on the "Get Personal Loan" link on the login page.
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.