Detailed Guide on Personal Loans For Self-Employed without Income Proof
While evaluating a Personal Loan application, repayment capacity and a healthy credit score are the key parameters that lenders consider. Salaried employees can furnish salary slips and Form 16 as income proof. But for self-employed individuals, this is not an option. For availing of unsecured loans like Personal Loans, documents related to income proof are mandatory. Here are the requirements to procure Personal Loans for self-employed with no proof of income.
The following is the eligibility criteria to secure Personal Loans for self-employed with no proof of income. You should:
While you can avail of a Personal Loan for Self-Employed without financial documents, you still need to provide basic documents like:
Here are some things you can do to qualify for Personal Loans for self-employed with no proof of income.
Try to maintain a healthy CIBIL score of 600 or higher. A high CIBIL score defines your creditworthiness as a borrower and can be your trump card when applying for a Personal Loan without proof of income. Ergo, always ensure to pay your credit card bills on time and not default on EMIs.
Providing alternate income proof is one of the easiest ways to get a Personal Loan for self-employed with no proof of income. These can include income from house rent, fixed deposits and other investments offering regular income sources.
Taking on a loan jointly with another co-applicant who can furnish income proof increases your chances of approval. You can also consider assigning a guarantor who can testify to your loan repayment capacity.
If you have an existing, long-standing relationship with your bank, it becomes easier for them to assess your creditworthiness and eligibility for a loan and sanction the loan amount you need at your preferred interest rate. All this is possible even if you do not have sufficient proof of income.
Personal loans for self-employed with no proof of income are proof that everyone can qualify for a loan. However, borrowers must ensure they fit the lender's eligibility criteria and fulfil the necessary terms and conditions associated with the loan.
Download the digibank mobile app on your smartphone. Launch the app and click on the "Get Personal Loan" link on the login page. Also, you can open savings account with us.
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.