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Tata Capital > Blog > Loan Without Income Proof

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Loan Without Income Proof

Loan Without Income Proof

Do you need a personal loan but are worried about your credit health? Well, here is the good news: even if you have a low income and a poor (or non-existent) CIBIL score, you can still get a personal loan.

Here are several alternatives available that you can explore to obtain a personal loan without having a credit score or providing proof of income.

Tips for How to Get a Personal Loan Without a Salary Slip and CIBIL Score

#1 Proof of alternate income  

You can provide an alternative source of income to the lender and establish your ability to repay the personal loan. This can include regular invoices, proof of income from family members, and receipts of fixed deposits or rental income. These documents will prove your financial stability and repayment capacity to the lender.

#2 Get onboard with a co-applicant

Another tip to secure approval for a loan without a salary slip, bank statement, and credit history is to apply jointly with a co-borrower. The co-borrower should be someone with a stable income from a job and a decent credit score. By adding a co-borrower, the lender will view the application as having more financial security and improve the chances of approval.

#3 Offer collateral as security

One of the best ways to get a personal loan without CIBIL and income proof is to offer valuable collateral. The lenders will not consider your salary slips or income because the repayment is almost assured with the collateral offered. Share certificates, gold, property and other assets could be pledged as security to facilitate faster loan approval. 

#4 Apply for a lower loan amount

When you do not have a credit history, asking for a high-value loan may be risky. Since the lender has no evidence of your creditworthiness, they may perceive it as a risk. Instead, plan a budget for your expenses and apply for a loan amount you can repay comfortably. If the lender is convinced you can repay the loan, they will approve it.

#5 Ask you lender for a NA/NH credit report

Another way to get a personal loan without CIBIL score or income proof is to request your lender to consider your case with a “NA” or “NH” on your credit report. “NA” or “NH” indicates that you have no credit history or no previous credit activity for the past 36 months. However, your lender may charge you a higher interest rate in such a case.

To End

A personal loan helps you sail through tough times and takes you a step closer to your dreams. So, do not let the lack of a salary slip discourage you from applying. Instead, follow the above tips to obtain a loan without income proof and credit history.

If you have been looking for a reliable financial partner, turn to Tata Capital. We offer personal loans at attractive interest rates with minimal documentation. 

So, don’t wait any longer to achieve your goals. Apply for a personal loan today.

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