personal loan

Is Personal Loan Without Income Proof Possible? Check Out Here

Finance

Life is a fascinating territory that presents varied situations for you to enjoy and deal with. While there are happy moments such as marriage to celebrate, you could also face critical situations like a medical emergency to tackle. Amidst all, you can’t deny the importance of money, can you? Money suffices a lot of needs and wishes. But the irony is most of us find short of that to celebrate with elan or resolve the crisis on hand.

However, a personal loan comes as a friend that takes you through the good and bad times. To grab a loan offer, you must have income that can help pay the installments with ease. At the same time, you need a proof of the income you have. Most salaried and self-employed, however, lack the income proof.

So, will they be denied a credit? Not exactly. You must be wondering how, right? There are a few ways by which personal loan without income proof can be granted. Wanna know those ways? Read the article further.

Personal Loan for Salaried without Income Proof

Employees in some organizations may not be getting salary slips which many receive on a monthly basis. The slip clearly shows the break-up of salary in terms of basic pay plus the allowances with the company name at the top. It gives a proof of the salary one receives. However, you can present the bank account statement showing the credit of salary. Plus, you must have the signature and seal of your employer on the statement. Also, salary certificate can be issued to you on request.

The certificate would clearly show your salary, instilling confidence among lenders about your income. Even a letter from the company certifying your salary with a signature and seal of the competent official would do the job for you.

Personal Loan for Self-employed with No Income Proof

Can personal loan for self employed without income proof? Yes, they can. Self-employed businessmen, particularly the smaller ones, are most likely not to have any income proof. In their case, a personal loan can be granted provided they have a property with them to mortgage. Even loan against fixed deposits and mutual fund investments can be granted to them. All that form the part of a secured personal loan.

How Much EMI Likely On Your Personal Loan?

Doesn’t matter whether you are salaried or self-employed, you must know in advance the EMI applicable to your loan. This will help you budget your spends accordingly for a smooth payment of the installment.

You, therefore, must use the personal loan EMI calculator that takes into account your loan amount, the rate of interest and tenure to compute the installments. So, go online, find the calculator and sum up the installments applicable. While using the calculator, do experiment with figures, especially of tenure. Although a personal loan can be granted for a maximum of 5 years, it’s not advisable to go for such a long tenure.

Try to cut it down to 4 years and check how much of an interest is getting saved. Also, check the hike in EMI due to a shorter tenure. If you can pay the additional EMI, it’s worth going for 4 years and save a lot of interest.

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