Personal Loan Without Salary Slip

Is Personal Loan Without Salary Slip Possible?

Finance

After a lot of struggle in the open market does one get a job to earn his/her bread and butter. Plus, there are constant work pressures and adverse office environment that an individual may go through to stay employed. Many switch from one company to another to get their salary up all the time. After serving for a fair length of time comes marriage and the responsibilities that come with it. Immediately after marriage, many couples go for a honeymoon to spend quality time together. But both marriage and honeymoon require money to get accomplished.

On checking the document requirements on several websites, you would find salary slips for last 3-6 months as one of the essentials. And, if you don’t get a salary slip from your company, you may wonder whether Personal Loan Without Salary Slip is possible or not. To find the answer, read the article further.

Instances That Can Lead to Approval of Personal Loan Without Salary Slip

There can be many companies not offering salary slips to their employees. However, they can provide salary certificate, attesting your remuneration, on demand. You can thus show it to the banks as a proof of your income. Also, when you glance at the bank statements, your salary could be read as Salary Credited to XXX account. Even that is a proof of the income you earn. Sometimes, the statement even reveals the name of the employer, further evidencing your income. If the employer’s name does not appear, you could be asked to get a stamp of the company and a signature of the competent official on the bank statement copy. Following all these would prompt the concerned lender to approve a personal loan even if the salary slips are not there.

Secured Personal Loan Can be Granted

If you have a house, car, fixed deposit, life insurance or some other movable and immovable property, you can get a personal loan by mortgaging these. This is called as a secured personal loan, invariably available at lower interest rates. The loan amount, however, would depend on the value of collateral and how far it covers the quantum of finance. So, if the loan amount comes at par with the value of collateral, you can get 100% finance. Else, the loan amount would reduce and make you search for outside help to get the requisite funds for marriage and other personal purposes.

Do Glance at Personal Loan Interest Rates

Personal loans, being unsecured,come at an interest rate of anywhere between 10.99%-25% per annum. The rates can, however, vary based on the loan amount and tenure you may opt for. Other factors influencing the rates include the income and credit score of an applicant. Choose from the best rates available to pick the right deal for you. Lower the interest rates, lower would be the quantum of EMI and interest outgo over the course of a loan. Get an idea of the installments using the EMI calculator. You just need to enter the loan amount, rate of interest and tenure.

So, a personal loan is accessible to those not having salary slips. But they do require a valid proof of income, which could be a salary certificate or a bank statement showing the credit of salary.

 

Vikas Das is one of those expert writers in finance who has enlightened the readers about various banking and investment products like personal loan, home loan, car loan, mutual fund, fixed deposit and others.

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