After struggling a lot one get employed to earn his/her livelihood. In addition to this, there are constant work pressures and adverse office environment that an individual may go through to stay employed. Many people switch from one company to another to get an increment in their salary. After serving for a period of time comes marriage and the responsibilities that come with it. After marriage, most of the couples go for a honeymoon to spend quality time together. But all these things cannot be accomplished without money. Here comes the need of a personal loan.
For getting a personal loan, most of the people check for the document requirements on several websites and find salary slips or pay slips for last 3-6 months as one of the essentials. Some people don’t get a salary slip from their company and a big question comes in their mind whether Personal Loan Without Salary Slip is possible or not. To know about this, let us proceed further.
Situations That Can Lead to Approval of Personal Loan Without Pay Slip
Many companies don’t offer salary slips to their employees, but they provide the salary certificate, proving payment made to the employee. So that you can show it to the lenders as a proof of your income. Also, when you look at the bank statements, your salary could be read as Salary Credited to XXX account, that is also a proof of the income you earn. The bank statement sometimes reveals the name of the employer, further evidencing your income. If the employer’s name does not appear on the bank statement, you could be asked to get a stamp of the company and a signature of the competent official on the statement copy. If you follow all these things you can get a personal loan even if the salary slips are not there.
Secured Personal Loan Can Be Granted
If you have a fixed deposit (FD), car, house, life insurance or some other immovable and movable property, you can get a personal loan by mortgaging these. This is known as a secured personal loan, always available at lower interest rates compared to unsecured loans. However, the loan amount would depend on the value of collateral and how far it the quantum of finance. So, if the loan amount is greater than or equal to the value of collateral, you can get 100% finance. Otherwise, the loan amount would decrease and you need to search for outside help to cover the prerequisite funds for marriage and other personal purposes.
Have a look at Personal Loan Interest Rates
As Personal loans are unsecured, they come at an interest rate of anywhere between 10.99%-25% per annum. However, the rates can vary depending upon the tenure and loan amount you may opt for. Other things influencing the interest rates include the credit score and income of an applicant. Select 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 period of a loan. You can easily get an idea of the installments using the EMI calculator. You just require to enter the loan amount, tenure and rate of interest.
Hence, from the above points, it is clear that a person can avail personal loan without having salary slips or pay slips. But they need a valid proof of income, which could be a bank statement showing the credit of salary or a salary certificate.