High CIBIL score of 765+ but no salary slip? Here’s how to get a personal loan

A personal loan allows you to borrow money for any personal financial need, and the best part is that it doesn’t require any collateral. However, due to its unsecured nature, personal loan eligibility is strongly linked to income proof, making salary slips a preferred document among many lenders. 

The lack of a salary slip can discourage many self-employed and freelancing professionals from applying for personal loans, even when they have a good credit score.  However, getting a personal loan without a salary slip is possible, especially when you have a good credit score and opt for digital-first app. Based lenders.

What documents can replace a salary slip?
 

If you are seeking a personal loan without salary slips and have a good CIBIL score, you can provide alternative documents to get your loan approved. Some documents that you can use include:

• Bank statements (6–12 months): They can prove your regular inflows and your spending behaviour. Maintaining a healthy bank balance further underlines your financial stability.

• Income Tax Returns (ITRs): These are official, formal records of your earnings during the year. Consistent ITR filing is an industry-accepted proof of income and tax compliance.  

• GST returns (if applicable):Although not mandatory, GST-registered business owners and freelancers can provide GST returns to showcase their monthly inflow.

• Client invoices or contracts:These documents can indicate the steady pipeline of ongoing work and income sources.

With these documents in hand, you can easily apply for a personal loan online without a salary slip.

In case of digital first lenders like FIRSTmoney by IDFC FIRST Bank, you don’t need any paperwork or document uploads. All you need is your PAN and Aadhaar number for application and show your original PAN card during video KYC, as long as you meet the eligibility criteria. 

What are the factors that affect your personal loan eligibility?
 

In case of FIRSTmoney personal loan for self-employed, your eligibility is decided basis:

• Age: Should be 21 to 60 years

• Credit score: Have a CIBIL score of 760 and above 

GST registration or having an UDYAM certificate improves eligibility for higher loan amounts

CIBIL score of 765+? You’re eligible for IDFC FIRST Bank’s FIRSTmoney personal loan
 

You only need a CIBIL score of 760+ to apply for IDFC FIRST Bank FIRSTmoney personal loan for self-employed. Moreover, FIRSTmoney does not require any document uploads (such as a salary slip) during the application process. You can complete the entire application process online using only your Aadhaar and PAN numbers. Original PAN card must be shown only during the video KYC step. 

Below are just a few benefits of opting for FIRSTmoney as your personal loan partner:   

• IDFC FIRST Bank offers a digital-first loan process, which makes the loan application accessible from anywhere. 

• They use modern evaluation mechanisms that consider overall financial stability and the behaviour of the applicant

• The IDFC FIRST Bank FIRSTmoney Personal Loan for self-employed is available for up to ₹10 lakhs, with no documentation required 

• Funds can be disbursed in 10 minutes with IDFC FIRST Bank (once approved)  

• IDFC FIRST Bank FIRSTmoney does not charge any foreclosure fees

• You have the flexibility of choosing your own tenure (anywhere between 9 and 60 months)

• Interest rates start at 9.99% p.a.

With a CIBIL score of 765+, getting an IDFC FIRST Bank FIRSTmoney Personal loan is certainly possible, no salary slip is required!  

Conclusion
 

Even without salary slips, your financial behaviour and credit score can still speak volumes. Digital-first lenders like IDFC FIRST Bank prioritise borrowers with a good CIBIL score of 760+. This means that getting a personal loan without a salary slip is just a matter of maintaining your creditworthiness.