You should follow various tips to get a personal loan without any income proof. If you do not submit your income slips or any form, such as form 16, then the following tips support you in getting the personal loan.
- Your credit record
A good credit score is very helpful in getting personal loans without proof of income the individual needs a 750 credit score and more to apply for a personal loan.
If your credit record is bad, you improve it easily with the help of using a credit card and maintaining the credit utilization ratio balance, paying the EMI at the proper time. It is suggested that you can boost your credit score by paying credit card bills on time.
- Offer alternative evidence of income.
It is very challenging to depict the daily evidence of income for the self-employed individual. You can show some income regarding documents such as bank statements, tax returns, rental income proof, etc.
You can also provide the evidence of income of family members, invoicing, and FD receipts that can also be acceptable for the approval of the personal loan.
- You must create a trusty identity
Trust plays a significant role when you borrow money from a lender. Firstly, you must win the trust of the lender. If the lender trusts you and you show them as a responsible borrower, then the lender will easily avail you of personal loans without proof of income.
- You have to maintain a better relationship with your lender
- You must pay the EMI’s on the proper time
- Maintain the balance of a healthy credit utilization ratio
- Apply with the co-signer
Applying for a personal loan with a co-signer is a good opportunity. A co-signer supports you in getting the personal loan at better terms, with a stable income and good credit score.
Moreover, in case your credit has any default, then the onus will be responsible for paying your whole amount of credit. Remember all the factors while applying for the loans.
- Giving preference to those lenders who have simple eligibility criteria
Getting personal loans without proof of income will be easy if you are eligible. It is suggested that you always select a lender with simple processing criteria and no difficult terms and conditions.
It will make the process smoother if you decide before applying for the loans.
The process to get a personal loan without income evidence
- Firstly install the application and visit the lender’s website
- Sign up on the app and create your account
- Completion of KYC by submitting your documents
- Check the personal loan section
- Fill in the loan amount and tenure that you want
- Then accept all the terms and submit a request