Personal loans are helpful when you need financial coverage for personal issues. In order to get a personal loan, you have to be eligible by meeting the lenders’ criteria. The criteria are set to ensure the identity, address, and source of a stable income. To get a personal loan, apply online through Fullerton India’s InstaLoan app! You can easily avail of a quick loan with the new loan apps available in the Indian market.
Since a personal loan is basically borrowing money from a lender, the lender needs to ensure that the borrower can repay his money. The borrower must show valid proof of his income. These documents need to be given in to assure the safety and security of both parties. It is a must to get a personal loan, and any salaried person can simply show the receipt of the salary drawn in the last three months. However, do you wonder what can happen when you don’t have access to a salary slip? Do you know that you can still get a quick loan without a salary slip?
Here are some of the possible options to avail a personal loan without a salary slip:
#1 Alternative Proof of Income
You must show proof that ensures you have a stable source of income. For any loan to get approved, the borrower is responsible for convincing the lender to trust him with his money. The lenders need to know that the borrower would be able to pay the EMIs and successfully repay the loan within the designated tenure.
Thus, you must show at least some proof to the lender that reflects your income. If you are not salaried and own a business or similar, you need to present evidence of your profit. It is to ensure the lender knows you can pay the installments later.
#2 Credit Score
A credit score is a crucial aspect of getting a quick loan. To get a personal loan, apply online anytime if your credit score is at least 750. The maximum limit if a credit score is 900, and a good credit score can help your documentation process to get more lenient. Fullerton India’s personal loan documentation process is quite easy; however, the whole process becomes even smoother if your credit score is thriving.
Fullerton India’s InstaLoan app allows potential borrowers to check their credit score before applying, so you can now check instantly for a quick loan.
#3 Go for a Secured Loan
Secured loans are generally those which are secured with collateral. When you are already keeping collateral as a deposit, it becomes easier for the lender to trust you. Collateral is a security asset against which the loan has been provided. You can choose a personal loan and apply online if you have collateral ready. Your salary slip will not matter since the lender will no longer have to worry about the repayment.
#4 Apply with Another Person
Having a co-applicant helps the security liability to get divided. The co-applicant can compensate you even when you do not have a salary slip to show. If the co-applicant has a steady monthly income, then the lender will trust you with his money. In short, either of the applicants will have to win the lender’s reliance.
To get a quick loan without a salary slip, you are required to make sure that the co-applicant has a reliable source of income from either a salaried job or business.
#5 Choose Your Lender Wisely
The approval of a personal loan depends on the lender too. The best option is to go for a lender with lenient terms and conditions. If the documentation process is strict, then it is more likely that the lender will not approve your loan if all criteria are not met properly. However, if you can form a good connection with the lender, it can make the process easier. If you can establish a good relationship with the lender, he or she might consider some factors and make the process easier for you.Fullerton Indian’s InstaLoan app is a one-stop solution for anyone looking for a quick loan. Personal loans can certainly help when you need money, and even if you do not have salary slips, it is still possible to get a loan approved by following these simple steps.