Is Instant Cash loan without Income Proof Possible? Not having an income proof is an impediment, especially, when you want to avail personal loans. As personal loans are unsecured loans (no securities are asked to be pledged), lenders do a thorough check about the income details of the borrower. Salary slips and other documents reflecting the credit of salary are needed to be produced before the bank in order to avail the personal loan. Worry not. There’s a ray of light for people who earn their salary as cash and have no income proof as such. Yes, instant cash loan without income proof is possible Let’s check out some alternative measures that can help you get a personal loan, if you don’t have any income proof. How to get Instant cash loan without Income proof? One of the mandatory factors that banks check before giving loans is your income details. A thorough check is done on the company background and Salary slip is the first thing they’ll ask you to produce before giving away loans. So, if you are receiving income in cash or payments in cash for your business, can be a problem when you want to avail a personal loan. However, there are some other measures which help you can apply to get the finance you are seeking from lending institutions. Instant Cash Loan Against Fixed Deposit & Securities: Having a fixed deposit can help you bag a personal loan without any income proof. You can pledge your fixed deposit account with the bank to get a personal loan. This is done to minimize the risk of default. Loan amount provided to you will be 80-90% of the fixed deposit amount. In order to be eligible for higher loan amount, you should pledge an FD account of higher value. If you possess securities like Mutual Funds, Life Insurance Policy or gold, you can pledge these as collateral to avail the personal loan. In the event of default, ownership of these securities will be transferred to the bank. So make sure to pay your EMIs on time when you take a personal loan against securities. As the lender has your securities, they won’t ask you for any income proof. A Letter from the Employer: An official letter from your employer, stating the amount of salary paid to you in cash, can be produced before the lenders to increase your chances of getting the loan. This letter should be duly signed by the company head and should also bear the company’s seal. However, some lenders do not accept this letter while giving out loans - contact your lender to confirm. Income Tax Returns Documents: If you receive your income in cash but have managed to file your Income Tax Return (ITR), then you should produce the latest ITR
document to the lender. This can help lenders to gain confidence in you with the loan amount. ITR has all the relevant details about your salary and employer. By looking at this document, lenders evaluate your credit worthiness. Bank Statements: Income through cash or cheque and if you are regularly and you are depositing either of these into your bank account, then the bank statement is your ticket to procure instant cash loan without income proof. Submission of the bank statement for the last six months reflecting the deposit of salary into your savings account can get you the loan. But, of course, this is not the only criteria on the basis of which you will have access to the personal loan amount. Lenders will evaluate other criteria as well. Offer Letter: Some banks and NBFCs also accept offer letter as an income document while providing personal loans. But this is not treated as a concrete proof because it doesn’t show your consistency with the current organization. In worst case scenarios, banks accept this as a proof. Above were some of the hacks to get an instant cash loan without income proof. You can request the lender to accept any of these methods in order to vest you with the personal loan.