Personal loans help meet urgent expenses or big financial needs. Many think only salaried people can get them. Salaried applicants do have an easier approval due to a fixed income. However, non-salaried individuals can apply too. Banks and Non-Banking Financial Companies (NBFCs) now offer loans to freelancers, self-employed people and business owners.
Lenders (banks or NBFCs) check income stability, credit score, and documents before approval. It helps them assess repayment ability. In this guide, we explain who can get a personal loan and how eligibility works. It will also cover why documents are needed and what salaried and non-salaried applicants should know before applying.
Many people think lenders prefer salaried employees. It is because salaried applicants:
These make them look more reliable to lenders. Earlier, lenders only wanted people with regular monthly income. That’s why the idea spread that only salaried people could get loans. However, things have changed. Lenders know people earn money in many ways, like:
Today, personal loans are available to a wide range of earners, not just salaried employees. DMI Finance also offers personal loans to salaried, self-employed, and business owners.
Self-employed individuals can apply for personal loans. Earlier, proving income was difficult, but banks have made the process easier today.
A self-employed borrower could:
They can qualify as long as they show steady income. Lenders usually ask for:
Lenders also check how stable the business is and how it has been running. The process is easier if the borrower has a good credit score and a regular income. Some banks or NBFCs even offer loan products designed specifically for self-employed people.
People who do not have a fixed monthly income can also apply for personal loans. It includes those earning through:
Applicants must show their income is stable. Lenders usually ask for documents such as income tax returns, bank statements, or proof of regular earnings. A good credit score also helps a lot. If an applicant has a strong payment history, lenders are more confident in approving the loan.
Whether you are a salaried, self-employed or a business owner, you can apply for a DMI Finance personal loan of up to ₹10 lakhs. Here’s the step-by-step application process:
You will receive the funds directly into your bank (within 24–72 hours).
Whether you are salaried, self-employed, or a freelancer, lenders check a few key factors before approving a personal loan:
1. Income Stability
Lenders want to make sure you can pay your EMIs on time. They check how regular your income is and if it is enough to cover your expenses, along with the loan.
2. Credit Score
Your credit score shows how well you have managed past loans and credit cards. A higher score reflects a good repayment history and increases your chances of approval.
3. Bank Statements
Bank statements reveal how you manage your money. They show income inflows and spending patterns, helping lenders assess financial discipline.
4. Existing Loans
If you already have multiple loans, lenders may be hesitant. They check your debt-to-income ratio to see if you can handle another loan.
5. Employment or Business History
Stability matters. Salaried individuals are usually expected to work in the same company for at least 3-6 months. Self-employed applicants should have a running business for at least a year.
If you are a non-salaried individual, you can improve your chances of getting a personal loan by following these steps:
1. Maintain a Good Credit Score: Pay off all your debts on time. Avoid applying for multiple loans at once.
2. Keep Bank Transactions Clean: Avoid unexplained cash deposits. Manage your income so that it is easy to track.
3. Reduce Existing Debt: Try to settle some loans before applying for a new one.
4. Choose the Right Lender: Some banks or NBFCs specialise in loans for self-employed or freelancers. Applying to them can increase your chances.
The belief that only salaried people can get personal loans is outdated. Today, lenders support all types of earners. Whether you are self-employed, freelance, or run a small business, you can apply as long as you show a stable income. Lenders focus more on your financial behaviour, credit score, and documents than on your job type.
For a smooth borrowing experience, consider a DMI Finance personal loan. It offers a 100% digital process, minimal documentation, flexible loan amounts, and customizable EMIs. With fast disbursal to your bank account, transparent charges, and no hidden fees, DMI Finance makes it easy to borrow confidently when you need funds the most.
1. Do lenders offer lower loan amounts to non-salaried applicants?
Yes, some lenders may offer smaller loan amounts to non-salaried applicants because their income can vary. However, DMI Finance offers personal loans up to ₹10 lakhs to salaried and non-salaried individuals.
2. Can I get a personal loan if my income comes in cash?
You may get approved only if you can show a clear record of deposits and proper financial documents.
3. Do online lenders treat salaried and self-employed applicants differently?
Some online lenders use flexible checks and may approve self-employed applicants faster than traditional banks.
4. Will using a co-applicant help if I am not salaried?
Yes, a co-applicant with stable income can increase approval chances and may reduce interest rates. But check before applying whether the lender accepts co-applicants.
5. Do lenders check my digital payment history if I don’t have salary slips?
Yes, lenders review your bank statement to analyse your income.
6. Can I use rental income alone to qualify for a loan?
Yes, if you can provide valid proof, such as rent agreements and bank statements. It depends on lender to lender.
7. Do lenders prefer applicants with longer bank histories?
Yes, 12 months of stable bank statements can make approval easier for non-salaried people.
8. Can seasonal workers qualify for a loan during their off-season?
It is harder, but lenders may approve if the yearly income pattern is stable.
9. Will switching jobs affect my loan approval chances?
Frequent job changes may raise questions, but lenders consider overall income stability.
| Personal Loan of Different Amounts | ||
| ₹50,000 Personal Loan | ₹1 lakh Personal Loan | ₹2 lakh Personal Loan |
| ₹3 lakh Personal Loan | ₹4 lakh Personal Loan | ₹5 lakh Personal Loan |
