There are currently over 1.2 crore gig workers in India, which is approximately 2% of the total workforce. The one common problem all these gig workers share when availing a personal loan is the lack of salary slips and consistent income. However, many lenders are now offering personal loans for gig workers, considering their inconsistent but substantial income.

If you are wondering if you can get a personal loan as a gig worker or freelancer, the answer is yes. The documents and eligibility requirements, however, are different for gig workers than those of salaried individuals. In this blog, we will explore how you can get a personal loan as a gig worker.

Personal Loan Eligibility Criteria for Gig Workers

Gig workers can get personal loans in India, although there are some challenges to keep in mind. In contrast to salaried workers with a fixed monthly income, gig workers and freelancers usually have unpredictable incomes. No formal pay records and uncertainties regarding the continuity of the job add more to this challenge.

You can still apply for a personal loan as a gig worker or freelancer in India, given you meet the eligibility criteria. Here is the DMI Finance personal loan eligibility criteria for reference:

• Age Requirements: You must be at least 23 years old at the time of application.
• Minimum Income Threshold: Your average monthly income must be at least ₹25,000 per month.
• Minimum Credit Score: 700  

Documents Required

Type	Documents
Identity Proof	Aadhaar, PAN, Passport, Voter ID (Anyone)
Address Proof	Aadhaar, Utility Bill, Rent Agreement (Anyone)
Income Proof	Salary Slips / Bank Statements / ITR (Anyone)

Also read: How much of a loan can I get on a ₹25,000 monthly salary?

How DMI Finance Personal Loan Can Work for Gig Workers

 Here are the favourable features of DMI Finance personal loans for gig workers:

• No salary slip is required. A bank statement of the last 6 to 12 months could work as proof of income.
• No collateral needed. You do not need to pledge any asset or property to get a loan.
• We do not ask loan applicants to show working experience for particular months.  

How to Apply for a DMI Finance Personal Loan?

Here’s the step-by-step application process:

1. Download the DMI Finance app from the Play Store or App Store
2. Open the DMI Finance app and log in using your registered mobile number
3. Tap on “Apply Personal Loan” to begin your application journey
4. Enter Personal & Employment Details, including employment type, monthly income, educational qualifications, and residential address.
5. Enter your bank account details to allow DMI Finance to verify your income details securely
6. Select the loan amount you need and pick a repayment tenure that suits you.
7. Complete the e-KYC process by entering your Aadhaar details
8. Review your address, then provide your bank account details to enable automatic EMI payments (e-Mandate)
9. Read and accept the loan terms and conditions, and you’re done!

Your application will be submitted for review, and you’ll be notified of approval shortly.

Tips for How Gig Workers Can Get Personal Loans

The following are some of the tips to enhance the chances of loan approval and better terms:

• Maintain a Good Credit Score: Monitor your credit report regularly and ensure that you maintain your CIBIL score of above 700 by paying all credit card bills on time.
• Maintain Clear Records of Income: Maintain a bank record that can show your earnings.
• Select lenders that have Gig Worker-Friendly Policies: Choose lenders like DMI Finance who are open to giving loans to salaried and non-salaried individuals.

The landscape of personal loans for gig workers is changing rapidly as lenders are now taking notice of other sources of income. With the right lending partner and financial discipline, you also get favourable terms that make the personal loan affordable.

At DMI Finance, we are committed to making financing accessible to all, whether you are a salaried or a gig worker. With our accessible financing, we support gig workers with the option to avail loan amounts ranging from ₹50,000 to ₹5 lakhs in simplified digital processes. Apply for a loan now.

Frequntly Asked Questions (FAQs)

1. Can gig workers get a personal loan without a salary slip or work history?

Yes, you can get a personal loan as a gig worker by providing alternative documents like 6-12 months of bank statements.

2. What documents are required for the application of a loan for freelancers in India?

Applicants generally need a bank statement, PAN, Aadhaar, and address proof.

3. How to improve approval chances for a personal loan for freelancers in India?

Here are a few tips you can follow to improve your personal loan approval chances as a freelancer:

1. Maintain clean banking habits
2. Keep 12 months of income proof.
3. Keep a credit score of 700+
4. Approach digital-first lenders

4. What loan amounts can gig workers typically get approved for?

Depending on the income and documents, gig workers in India can generally get a personal loan without a salary slip anywhere between ₹50,000 and ₹5 lakh.

4. Are gig workers in India eligible to take a personal loan?

Yes, gig workers are eligible for personal loans in India. Instead of salary slips, you can provide alternate income documents, like bank statements.

5. What should be the minimum salary of a gig worker to get a personal loan?

At DMI Finance, we provide personal loans for gig workers with a minimum monthly income of ₹25,000.

6. Is a credit score required of gig workers?

Yes. A CIBIL score of 700 and above enhances the chances of personal loan approval.

7. What are the usual causes of loan rejection in gig workers?

Here are some reasons why personal loans for gig workers often face rejection:

• Low or fluctuating income
• Low credit score
• High existing debts
• Irregular bank transactions