If you don’t have a salary slip, getting a personal loan without a salary slip can feel impossible. Some lenders (Banks & NBFCs) in India still ask for salary slips as the primary proof of income.
But here’s the good news: If you can show your income in other ways, a loan without a salary slip is absolutely possible, especially with RBI-registered digital NBFCs such as DMI Finance, which assess multiple financial and behavioural data points rather than relying on a single document. We offer personal loans of up to ₹10 lakhs without a salary slip.
In India, many people don’t receive formal salary slips at all:
This blog explains how to get a personal loan without a salary slip in India, the alternative income documents that lenders may consider, and how lenders decide your eligibility.
Salary slips make life easy for lenders. They quickly show:
From this, a lender estimates:
That’s why some lenders still rely heavily on salary slips while assessing personal loan eligibility. However, for self-employed professionals, lenders may rely on alternative financial indicators instead.
Yes, you can get a personal loan without a salary slip from DMI Finance, subject to meeting eligibility criteria and successful assessment of alternative income proofs such as bank statements. Loan sanction, amount and terms are subject to internal credit policies.
A personal loan without a salary slip and a bank statement is rare; most lenders will need some proof. But a loan for the self-employed without a salary slip or for people without formal payslips is possible when other documents are strong.
People who can benefit:
To apply, you must meet the DMI Finance personal loan eligibility criteria:
Required Documents
This is the most important part if you’re asking: how to get a personal loan without a salary slip in India. Here’s the step-by-step application process:
You will receive the funds directly into your bank (within 24–72 hours).
A personal loan without a salary slip is no longer a myth in India. If you have a stable income (even without a salary slip), maintain healthy bank statements, and keep a strong credit score, then you can still be eligible for a loan without a salary slip from a Reserve Bank of India (RBI) approved lender like DMI Finance. Apply for a personal loan today.
1. Can I get a personal loan without a salary slip and ITR?
Yes, it is possible. DMI Finance offers personal loans with a salary slip or an ITR.
2. What are the minimum documents required for such a loan?
Generally:
3. Will my interest rate be higher if I don’t have salary slips?
Not always. Interest rate depends on the risk, and that depends on your overall credit profile, not on your salary slip. The higher the risk, the higher the rate.
4. Can self-employed people get a personal loan from DMI Finance?
Yes, self-employed individuals may be eligible if they:
5. How much loan can I get without a salary slip?
With DMI Finance, eligible applicants can get between ₹30,000 and ₹10 lakhs, depending on income, current debt, and overall credit profile.
6. Can I get a personal loan without a salary slip in India?
Yes, in many cases. Some lenders accept alternative income proof like bank statements, ITR, or Form 16 (for salaried) instead of a salary slip—depending on your profile and credit history.
7. Why do lenders ask for salary slips in the first place?
Salary slips help lenders verify:
8. Who usually applies for a loan without salary slips?
Common cases include:
9. Is a bank statement enough to get a personal loan without salary slips?
Yes, especially if your bank statement shows regular monthly income credits. DMI Finance considers a bank statement as proof of income.
10. Can I get a personal loan without a salary slip and a bank statement?
It’s difficult. Most lenders need some income trail. If not a salary slip, then at least bank statements, ITR, or another verifiable income document is usually required.
11. Does not having a salary slip reduce my chances of loan approval?
It can, but it doesn’t automatically disqualify you. Your chances improve if you have:
12. What credit score is good for getting a personal loan without a salary slip?
There’s no universal cut-off, but a higher score generally improves approval chances and may help you get better terms. DMI Finance offers personal loans to individuals with a 700 or above credit score.
13. Can a freelancer get a personal loan without a salary slip?
Yes. DMI Finance offers personal loans to freelancers.
14. Can self-employed people get personal loans without salary slips?
Yes, self-employed applicants don’t have salary slips anyway. DMI Finance offers personal loans to self-employed individuals.
15. How much loan can I get without a salary slip?
Loan amount depends on:
So it varies widely by person and lender.
16. How fast can I get a personal loan without a salary slip?
Timelines depend on your profile and document readiness. If your alternative proofs and KYC are clean and verifiable, processing can be faster. DMI Finance takes 24 to 72 hours after approval.
17. Can I apply for a DMI Finance personal loan without a salary slip?
Yes, you can. If you don’t have a salary slip, eligibility may still be assessed using alternative income proof (as per policy), such as bank statements. The best way is to check eligibility and see what documents are required for your profile.
18. What’s the easiest alternative to a salary slip?
A bank statement showing regular monthly income credits is usually the easiest alternative.
19. What’s the #1 reason loans get rejected without salary slips?
Lack of a clear income trail (no consistent credits / weak documentation) is the most common reason.
Important Disclaimer: DMI Finance Limited is an RBI-registered Non-Banking Financial Company (NBFC). Loan approval, tenure, interest rate and disbursal are subject to eligibility, credit assessment and applicable regulatory guidelines. This blog is for informational purposes only and does not constitute a loan offer.
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