Apply for a Personal loan without Income: Obtaining a personal loan is crucial for those in urgent need of funds, but traditional banks often require a solid income source, necessitating income proof during online or offline applications. While income proof is vital, numerous financial firms offer personal loans without this requirement. If you’re seeking immediate funds without showcasing income proof, check out this article for insights.
While traditional banks uphold strict criteria for personal loan approvals, a new wave of small finance companies has emerged, keen on expanding their customer base and promoting their business. Many of these companies, registered with the Reserve Bank of India (RBI), offer authorized loan services without the stringent requirement of income proof.
Apply for a Personal loan without Income Proof
This shift in approach is particularly beneficial for individuals without conventional income sources, providing them access to much-needed financial assistance. Adding to the convenience, these finance companies have embraced technology by allowing online applications through smartphone-friendly mobile applications, eliminating the need for physical branch visits. This technological integration not only streamlines the application process but also reflects the evolving dynamics of the financial sector.
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Benefits of the loan without income Proof
Many companies now offer convenient online platforms for customers to apply for personal loans, typically ranging from 2 to 5 lakh rupees. For first-time applicants, the initial loan amount tends to be modest, but diligent repayment can lead to increased loan amounts for subsequent applications. It’s crucial to carefully assess the interest rates, with small finance companies often charging higher rates, sometimes reaching a maximum of 36% annually.
However, individuals with a favorable credit score and a sound banking history may qualify for reduced interest rates, though these rates might still be comparatively higher than those offered by traditional banks. To ease the repayment process, borrowers can plan for up to 24 months of equated monthly installments (EMI). The application process is relatively straightforward, requiring no additional documents apart from completing the Know Your Customer (KYC) procedure. This KYC process involves the submission of Aadhar Card and PAN card details, ensuring a smooth approval process for the loan application.
Eligibility for Personal loan without Income Proof
- Indian citizens who are more than 21 years old are eligible to apply for personal loans in small Finance Companies
- The PAN Card, Aadhar Card, and bank account should be linked with the mobile number
- Applicant should have a good CIBIL score. A good CIBIL score is considered more than 750. As much as the CIBIL score is low, you will be charged higher interest rates.
- You should not borrow from any other bank
- The applicant should have internet banking facilities to apply for personal loans through online mode
- However, income proof is not required but you should have a proper source of income to repay the loan amount which will make trust in you.
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Documents Required for Personal Loan without Income Proof
- Aadhar card
- pan card
- bank account details
- mobile number
- email ID
- smartphone which has internet connectivity and a selfie camera for KYC
How to Apply for a personal loan without Income proof
- Select any mobile application loan company and install it from the Play Store or App Store on the mobile phone.
- After that, you have to enter your details including mobile number, name, address, bank account details, etc and you will receive OTP for verification
- After that, you have to complete the KYC by providing your Aadhar Card and PAN Card details.
- Now the company will calculate your banking activity and offer the loan amount according to your cibil score and other conditions.
If you agree with the terms and conditions then you can submit the application form online and after getting approval you will get the loan amount in your bank account instantly.
List of the mobile apps for loans without income Proof
We are listing some famous mobile applications where you can get a personal loan easily in the absence of income proof. However, you should also check manually these mobile applications for any other mobile app that is offering personal loans:
- KreditBee App: This mobile application offers a maximum of 2 lakh rupees personal loan so their customer after completing the KYC
- Smart coin mobile application offers a maximum Rs 1 lakh personal loan where you can get flexible repayment options loan
- Paytm personal loan: Paytm is also providing a platform where lenders and borrowers can contact each other for a personal loan, banks are providing up to 60000 instantly to the users of Paytm by using Paytm mobile application.