When applying for a personal loan, the lenders check your cibil score. Your cibil score is very helpful in getting a personal loan and is used to meet the eligibility criteria. It is available for those applicants who do not have salary slips or income evidence.
According to theislandnow, the repayment methods change from time to time, and the lender decides on which one is offered. It depends on the borrower’s credit record. Here are some ways to get a personal loan without proof of income:
- Maintain a better credit record
The credit score plays a vital role when you apply for a loan. All the lenders examine your credit score before the approval of the loan. Your credit score is a three-digit structure that indicates your previous credit and payback history.
If you need a personal loan, then a credit score of 700 or more is considered best. If you want to keep the best credit score, then it is suggested that you pay your financial commitments and EMIs on proper time.
- Select the best lender with simple eligibility criteria
if you think you are qualified, the procedure of getting the personal loan should be created as easily as possible. Resultantly, choose the best lender with simple terms and conditions and complete the requirements that will make the process convenient.
- Apply with the co-signer
You can be brought the co-signer if you do not have a good credit score or stable income resources. According to theislandnow applying with a co-signer with the best credit history increases the chances of loan approval from the lender.
This happens because lender believes it is safest to lend money when they make their investment with the help of constant income. It will help you to get money from lenders to fulfill instant financial demands.
- No remaining debts
If you are in the process of debt, then it is difficult to get a personal loan without income proof or a wage slip. Clear all the debts may be a reduction in the debt-to-income ratio. It will make it easy for all borrowers to get credit from lenders.
A salaried person gets the rejection for a personal loan if the debt-to-income ratio crosses 30-40 percent.
- Offer alternative income evidence.
It may be difficult to determine income proof, particularly when you are self-employed. If you need to avail of the personal loan without income verification, some other documents are acceptable to follow:
- FD receipts
- Family member income proof
- Bank statement
- Tax records
- Rental income proof
- Regular invoicing and so on.