Financial Crisis can Strike Anytime

[caption class="snax-figure" align="aligncenter" width="662"][/caption]To fulfill specific life goals, you may have to seek help through a personal loan. Be it marriage, paying a child’s education fee, buying a gadget, or just an emergency medical problem, this type of loan gets disbursed in minutes. It\'s up to you, how you use it.

If you may not be aware, banks do not ask for any collateral when you apply for a loan. Hence it is categorized as an unsecured credit service. Just as a credit card loan requires a minimum amount of documentation. To qualify for a personal loan, banks have to evaluate many factors, right your age, income, job type at your location. Revenue is one of the critical things that banks take into account. And it is given preference over other factors because it determines your ability to pay EMI to exclude any outstanding repayment.

As for income, some people do not have a salary slip because they cannot apply for a personal loan. Well, some banks do offer loans even if you don’t possess an income statement as they factor in other conditions for approval. Let’s get to know how you can avail of a personal loan with a low income or no salary slip:

There is another option as well for someone who wants a loan fast: he can opt for a gold loan. Many banks offer a gold loan like yes bank, they offer yes bank gold loan. it is a fast process than a personal loan.

How much personal loan is an employee able to obtain?

The maximum amount of the loan is entirely determined by the bank. Some banks offer personal loans up to 50 lakhs, while others offer not more than Rs. 25 lakhs. As an employee, you can apply for a personal loan according to your annual earned income. The determination of the loan amount is entirely at the discretion of the bank.

Can one get a loan at a salary of less than Rs 15,000?

Yes, you can avail low a salary personal loan. Low-wage people often have to deal with a cash crunch as financial responsibilities are numerous. It is a fact that low wages can be an obstacle when you apply for a personal loan; however, some banks have come to your rescue to reduce your worries.

You can easily benefit from the loan although you earn less than Rs. 15,000 per month. You must comply with the following requirements, these include:

• You should be employed in a private or public enterprise or any governmental enterprise.

• Age should be between 21 to 60.

• Sometimes banks have a tendency to approve a personal loan for low-wage people if they reside in metro cities like Mumbai, Delhi, Bangalore, Chennai, and so on.

• You should have work experience of at least two years.

Can I get a personal loan with no payslip? You can still apply for a personal loan without a salary slip, especially if you’re self-employed. 

• You can validate your income by providing other financial documentation such as bank statements, income certificates, and tax returns, or Form 16.

• You may request the loan in conjunction with another applicant, who may be a member of your family. However, the joint applicant must have a stable income. This ensures that your other applicant will be prepared to repay, even if you do not.

• You can insist with your bank to obtain an asset-backed loan that you will have to pledge if you do not have a wage bill to file. These assets may be high-value FD, gold, or any other investment.

Documents Required for Personal Loan

• Proof of Residence

• Proof of Identity

• PAN Card

• The latest 3-month bank statement for employees, while self-employed must file a 6-month bank statement.

• Passport size photographs

• Office address proof in case of self-employed

Concluding:

Before applying for a personal loan with low income or without a pay statement, This makes it all the more essential to verify the eligibility criteria, monthly EMIs, loan processing charges your credit score, among other things.