Quick approval, minimal documents, and flexible repayment options
Share with your community!
Getting a loan for someone who doesn’t have income proof is a challenging task. There is a mix of professionals like freelancers, gig workers and self-employed individuals who struggle while taking a loan. While in the past, the traditional lenders used to check monthly income from the salary slips, and it used to be difficult for them to access the purchasing power of those who had fluctuated earnings to get credit. But that’s in the past because now an individual can avail a loan without having income proof.
At Instalment Express, we provide flexible loan solutions for self-employed professionals, freelancers and small businesses, who don’t fit in with the standard structure of lending.
Here’s everything you need to know while applying for a loan without income proof.
There are various ways to get a loan without having the income proof; following these ways will maximize your chances of getting a loan.
A strong bank statement solves the purpose of not having income proof because, in that case, you can showcase your credit repayment ability by your bank statement. Your receipts from the clients and customers are recorded in the bank statement. A strong bank statement from the last six to twelve months proves that the individual has a strong income stability.
Even if an individual has a fluctuating income, then ITR can be considered as a record for income. It tells the financial behavior and builds credibility for the individual.
If you find it difficult to get an unsecured loan, you can take a secured loan by offering collateral such as property, fixed deposits or gold. Instalment Express provides secured loan options that help individuals to get access to credit with less hassle.
Traditional banks have stringent lending criteria, whereas Non-Banking Financial Companies (NBFCs) and fintech lenders, like Instalment Express, offer more flexible loan options. Many NBFCs provide no salary slip loans, relying instead on alternative credit assessment methods such as digital payment records and transaction history.
A strong credit score (typically above 700) can offset the absence of formal income proof. Your credit history reflects your repayment habits, influencing lenders’ decisions. Paying off previous debts and maintaining timely credit card payments can boost your score and increase your loan eligibility.
Freelancers and self-employed professionals can showcase their stable income by presenting long-term client contracts, invoices, or regular work agreements. This assures lenders of your ability to generate steady income, even without salary slips.
Having a co-applicant (such as a spouse or family member with a stable income) can strengthen your loan application. Similarly, a guarantor with a strong financial background can provide assurance to the lender, increasing your chances of approval.
Instalment Express offers multiple loan solutions designed to meet the financial needs of self-employed professionals:
Being self-employed doesn’t mean you can’t get a loan. By exploring alternative income proof options, improving your creditworthiness, and choosing the right lender, you can successfully secure a personal loan without income proof. If you’re a freelancer, entrepreneur, or gig worker looking for financing, Instalment Express is here to help.
Apply for a loan today and get the funds you need—quick, easy, and hassle-free!
Visit Instalment Express to start your application now.
Sign up for insights, financial tips, and special offers straight
to your inbox
The Loan You Need, The Privacy You Trust
With Instalment Express, getting a loan is fast, easy, and stress-free.
Instant
Basic Docs
Secure
