Apply for a Personal Loan Without Income: Obtaining a personal loan is important for people who need money badly, but traditional banks frequently ask for a stable source of income, so candidates must provide proof of income whether applying online or offline. Although evidence of income is necessary, many banks provide personal loans without this condition. For insights, read this article if you’re looking for quick money without proving your income.
While traditional banks retain high requirements for approving personal loans, a new breed of small finance providers has formed, eager to market their businesses and grow their clientele. Many organizations that are registered with the Reserve Bank of India (RBI) provide authorized lending services without demanding proof of income, which is a strict requirement.
Request a Personal Loan Without Providing Proof of Income
This change in strategy gives those without traditional sources of income access to much-needed financial support, which is especially advantageous for them. These finance institutions have embraced technology and made it even more convenient by allowing online applications through smartphone-friendly mobile applications, which do away with the need for in-person branch visits. This technology integration reflects the changing dynamics of the financial sector while also simplifying the application procedure.
Advantages of a loan without proof of income
Many companies now provide easy-to-use online application platforms where clients may apply for personal loans, which normally have an aggregate amount of 2 to 5 lakh rupees. First-time applicants typically receive low initial loan amounts, but consistent repayment might result in larger loan amounts for later applications. It’s crucial to carefully consider the interest rates, as tiny loan organizations can charge higher rates—up to 36% annually, in some cases.
However, lower interest rates may be accessible to people with good credit and a stable banking history, even though these rates may still be higher than those provided by conventional banks. Borrowers can arrange for up to 24 months of equivalent monthly installments (EMI) to facilitate the repayment process. With the exception of finishing the Know Your Customer (KYC) process, the application process is really simple and doesn’t require any additional paperwork. The input of Aadhar and PAN card details is part of the KYC process, which guarantees a seamless loan application approval process.
How to Apply Without Providing Proof of Income for a Personal Loan
- Install the mobile application from the Play Store or App Store by choosing a lending firm.
- After that, you must provide your information, such as your name, address, phone number, and account details. You will then receive an OTP for verification.
- The next step is to finish the KYC via the details from your PAN and Aadhar cards.
- The business will now calculate your banking activity and make a loan offer based on your credit score and further requirements.
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
A list of mobile applications providing loans without proof of income
We’ve compiled a list of 10 well-known mobile applications that make it simple to submit an application for a personal loan without providing proof of income. But, in case there is another app that offers personal loans, you should actively search these as well:
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 the Paytm mobile application.