June 13, 2024
SOLOBIS

Can You Get Personal Loan without Salary Account?

Unsecured personal loans are given on the basis of salary proof as it is the only proof of the income. But, do people who do not have a salary account also get this loan? There are many people who get do not have a salary account. So, for such special cases, some banks offer personal loan to those who do not have a salary account. Or you can say that it is possible that if you get salary in cash or cheque can also get this loan.

Which banks offer personal loan to non-salary account holders?

There are many people who get their salary in their savings account. Banks need salary slips of the applicant to track their income flow. Most of the banks offer better rates to those having salary account with them. So, as such, there is no limitation to the number of banks. Almost all banks give personal loans without salary account. The condition might be that unsecured personal loans might not be given but secured personal loans can be availed. So, let us look at the features of secured personal loans:

Features of Secured Personal Loan

  • Loans are given against the title of ownership of assets, which will be used as collateral (like homes, vehicles, assets, property).
  • Lower interest rates as compared to unsecured loans, because the bank has a higher level of confidence in your ability to repay.
  • More flexible repayment options than regular loans.
  • Option of fixed rate and variable rate.
  • Loan approval is faster.
  • Customizable loans to cater to specific needs.
  • These loans are available to non-salaried individuals.
  • There is no need for a guarantor for these types of loans.
  • Banks and lenders can repossess assets for which loans were taken.
  • Improves CIBIL score once secured loan has been repaid in full. More favourable than unsecured loans.

How To Avail Personal Loan without Salary Account

Eligibility Criteria if No Salary Account
You must meet the following requirements to be eligible for a secured loan:

  • Applicants must have reached the age of 18 years or older.
  • Applicant must be a resident of India.
  • Most banks and lenders require the applicant to have a minimum annual income of Rs.3 lakh per annum.
  • Income can be generated from regular salary, non-salaried income and business income.
  • For loans based on business income, the business must have been running and generating a profit for the last 3 years.
  • Applicant must have assets, whose value must match or exceed value of loan required.

Documents required for Personal Loan

Documents you will require for different kinds of secured loans are:

  • Identity Proof
  • Address Proof
  • Income Proof

So, those who do not have a salary account can look for banks offering personal loan to non-salary account holders. There are many options. Also, as you have read above, the rates are also lower as compared to unsecured personal loans.

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