We all face situations where we could use a little extra money. Maybe your family wants to go on a weekend trip, your home appliances need repair, you need to upgrade your phone or there is a medical emergency. 

A personal loan without income proof could be extremely helpful in such situations. When you avail an instant loan, you get the money in your account quickly and without any hassles.

Understanding Personal Loans Without Income Proof

On Zype, you can get a personal loan without salary slip up to ₹5,00,000. You can complete your loan application in less than 8 minutes and get a credit line offer in less than 60 seconds. Once your credit line is activated, you can transfer money to your account in a single tap and enjoy same day disbursal on loans.

It is not mandatory to upload an income proof to get loans from Zype. However, if you need a higher credit limit, you can upload the bank statement of the last four months to get an updated credit limit offer.

Eligibility Criteria for Personal Loan Without Income Proof

You can get an approved loan offer from Zype by finishing a few simple steps of the loan application process. Before applying for the credit limit, check these criteria to see if you’re eligible for a personal loan without salary slip.

Age	18 years or above
Nationality	Citizen of India
Address Proof	Valid PAN & Aadhaar card
Salaried individual	Minimum monthly salary = ₹15,000

Documents Required for Instant Personal Loan without Income Proof

1. Proof of photo identity

Once your credit offer is generated, you would need to click your selfie online to complete the KYC process and unlock your credit line to get a personal loan without salary slip.

2. Mandatory documents

There is no need to upload any document to get an instant personal loan without income proof from Zype. Just enter your PAN and Aadhaar number along with a few other basic details to complete the loan application and KYC process. 

3. Income Proof (not mandatory)

You don’t have to submit an income proof to borrow money from Zype. You only need to upload the bank statement of the last four months if you are not satisfied with your credit limit and want to upgrade the same.

Interest Rates for a Personal Loan Without Income Proof from Zype

One of the most important things to check before availing a loan is the interest rate charged by the lender. The interest rate charged by Zype depends on the user’s credit profile. If you have a healthy credit profile, you will be charged a lower interest rate.

Below are interest rates and other details of Zype personal loans –

Loan Amount	Up to ₹5,00,000
Interest rate	Starts at 1.5% per month
Type of Interest Rate	Reducing interest rate
Tenure options	3, 6, 9 and 12 months
Disbursal	Same day disbursal
Interest on Overdue EMIs	Penal interest & late fees will be charged to your total outstanding loan on daily basis

How to Apply for an Instant Personal Loan Without Income Proof?

1. Download the Zype app and create your account by giving the following details – name, mobile number, PAN and employment details.
2. Based on this information, your credit limit will be generated.
3. Complete the KYC process by completing OTP on Aadhaar linked mobile number and clicking an online selfie.
4. You can now select the loan amount and repayment tenure and transfer money from your credit line to your account in a single tap.

Also Read : Personal loans without a PAN card – Is it a good idea?

5 Tips for Taking a Personal Loan without Bank Statement

1. You should avoid taking personal loans for impulsive purchases.
2. Read the loan terms thoroughly before taking a loan. It is important to understand all the critical details like interest rate, processing fee, foreclosure charges, etc.
3. You should only borrow the amount you need. If you start taking loans just because you are offered a higher loan amount, you can fall into a debt trap.
4. You should always pay your EMIs on time. This way, you will have a clean repayment history and you will be able to borrow money at a lower interest rate from personal loan apps without salary slip.
5. You should use a personal loan EMI calculator to compare EMI amounts for different tenures and then choose the one that best suits your budget.

Conclusion

Getting money from a personal loan app without salary slip is a convenient and quick way to meet your immediate money needs. You can take instant loans up to ₹5,00,000 from Zype without submitting any income proof.

Simply enter your basic details like name, PAN, mobile number, Aadhaar number and employment details to complete your loan application and KYC process and enjoy same-day disbursal of your instant loans.