Rise the Chances of Getting Instant Loan Without Income Proof
Instant loans are nothing but personal loans and getting an instant loan has become much easier as it is easily accessible and convenient. You can get an instant loan with just minimum documents and a simple online process. However, if you are missing income proof documents, it can be a little challenging to get an instant loan. But still there are a few tips and tricks that you can follow to increase the chances of getting an instant loan without income proof.
Before going further, let us look at the eligibility criteria required for Instant loans.
Eligibility Criteria for Instant Loans
- The applicant should be an Indian citizen.
- The age ranges between 21 to 60 years.
- The applicant must be a salaried employee or self-employed
- The monthly income must be a minimum of INR 21,000 per month.
- The credit score of the loan applicant must be above 750.
Tips to Get an Instant Loan Without Income Proof
Sometimes, if you don’t have proper documents like your income proof, you can show your lender that you are still credible. So here are a few tips you can follow to increase the chances of getting an instant loan without income proof.
- Repay your existing debts: If you are creditworthy, the lender will be ready to offer loans. And you can improve your creditworthiness by repaying all your existing and outstanding debts as soon as possible.
- Improve your credit score: A credit score typically indicates the overall credit health of an individual, and it ranges from 300 to 900. It shows your ability to repay the loan consistently without defaulting. Moreover, if your score is above 750, you will be known as a low-risk borrower. So if your credit score is low, you can improve it by making timely repayments, repaying your existing debts, keeping your old accounts open, etc. And also, you have to check your credit score from time to time to keep track of your financial health. You can also quickly check your score using Buddy Score and get the whole credit report instantly.
- Maintain your Debt-to-Income ratio: A Debt-to-Income ratio (DTI) shows how you manage your current and past debts with your current monthly income. So lenders expect you to maintain this ratio to less than or equal to 50%. The lesser the DTI ratio, the greater your repayment ability. Therefore, having a low Debt-to-Income ratio will make you a credible borrower.
- Relationship with the lender: You can gain the trust of your lender if you have already taken loan from them and repaid on time. Since the lender already knows your credit status and credibility, the lender will be ready to offer you a loan even if you do not have income proof.
EndNote
Getting an instant loan without income proof can be quite challenging but not impossible. Follow these tips and tricks and increase your chances of getting personal loans even if you don’t have income proof. But for a safer side, keep an alternative proof of income documents such as your Form 16, bank statements, etc.
