How To Get Rs 20,000 Urgently Without Salary? Check these important steps

A quick access to cash in case of an emergency or unexpected turn of events could be a saviour. But, without a salary the usual loan routes can feel like dead ends. Can you avail an emergency loan without salary in such a situation?

The good news is you’re not out of options with the emergence of new-age digital lending platforms. Today, plenty of lenders are opening doors for those who don’t have traditional income proof or salary slips.

Let’s take a look at how to secure a quick Rs 20,000-loan, even if you’re outside the category of conventional salaried borrowers.

What to consider before applying for a personal loan of Rs 20,000 without salary?

Before you dive into the application process, there are a few factors to keep in mind that can improve your chances of approval:

• Credit score: Your credit score – a 3-digit number ranging from 300 to 900 – is one of the primary factors lenders consider when assessing loan applications. A high credit score signals to lenders that you are a responsible borrower with a reliable repayment history. Maintaining a good credit score involves timely bill payments, low outstanding debts and no defaults. Usually, a credit score above 750 is favourable, increasing the chances of securing a loan without a salary slip. Users can check their credit score instantly for free on the Moneycontrol app and stay updated.


• Collateral or guarantor support: In the absence of a salary, some lenders may be willing to offer loans if you can provide collateral or a guarantor. A guarantor with a stable income can vouch for your repayment capabilities, which helps reduce the lender’s risk.


• Proof of alternative income: For self-employed individuals or those running small businesses, alternative income proofs can serve as a substitute for salary slips. Official documents, such as income certificates, IT returns or bank statements showing regular transactions, can demonstrate financial stability. These proofs help assure the lender that you have a steady income source despite not drawing a monthly salary.


• Good relationship with the lender: If you have an established relationship with a lender, it may work in your favour. Lenders are more likely to approve loans for applicants with whom they have a positive history. Building trust over time can sometimes allow for more flexibility in documentation requirements, including waiving the need for salary slips.


• Secured loan option: Unlike unsecured loans, secured loans require collateral, which reduces the need for salary slips as a verification of repayment capability. By providing security, you reassure the lender, making them more likely to approve a loan of Rs 20,000.


• Co-applicant option: Applying with a co-applicant, ideally someone with a strong credit score can strengthen your loan application. A co-applicant’s credit history can add credibility to your profile, and in many cases, lenders prefer to offer loans to joint applicants.

Documents needed for a personal loan of Rs 20,000 without salary

Here are some essential documents that you may need when applying for a loan without a salary slip:

• KYC documents: These documents are necessary to verify your identity, residence, and date of birth. Common KYC documents include a PAN card, Aadhaar card, or passport.


• Proof of residence: Proof of your residential address can be provided through utility bills, rental agreements, or property ownership documents.


• Alternative income proof: For those applying without a salary, it’s crucial to provide proof of alternate income. This could be in the form of recent bank statements, income tax returns, or audited financial statements if you are self-employed.

Steps to apply for a personal loan of Rs 20,000 without salary

If you’re looking to get an instant loan online for Rs 20,000 without salary, follow these steps to improve your chances of approval:

1. Gather essential documents: Collect all necessary documents, including KYC details, alternative income proofs, address proof, and bank statements. Having these readily available can streamline the loan application process.


2. Check eligibility before applying: Confirm that you meet the eligibility criteria before submitting your application. Many banks offer an online eligibility check, which reviews your credit score, income, and other factors to determine if you qualify. You can get a free credit score and detailed report on the Moneycontrol app and website.


3. Choose loan amount and tenure: Use a personal loan EMI calculator to decide on the loan amount and tenure that best suits your financial situation. By calculating your monthly payments, you can ensure that the loan amount and tenure are manageable for you.

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Eligibility criteria for a personal loan of Rs 20,000 without salary

For those applying for a loan without a salary, here are some common eligibility requirements to keep in mind:

• Age: Most banks require applicants to be between 21 and 60 years.


• Alternative income: If you don’t have a regular salary, your alternative income should be credited directly to your bank account to provide proof of a consistent cash flow.


• High credit score: A credit score of 750 or above is usually required for favourable loan terms.

Overall, securing an instant loan online of Rs 20,000 without a salary may seem challenging, but it’s possible with a little planning. From building a good credit score to using collateral or seeking a co-applicant, there are various ways to improve your chances of approval.

Moneycontrol provides access to 100% digital, instant personal loans of up to Rs 50 lakh in partnership with fivelenders. You can secure your loan in just three steps — enter your details, complete KYC and set up EMI repayment. Depending on your employment status, you can choose a personal loan with interest rates starting at 10.5% per annum.