06 April, 2025 | 11:01 IST
Getting a personal loan sounds easy, right? You apply, get the money and spend it as needed. But before a bank or lender gives you the funds, they need to be sure you can actually repay it. That’s where income proof comes in. It is basically your way of showing lenders that you earn enough money regularly to handle the loan payments. Whether you are salaried, self-employed, or even a freelancer, lenders want to see proof of your income before approving your loan.
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A personal loan is a type of loan that can be used for any personal financial requirement without needing to pledge any security or asset. These loans are provided by banks, non-banking financial companies (NBFCs) and online lenders. The amount and tenure of the loan depend on factors like income, credit score, and repayment capacity.
Income proof helps lenders assess the financial stability of the borrower. Since personal loans are unsecured, the lender takes on more risk. To minimise this risk, lenders check income proof to ensure the applicant has a regular income and the ability to make timely payments. A higher income and job stability often lead to better loan terms and interest rates.
You can apply for personal loans up to Rs 50 lakhs from eight lenders through the Moneycontrol app and website in a completely paperless process. The interest rates for these loans start at as low as 10.5%. The 100% digital process ensures quick disbursal within a few minutes to a few hours, depending on the lender.
While applying for a personal loan, lenders ask for various documents to verify identity, address, and income.
For salaried individuals:
For self-employed individuals:
Income proof criteria for different applicants
Lenders have different income proof requirements based on the applicant’s employment type:
1. Salaried individuals
-Must have a minimum monthly salary (varies from lender to lender, usually Rs 15,000-Rs 30,000)
-Must be employed for at least 6 months to 1 year
-Income proof required: Salary slips, bank statements, Form 16
2. Self-employed individuals
-Must have a stable business with at least 2–3 years of continuous income
-Must have a minimum annual turnover as per the lender’s requirement
-Income proof required: ITR, bank statements, profit & loss statement
3. Pensioners
-Must have a stable pension income
-Income proof required: Pension statement, bank statement showing pension credits
4. Freelancers and gig Workers
-Must show consistent earnings for the past 6–12 months
-Income proof required: Bank statements, ITR, payment invoices
What if you don’t have sufficient income proof?
If you do not have conventional income proof, you can still get a personal loan through:
Income proof is essential for getting a personal loan, as it helps lenders evaluate your repayment ability. If you lack standard income proof, options like secured loans or a co-applicant can help. Always compare lenders for the best terms.
ALSO READ: How to get a quick personal loan: Your essential guide for instant loan approval
Moneycontrol’s platform offers loans up to Rs 50 lakhs from eight lenders, with interest rates starting at 10.5% per annum. The process is fully digital for quick approval.
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