Funds received from a personal loan can be used for various things. You could use the personal loan amount to pay for unexpected medical bills, financing your dream vacation, or buying that gadget you always wanted. It is easier to get a personal loan if you receive your salary directly in your bank account as your bank statements will be proof of your loan repayment capability. But, to get a personal loan against salary that you receive in cash could be slightly tricky. However, it is not impossible for you to get a personal loan against a cash salary. Read on to know about the ways in which you can get a personal loan against your cash salary.
Yes, you can get a personal loan if you get your salary in cash. But, you must share your bank statements, offer letter, employment letter, salary vouchers, or income tax returns (ITR), as requested, to the concerned lender as income proof to get the personal loan against cash salary.
Yes, you can get a loan against your salary, but the maximum amount you can avail as a personal loan will vary from lender to lender.
Some lenders will offer you a personal loan of up to 30x your monthly income, while some lenders may be willing to give you more. Assuming that your monthly salary is ₹15,000, you may be able to get a personal loan of up to ₹4.5 Lakhs. However, the maximum amount a lender is willing to offer you will depend on your personal eligibility as well as the internal guidelines of the lender.
The kind of loan that is best for you as a salaried person will depend on your reason to take a loan. You can apply for all kinds of loans through Bajaj Markets by following a simple and hassle-free application process.
If you can furnish your income tax statements, salary vouchers, bank account statements, income tax returns, or any kind of official letter from your employer, then you are eligible for a loan against your cash salary.