How to Get a Personal Loan for Non-salaried Individuals

It may be challenging to secure a personal loan for a non-salaried individual due to irregular income. However, Bajaj Markets simplifies the process by allowing you to compare lenders offering competitive interest rates starting from 9.99% p.a. 

When in search of an instant personal loan for a non-salaried individual, you could get one of up to ₹50 Lakhs with flexible tenure options of up to 96 months. Whether you are a freelancer, entrepreneur, or self-employed professional, Bajaj Markets connects you with lenders that offer tailored financial solutions, which could meet your unique needs.

Non-salaried individuals can apply for personal loans by meeting specific requirements set by banks and NBFCs. Here's how to get personal loan for a non-salaried person:

Prove Income Stability

Lenders require evidence of consistent income to assess repayment capacity. Non-salaried individuals can provide bank statements, Income Tax Returns (ITRs), or business financials as proof.

Maintain a Good Credit Score

A strong credit score of 750 or above increases the likelihood of loan approval. It also helps in securing competitive interest rates and favourable terms.

Provide Necessary Documents

Applicants must submit identity proof, address proof, and income-related documents. Lenders may request additional paperwork based on their specific policies.

Choose the Right Lender

Bajaj Markets, a financial marketplace, allows you to compare lenders offering loans for non-salaried individuals. You can evaluate interest rates, tenures, and loan amounts to choose the most suitable option for a personal loan online for a non-salaried individual.

To qualify for a personal loan for a non-salaried individual on Bajaj Markets, you need to meet the following criteria:

• You must be an Indian citizen

• Applicants should be self-employed or earning through any consistent income source

• The minimum age requirement is 18 years

• A monthly income of at least ₹10,000 is necessary

• A work history or business tenure of at least 1 year is required

• Maintain a CIBIL score of 600 or above to enhance your eligibility

Here are the documents you need to submit when applying for a personal loan for a non-salaried individual:

• Identity Proof: Provide a PAN card, Aadhaar card, voter ID, passport, or driving licence

• Address Proof: Acceptable documents include Aadhaar, voter ID, passport, driving licence, or recent utility bills like electricity or telephone bills

• Income Proof: Submit bank statements from the past 3 months or any other evidence of consistent income

• Photographs: Two recent passport-size photographs are required

Here are the application steps for a personal loan online for a non-salaried individual:

1. Begin by clicking on the ‘Check Eligibility’ option

2. Fill in your name, contact information, and other required details

3. Choose the loan amount and repayment tenure that best suits your financial needs

4. Complete the application by submitting the form for lender verification

Securing a personal loan for a non-salaried individual is simpler with Bajaj Markets  . By meeting the eligibility criteria, providing the required documents, and applying through their user-friendly process, you can access loans with competitive interest rates and flexible tenures. Evaluate your financial needs and choose a loan option that aligns with your repayment capacity for a stress-free experience.