5 Factors Lenders Consider While Approving A Loan Without Income Proof

There are many people who have got a source of income but without income proof. For instance, you might have a rental property in your name for which you get a loan, but there is no document as such in your name. In such a situation, it might get difficult for you to get a personal loan.

For banks are usually known to get a thorough inspection before they approve of a loan, and income proof forms a significant part of it. But there are Non-Banking Financial Companies (NBFCs) that provide a personal loan without income proof. However, this does not mean that they do not look for anything else while approving the loan. There are certain factors a lender considers before granting you the loan. These factors are as follows:

Eligibility Criteria

There are certain sets of eligibility criteria that you must follow to get a loan without income proof. The criteria might differ with different lenders, but on a general basis, they are as follows:

  • Nationality: It goes without saying that you must be a citizen of India for the loan to get approved.
  • Age: Many banks and NBFCs demand an age between 23-55 years, but with some lenders, it could be more flexible, ranging from 18-65 years.
  • Documents: You will have to submit documents relating to KYC such as Aadhar card, PAN card, Voter ID etc. Although the age proof will be figured out from this document, some lenders might separately look for a birth certificate to confirm the borrower’s age.


Your CIBIL or credit score plays an important role in determining whether you will get the loan without income proof or not. A credit score reflects your creditworthiness by assessing your past performance in terms of how you dealt with loans and other financial matters. The better your financial condition is, the more able you are considered to pay the loan. So, if you are applying for a personal loan, it is always better to maintain a good credit score. This will give lenders the assurance that you will be able to pay the loan on time with due interest. A good credit score is 750, but with some lenders, you can get a loan with a credit score of 650 as well. So, even if you have a low credit score, you can get a loan without income proof.

Income Proof from Other Sources

If you do not have income proof of a salaried job, then you should try to submit proof of income from other sources. If you have got an income through rent, then submit documents such as rent bills. The same goes for income from Fixed Deposits (FD). Income from other sources will confirm your ability to pay off the loans on time.

Get a Guarantor

If there is a guarantor for your unsecured loan, then it also increases the chances of getting a loan without income proof. The lender will be more disposed to give a loan to a person who is backed by someone or who has a co-applicant along with him. This is because having a guarantor divides the risk in half for the lender.

Establish a Relation with the LenderĀ 

When a lender trusts you, he can credit you with a personal loan. But to keep the trust going, you should pay the EMIs in time, keep a good credit score, and maintain a minimum balance. Also, try to maintain a low credit utilisation ratio as much as possible.

These are some of the factors which a lender often considers when you opt for a personal loan without income proof. By checking on all these points, you stand a good chance to get a personal loan approved quickly.


James Harrison: James, a supply chain expert, shares industry trends, logistics solutions, and best practices in his insightful blog.