If you don’t have salary slips available with you then you can look at the following ways to get a personal loan –
1. Submission of Bank Statements: If the employer of the applicant pays his or her salary in cash, there is a good chance that they might be depositing it somewhere in some form of personal savings account on a monthly basis. Additionally, it is also possible that the applicant might be withdrawing the same on a regular basis in order to pay for things. Given that a salary slip is rarely issued for an employee that is being paid in cash, they can produce their bank account statements. Generally, lenders request borrowers to submit their bank account statements going 3 months back at the very least. If the executive representing the lender sees the regular deposit of a more or less similar amount on any given day of a particular month, the statements can almost double up as your salary slips.
2. Submission of Tax Returns:
If the salary slips are not there then the borrower can present their tax returns to the moneylender, which can likewise function as verification of pay. Assuming the borrower has been paying their charges routinely, the records can be referred to and will assist you with presenting your credit worthiness against the loan amount you desire.
3. Submission of a Letter from the Employer: Additionally, the borrower can also request their employer to provide proof of the fact that they are getting paid by the said employer. Generally, a statement printed on the company’s letterhead that has the authorized signature of the employer will also similarly help the borrower build their case.
4. Submission of Offer Letter: The aspiring borrower can also choose to provide an offer letter that has been issued by the employer. The figure that has been stated on the offer letter tends to act as proof of income too when one or many of the documents mentioned above fail to do so. However, it must be noted that it does not necessarily act as the same as it is not a definite proof of a stable income. Instead, an offer letter is only proof of the fact that an employer is willing to pay the borrower a certain amount of money every month should they choose to join them at their office. Hence, it is always advisable for an individual to produce salary slips in order to prove that they actually earn enough money every month for a healthy lifestyle as well as paying off the personal loan on a cash salary. Obtaining salary slips should not pose a problem since if an employee is paid in cash, they have to sign a particular voucher every time it happens so that the relevant officials can maintain a record of the same for internal accounting purposes also.
5. Avail a Loan Against Investments: If the points mentioned above do not work for the salaried person, a personal loan on cash salary can always be availed by the borrower, but against their investments. This would mean the personal assets will have to be pledged. The acceptable list of assets includes gold, mutual funds, fixed deposits, and other securities, which can be offered as collateral. Lenders tend to happily accept them as they tend to appreciate in value, but they only give a loan against those properties when they satisfy a specific loan to value ratio.
