Home / Money / Personal Finance /  How can I take a personal loan without an income proof?

I’m a student. I want to take a loan of 2 lakh to join a coaching programme. I plan to repay the loan after getting a job. Can I get a loan solely in my name as I want to carry the burden of it personally and not pass on the burden to my parents. However, the problem is that the bank is asking for my salary slips from the recent three months, which I don’t have. Should I opt for a loan from a digital lending app instead? Are they safe? Do they have any hidden charges or processing fees? Can taking such a loan affect my Cibil score?

—Pelu Upadhyay


A loan taken from any bank will require you to submit the income proof (how will you repay the debt, that’s what the bank wants to know), collateral security (in case of any default in loan repayment, the bank needs to protect its capital), guarantor (a back-up that the bank will ask for in case of any default and from whom they can recover their outstanding capital).

All these checks the bank will follow to ensure its safety. At the same time, the new players do offer a more flexible approach. But all of them will also ensure that the checks and balances are in place to ensure their capital is secured.

And for that the basic documents required for getting a loan will be PAN (Permanent Account Number) card, Aadhar card, active bank account details and income proof.

In your case, as there is no income proof, you will be required to provide some form of guarantee. It is advisable that you make your parents as a co-borrower and they are jointly responsible.

And if the loans are paid on time, it does not adversely impact your credit score.


I’m about to start a company at the age of 40. I have a capital of 30 lakh as personal savings and I also have angel funding. I want to invest about 10-15 lakh. My wife has a regular income and we own a house. How should I plan to start my startup?

—Name withheld on request


As you startup requires 10-15 lakh and you do have the funds available from your own sources, it is prudent if you use your own funds to invest in the startup.

You do carry the advantage of having a secondary source of income as your spouse has a regular income and you have your own house.

The surplus funds you have over and above the startup fund can then be invested partially in banks or funds which are liquid and partially for long-term investments.

Surya Bhatia is managing partner of Asset Managers.

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