Personal loans are not bound by salary slips. But, all lenders will ask you to submit proof of income. Personal loans are offered to both salaried and self-employed individuals. When you mention your occupation in your personal loan application as ‘Private’ or ‘Salaried’, it can be mandatory that you need to submit the salary slips. On the other hand, the self-employed individuals are not needed to submit payslip. However, they will have to submit ITR returns and bank statement of last 3 to 6 months.
The salary slip becomes mandatory in a personal loan just based on the type of profession. If you are a salaried employee but could not get a salary slip, you may request your employer the receipt of the payment made or income certificate which may be accepted by banks.
If you are unable to get salary slips, you may onboard a guarantor whose income can be used for eligibility. However, you need to check with the lender for such approvals.
Bank account statement is another proof that banks considers for your income provided your salary should be credited to the respective account. If they find a regular deposit of monthly income, the lender will be convinced to offer you the personal loan.