{"id":11563,"date":"2019-06-12T16:53:44","date_gmt":"2019-06-12T11:23:44","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?p=11563"},"modified":"2021-01-19T14:40:54","modified_gmt":"2021-01-19T09:10:54","slug":"can-i-get-personal-loan-if-im-getting-salary-in-cash","status":"publish","type":"post","link":"https:\/\/www.antworksmoney.com\/blog\/can-i-get-personal-loan-if-im-getting-salary-in-cash\/","title":{"rendered":"Can I get personal loan if I’m getting salary in cash?"},"content":{"rendered":"\n

Pay slip is the most fundamental requirement for Instant Personal Loan<\/a><\/strong>. Nevertheless in India, the majority of the employers offer salary in cash with no salary account. This is a problem for those who seek personal loans since lenders need salary slip so as to verify income and assess credit worthiness. <\/p>\n\n\n\n

But still, yes you can get\npersonal loan even if you get salary in cash and here is how:<\/p>\n\n\n\n

Produce IT return<\/strong><\/p>\n\n\n\n

If a person has no salary account but files income tax every year then they can produce their latest income tax return statement to the lender to verify. IT returns statement is considered to be a valid document, but somehow the Personal loan interest rates<\/strong><\/a> <\/strong>will be a bit higher than other loans<\/p>\n\n\n\n

Submission of bank statement<\/strong><\/p>\n\n\n\n

Cash salary and a normal savings\naccount in a bank can also fetch you a personal loan. For this you need to\ndeposit an amount on a fixed date every month. This will also help you to get\npersonal loan. You can submit a statement from the bank to the lender and it\nwill serve as an authoritative document to secure your loan. You may be asked to\nsubmit bank statement of minimum three months or even more.<\/p>\n\n\n\n

But in case the above mentioned two documents are not available then people with cash salary can also get personal loan<\/a><\/strong>. You just need to follow the below mentioned two alternatives:<\/p>\n\n\n\n

Loan against FD<\/strong><\/p>\n\n\n\n

If you have a fixed deposit\nin a bank then you can take personal loan by using the FD receipt. Normally you\nwill get a loan amount of around eighty to ninety percent of the FD amount. <\/p>\n\n\n\n

Loan against securities<\/strong><\/p>\n\n\n\n

Your property, mutual\nfunds, gold, shares, and LIC policy can serve as securities to be pledged for a\npersonal loan. Personal loans with these securities can be availed from public\nor private sector banks and finance companies. <\/p>\n\n\n\n

Loan by way of <\/strong>P2P (peer to peer) lending<\/strong><\/p>\n\n\n\n

Another handy alternative for personal loan against cash salary is P2P lending. Borrowers borrow money from the online market places at lesser interest rates from individual capitalists. Borrowers are the ones who are allowed to decide the Personal loan interest rates<\/a><\/strong>.<\/p>\n\n\n\n

As Instant Personal Loan<\/a><\/strong> is an unsecured loan, but still when a loan is taken against mutual fund\/shares\/FD receipts it is considered as a secured personal loan. This gives the lender lower risk. In case a person fails to repay the loan amount then the lender can send a request for fund from the respective authorities. The request should be signed and comprises of unit transfer and handing over the proceeds to the lender.<\/p>\n","protected":false},"excerpt":{"rendered":"

Pay slip is the most fundamental requirement for Instant Personal Loan. Nevertheless in India, the majority of the employers offer salary in cash with no salary account. This is a problem for those who seek personal loans since lenders need salary slip so as to verify income and assess credit worthiness. But still, yes you … Continue reading “Can I get personal loan if I’m getting salary in cash?”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":11564,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,10],"tags":[],"class_list":["post-11563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan","category-personal-loan"],"yoast_head":"\r\nCan I get personal loan if I'm getting salary in cash?<\/title>\r\n<meta name=\"description\" content=\"Getting a personal loan even if your salary is being paid in cash is not difficult. 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