Can I get Personal Loan Without Bank Statement?

Snneha Lukaa
February 21, 2020 0 Comment

You may be earning well, but would still not be eligible to get a loan as you might not hold a bank account or would be receiving money in cash. To be able to get a personal loan, it is important that you hold a bank account. A bank account makes it simple for you to carry out investments and also pay insurance bills, utility bills, and transfer and receive money in a simple way. When applying for a personal loan, submission of your bank statement is imperative as it helps lenders assess your credit eligibility. Read this article to know if you can get personal loan without bank statement.

Importance of bank statement for getting personal loan

Apart from your address, identity and salary slip, lenders in India make it compulsory for you to submit bank statement as it acts as a mirror of your financial history. If you are a salaried or self-employed professional, your monthly earnings are likely to get credited into your bank account that makes it easy for lenders to verify your monthly income and  decide on the loan amount they should offer you. Submission of the statement helps lenders get a fair idea of your income, existing liabilities and spending pattern. Lenders are likely to reject your loan application without submission of your bank statement and if you mislead them by providing incorrect information about your monthly earnings.

Getting a personal loan without bank statement
It is very unlikely that a lender in India may offer you a personal loan without submission of the bank statement. However, you can consider the below options to get the loan without a bank account.

Opt for payday loans: Known as salary loan, this type of loan is offered based on the submission of your salary slip. The loan is of unsecured type, thus not carrying any risk of offering any of your assets as security to the lender. This loan type is a suitable choice for individuals who cannot produce the bank statement. If you have just started with your job and have an urgent financial requirement to cater to, then getting this type of loan can be of great help. It is important to note that the interest charged on payday loans is usually higher than unsecured personal loans.

Apply with a peer-to-peer lender: Popularly known as crowed lending and social lending, a P2P lending platform allows borrowers to borrow and lenders to lend money without submission of the bank statement. Such loans carry high risk on the lenders end due to which the interest rate is comparatively higher. The loan is offered based on your credit score, KYC documents, income, residence type and others. 

Maintain good relationship with the bank: Applying for a personal loan with the bank you hold salary account with makes it simple for you to get the loan in an easy way. Always check on the net banking offers in your bank account and on the basis of your salary account, it can be simple for you to get a loan.

Improve your credit score: Having a high credit score makes it simple for you to get a personal loan as several lenders on the basis of your score can instantly accept your loan application. A high credit score denotes a good credit worthiness and healthy repayment behavior, giving the lender a fair idea of your financial history. If you don’t have a high score then you can look to improve it by paying credit card bills on time, maintain a low credit utilization ratio, maintaining a mixed bag of unsecured and secured loans and others.

Opt for credit card loan: Opting for a credit card loan does not require you to submit any documents as the loan is sanctioned against your card. Banks are likely to offer you an amount five times more than your credit card limit. The repayment can be done in EMIs in flexible tenures ranging from 12 months-60 months. 

Other documents required to get a personal loan in India

Below is the list of documents to be submitted for getting a personal loan:


Address proof such as Aadhar card, driving license, utility bills like electricity bill or mobile phone bill

Identity proof such as PAN card, driving license, voter’s ID, passport

Salary slip and Form 16