Freelancers, Get Personal Loans Without Salary Slips! Banks Focus on Income, Credit Score

• Freelancers can now easily obtain personal loans even without a salary slip, as banks and NBFCs assess overall financial stability.
• Key criteria for approval include a strong credit score (750+ ideal), consistent income flow in bank statements, and a clean ITR history.
• Required documents typically include PAN, ID, address proof, 6-12 months of bank statements, ITR details, and potentially GST returns, invoices, or client contracts.
• Interest rates for freelancers usually range from 9.9% to 26% annually, potentially higher than for salaried individuals due to perceived income instability.
• Tips for approval: maintain financial discipline, avoid multiple applications, consider a co-applicant for new freelancers, and carefully review loan terms.

Why It Matters: Freelancers can secure personal loans by demonstrating regular income, good credit, and proper documentation.