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Getting a loan with Salary in Cash

India is a country where there is a lot of unemployment and most of the people lack even basic banking knowledge. Banking awareness is one of the most important thing that one must really focus on. It is mainly due to the lack of banking awareness that people fall prey to frauds. Even after the evolution of GST, demonetization and cash flow regulatory guidelines provided by the Reserve Bank of India (RBI), people do not follow the cash flow guidelines.

There are still a huge number of companies where the employer pays wages or salaries to their employees in Cash and there are multiple reason for this. Either the employer is not aware of how banking works in a company or the employer has a lot of black money that he wants to use by giving salaries in Cash. Black money here refers to the money that does not have any proof of existence and its source.

As per a survey, people having proprietor firms and registered partnership firms avoid opening a bank account, whereas other kind of companies like a Limited Liability Partnership (LLP), Private Limited and Limited companies prefer paying salaries in employees account via bank transfer from the company’s account. Now let us get back to the main point and discuss about the most commonly asked questions.

I am getting Salary in Cash, can I get a personal loan?

An ideal answer to this question would be “No”. A personal loan is basically an unsecured loan which simply means that it is not backed up with up any asset. So you need to provide income proof in order to get a personal loan. If you employed with a particular firm, then you must provide at least 3 months salary slips and recent bank statement of one year which would be sufficient to prove that you are employed and have a regular income in your account.

In some cases, you have chances of getting a personal loan even though you do not have any income proof. If you have a good track record of previously running loan with an NBFC, you might get an offer from the NBFC of a personal loan simply based upon your track record. In other cases, some NBFCs ask for Income Tax Returns (ITR) and give you a personal loan on the basis of it.

If you have good track record of previously running loans along with good Cibil score, you can probably apply for a loan through many loan apps available out there for mobile phones. Here are few apps where you can apply for a loan even if you get your salary in cash, but the only thing you need to keep in mind is that you must consider yourself as self-employed instead of salaried before applying. Have a look at the apps below:

  1. Early Salary: Early Salary is a good app that will provide you a credit line starting from ₹ 5,000 and can go up to ₹ 2,00,000. It will not ask for your salary slips which makes this app better than other apps available. Your chances of getting an increased limit are high if you keep paying your outstanding on time.
  2. Credy: Credy is the most recent app that has introduced features like credit card repayment and refinances which other apps lack. Although there are no reviews yet on which we can decide if the app is worth giving a try or not, yet one can try it as it also accepts people with low Cibil score. However, the only limitation that was found in this app was that they provide finance only to people living in Bengaluru, Chennai, Mumbai, and Pune.
  3. IndiaBulls Dhani: IndiaBulls Dhani app is an asset of IndiaBulls group which is a diversified financial services group providing finances for homes, personal needs & consumer finances. It provides personal loans to salaried professionals, self-employed and even to business owners. You can go for this app only if you have good Cibil score, otherwise, you will be wasting your time in installing the app and later uninstalling it in a couple of minutes.
  4. Paysense: Paysense is also a good app to get a loan, but it will give you a very small amount of loan limit which you won’t be comfortable taking. If you are looking for a small amount, then this app is for you. Quick and easy disbursal are the key advantages of this app.
  5. Money View: Money View offers a huge variety of loans through your phone. This app would have been placed on position “1” but it has a lot of documentation and verification which makes this app hard to use and messy.

 
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