InstaMoney accepts loan applications without a salary slip from self-employed individuals, freelancers, gig workers, and others who cannot provide a formal payslip. In place of a salary slip, applicants submit 6 months of bank statements showing regular income credits of at least Rs. 15,000 per month on average. A PAN card and Aadhaar are required by all applicants.
Who Does Not Have a Salary Slip?
A salary slip is typically available only to formally employed salaried workers whose employer issues them monthly. Millions of working Indians do not receive a salary slip, including:
- Freelancers and independent consultants paid per project
- Small business owners, shopkeepers, and traders
- Gig economy workers (Swiggy, Zomato, Ola, Uber delivery and driver partners)
- Home-based workers such as tailors, tutors, and craft workers
- Contract workers and daily wage workers with bank account access
- Salaried employees at informal or small companies that do not issue payslips
If you fall into any of these categories, you can still apply for an InstaMoney loan.
What the NBFC Looks for in Your Bank Statement
Here is what the NBFC partner reviews:
- Average monthly credits over the submitted period: must be at least Rs. 12,000
- Consistency: income that appears regularly every month is assessed more favourably than occasional large deposits
- Balance maintenance: a healthy average balance with no persistent overdrafts indicates financial stability
- Existing debit obligations: existing EMI deductions or loan repayments already visible in the statement affect your eligible loan amount
One Document You Cannot Skip
All applicants must submit a PAN card and an Aadhaar card. These are mandatory for KYC verification under RBI guidelines and cannot be substituted by any other document.