How can I take a personal loan without income proof?

—Pellu Upadhyay

For loan taken from any bank you need to submit income proof (how will you repay the loan, that’s what the bank wants to know), collateral security (in case of any default in loan repayment, the bank needs to protect its capital ) ), Guarantor (a backup which the bank will seek in case of any default and from whom they can recover their outstanding capital).

The bank will follow all these checks to ensure its safety. Plus, new players offer a more flexible approach. But they will all also make sure that checks and balances are in place to make sure their capital is safe.

And for that the basic documents required to get the loan would be PAN (Permanent Account Number) card, Aadhar card, active bank account details and income proof.

In your case, since there is no income proof, you will need to provide some kind of guarantee. It is advised that you make your parents as co-borrowers and they are jointly responsible.

And if the loan is repaid on time, it does not adversely affect your credit score.

I am going to start a company at the age of 40. i have capital 30 lakhs as personal savings and I also have angel funding. I want to invest about 10-15 lakhs. My wife has a regular income and we have a house. How should I plan to start my startup?

—Name withheld on request

As you need startup 10-15 lakhs and you have funds available from your own sources, it is prudent if you use your own money to invest in startups.

You take advantage of having a secondary source of income as your spouse has a regular income and owns a house of your own.

The surplus funds you have over and above startup funds can be partly invested in banks or funds that are liquid and partly for long-term investments.

Surya Bhatia is the Managing Partner of Asset Managers.