If you’re a student in India juggling tuition fees, rent, exam costs, or an unexpected emergency, you may have considered borrowing money to stay afloat. And if you’ve come across Groww Credit, you’re likely wondering:
“Can I get a loan if I don’t have a salary slip?”
The short answer: Yes, it’s possible—but with a few conditions.
In this blog, we’ll break down how Groww Credit works for students, whether you can qualify without a salary, and how to plan your monthly budget to handle loan repayments wisely—just like building a solid budget from scratch.
Why Students Are Turning to Digital Loan Apps
In today’s digital age, many students:
- Pay for online courses
- Cover college hostel fees
- Handle emergencies without parental help
- Buy gadgets like laptops/tablets
Apps like Groww Credit offer flexible borrowing options—even if you’re just starting your financial journey.
Can Students Get a Loan from Groww Credit Without a Salary Slip?
✅ Yes, but it depends on a few things:
Just like a budget depends on income and expense tracking, your loan eligibility depends on your profile.
Here’s what Groww Credit may consider if you don’t have a salary slip:
1. Alternative Documents You Can Use:
| Requirement | Alternatives for Students |
| Income Proof | Scholarship letter, stipend slip, bank statement showing regular inflow |
| ID Proof | Aadhaar card, PAN card |
| Educational Status | Student ID, college admission letter |
2. Other Factors That Help You Qualify
- Decent CIBIL Score (650+) (if you have one)
- Active bank account with regular transactions
- No history of loan defaults
- Having a part-time job or freelance income can also boost your chances
Step-by-Step Guide: How to Apply as a Student Without Salary Slip
Just like setting up a personal budget, applying for a loan takes a few simple but crucial steps:
1. Download and Register on the Groww App
- Sign up with your mobile number
- Complete basic profile info
- Enable notifications and email updates
2. Complete KYC Without Salary Slip
You’ll be asked for:
- PAN Card
- Aadhaar Card
- Live Selfie / Video KYC
- Student ID or admission proof
💡 Tip: If you don’t have income proof, provide a bank statement showing regular transfers (e.g., from parents, part-time job, or scholarship).
3. Apply for a Small Loan or Credit Line
Start small—₹2,000 to ₹10,000. This builds your credit history and shows Groww Credit that you’re financially responsible.
4. Get Approval and Repayment Terms
If approved, you’ll see:
- Loan amount
- Interest rate
- EMI/month
- Repayment duration (usually 1 to 6 months)
How to Budget Your Student Loan Repayments
Now comes the important part—managing your monthly money. Here’s how to budget like a pro:
✅ Step 1: Track Your Monthly Income
As a student, this could include:
- Pocket money
- Freelance work
- Scholarships
- Part-time job
- Parental support
✅ Step 2: List Your Fixed Expenses
- Hostel/PG rent
- Internet/mobile bills
- Food
- Groww Credit EMI
- Transport
✅ Step 3: Track Your Variable Spending
- Cafeteria or food delivery
- Shopping
- Subscriptions (Spotify, Netflix, etc.)
- Events or hangouts
✅ Step 4: Follow the 50/30/20 Rule
Even students can use this method:
- 50% Needs: Rent, EMI, food
- 30% Wants: Outings, snacks, entertainment
- 20% Savings/Prepayment: Emergency fund, early EMI repayment
Smart Tips for Students Using Groww Credit
Just like good budgeting habits, smart loan habits lead to long-term financial confidence:
🔐 DOs:
- Start with a small loan and repay on time
- Use it for needs, not wants
- Set reminders for EMI due dates
- Use budgeting apps like Walnut or Money View
🚫 DON’Ts:
- Don’t borrow for shopping or impulse spending
- Don’t skip EMIs—it affects your credit score
- Don’t rely solely on loans—build alternate income sources
Final Thoughts
Yes, students can get a loan from Groww Credit without a salary slip, especially if they provide alternative proofs like bank statements or student IDs. However, the key to success is responsible borrowing and a working monthly budget.
Whether it’s your first loan or first time managing money on your own—use this opportunity to build financial discipline. A small loan repaid on time can be your first step toward building a strong credit profile.
📌 Quick Student Loan Checklist:
✅ PAN & Aadhaar
✅ Student ID or admission letter
✅ Bank statement or alternate income proof
✅ Budget plan for EMI
✅ Set up reminders for payments
