When it comes to urgent cash requirements, a personal loan is your friend. It enables you to satisfy your immediate financial obligations. If you have the necessary documents, you may get a personal loan from a variety of financial organisations in India. Certain paperwork is usually needed when asking for a personal loan. This process is vital to confirm your identity, source of income, and financial stability. These records reflect your capability to repay the loan. They give your lender the data he needs to evaluate your creditworthiness.
Keeping all of your documents organised can expedite the loan application process. It shall increase the chances of easy personal loan approval. So, let’s take a look at all the essential documents required to avail a personal loan. This article covers all the details that you must be aware of.
Necessary Documents for Personal Loans
Here is the complete list of all the documents for obtaining a personal loan.
List of Personal Loan Documents Required for Salaried Individuals
- Proof of photo identity:
- Passport
- Voter’s ID
- PAN Card
- Driving License
- Aadhar Card
- Address Proof:
- Passport
- Aadhar Card
- Utility Bill
- Ration Card
- Driving License
- Proof of Property:
- Property documents
- Electricity bill
- Maintenance bill
- Proof of Income
- Salary slips for the last three months
- Bank statement of the salary account for the previous six months
- Employment Proof:
- Appointment Letter of current employer
- Job contract
- Labour card
- Proof of Investment:
- Shares
- fixed deposit
- Bonds
In addition, you would also need one passport-size colour photograph while submitting your loan application.
Documents Required for Self-Employed Individuals
- Proof of photo identity:
- Passport
- Voter’s ID
- PAN Card
- Driving License
- Address Proof:
- Passport
- Ration Card
- Aadhaar Card
- Utility Bill
- Proof of Office Address:
- Incorporation documents
- Registration certificates
- MSME or GST registration documents
- Shop and Establishment Act certificate
- Office Ownership Proof:
- Maintenance bill
- Property documents
- Electricity bill
- Proof of Business Existence:
- Company registration license
- Tax registration copy
- Photograph: Coloured passport-size photograph
- Proof of Income:
- Income tax returns for the previous two years
- Audit report
- Balance sheet
- Profit and loss statement
- Savings and current bank account statements for the last one year
Documents Required for NRI Applicants
- Proof of Identity:
- Copy of your passport
- Copy of your visa
- Proof of Employment
- Employment Proof:
- Appointment letter
- Job contract
- Identity/Labour card
- Proof of Income
- Income Proof:
- Bank statements for the last 6 months
- Salary slips or salary certificate
- Photographs: Recent passport-size photographs
List of Documents Required for Pensioners
- Identity Proof:
- Aadhaar Card
- PAN Card
- Voter ID
- Passport
- Driving Licence
- Address Proof:
- PAN Card
- Driving Licence
- Utility Bills
- Bank Statement
- Ration Card
- Income Proof:
- Last 6 months bank account statements
- Salary certificate or salary slips for the last 6 months
- Photographs:
Recent coloured passport-size photographs
Importance of Documentation in Personal Loans
Giving your lender the proper paperwork might speed up the loan application process. After reviewing your documentation, banks and NBFCs evaluate you as a borrower. Thanks to technological improvements, the personal finance industry has advanced significantly. You may not need to submit a tonne of paperwork when asking for a loan. But it’s advisable to have these records available in case your lender requests to look at your application in more detail.
Your loan application might be denied if any of the supporting documents have errors. The documentation for a personal loan is crucial. So, any errors must be fixed to prevent complications during a personal loan transaction.
Conclusion
You can cover various expenses quickly and conveniently with a fast personal loan. To make sure you satisfy all the conditions, it’s crucial that you verify your eligibility and the requirements before applying for a loan with a lender. In addition to meeting the eligibility requirements, make sure you gather all the paperwork needed for the loan application. Ensure that the information you submit is correct and comprehensive. By doing this, any potential delays in the loan processing will be avoided. An instant cash loan app such as Fibe provides a wide range of personal loan options to accommodate your ever-changing needs. You may discover a loan to help with any kind of emergency, wedding, vacation, or home renovation.
