These are the documents required to avail a personal loan.
|Personal Loan Documents Required Checklist|
|Photo Identity Proof (any one)||Voter ID Card / Passport / PAN Card / Driving License / Aadhaar Card.|
|Residence Address Proof (any one)||Ration Card / Passport / Utility Bill.|
|Income Proof||Last 3 months Payslip & Bank Statement of last 3 months.|
|Job Continuity Proof||Job Offer Letter / Letter from the HRD (if current employment less than 2 years).|
a. Salaried Individuals: Latest 3 month's Salary Slips and Form 16, Bank Statements of 6 months.
b. Self Employed Individuals: Latest 1 year bank statement for both savings and current account.
|Photo||1 passport size color photograph|
|Application Form||Personal Loan Application Form duly filled.|
To avail a personal loan, an applicant needs to provide certain documents, either printed or in digital format, to the lender. The lender will ask for the documents to verify the following about the applicant:
Whenever, there is a shortage of cash for any personal use, personal loans are the saviours. But, to be safe themselves, the lenders require a few set of documents from each applicant. The lenders have their own specific requirements, criteria and set of documents.
Above is the checklist of documents required by the personal loan lenders.
Any individual who is employed by an institution and receives compensation in monthly salaries is an employee. Lenders require the following set of personal loan documents from salaried individuals.
Self-employed professional and non-professional applicants need to provide the following documents for a personal loan.
One of the option to get money from reputed banks for all needs is through personal loan. And, to apply successfully for a personal loan an applicant needs to provide certain set of documents.
These documents helps lender (be it a Bank or a NBFC) to know and understand the financial stability of the borrower and analyse the credit risk. Apart from that it helps a lender know and verify all the details about the applicant such as age, income, address, employer and employment. It is on the basis of this a lender decides whether to lend or not to the applicant.
As personal loans are unsecured loans, the lender does not takes anything as collateral for the lending amount, hence there is always a potential risk of borrower defaulting or absconding on the loan. Hence to be double triple sure a lender asks for a certain set of documents so that it can learn and analyse the applicant and then decide.
The documents required for personal loan help a lender to know and understand the following about the applicant:
Once a lender has these details, they can know and understand the applicant better. And, using the information provided, they can come up with the best loan offer for the applicant.
As such, providing the required documents while applying for a personal loan, helps the applicant to get the best offer.
Above are the checklist of all the required documents for a personal loan.
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