Documents Required for Personal Loans - Complete Checklist

These are the documents required to avail a personal loan.

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:

1. Identity: Name, age, gender and physical appearence.
2. Residence: Permanent and current place of residence (in case both are different)
3. Employment: Whether the applicant is a salaried employee or a self-employed professional.
4. Income: Monthly in-hand income of the applicant.
5. Loan Requirement: Purpose, tenure and the desired loan amount.

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.

1. Valid Proof of Applicant's Identity (any one of the following): Voter ID Card / Passport / PAN Card / Driving License
2. Proof of Residence (any one of the following): Ration Card / Passport / Utility Bill.
3. Proof of Age (any one of the following): Voter ID Card / Passport / PAN Card / Driving License.
4. Income Proof: Latest 3 month's Salary Slips and Form 16.
5. Job Continuity Proof: Current Employment Certificate or Current Job Appointment letter and Experience Certificate.
6. Bank Statement: Latest 6 month's statement from bank.
7. 1 Passport size color Photograph.
8. If there are existing loans submit Payment Track Record and sanction letter.
9. Personal Loan Application Form duly filled.

Self-employed professional and non-professional applicants need to provide the following documents for a personal loan.

1. Valid Proof of Applicant's Identity (any one of the following): Voter ID Card / Passport / PAN Card / Driving License
2. Proof of Residence (any one of the following): Ration Card / Passport / Utility Bill
3. Proof of Age (any one of the following): Voter ID Card / Passport / PAN Card / Driving License
4. Office Address Proof: Property Document / Maintenance Bills / Utility Bill
5. Office Ownership Proof: Property Documents / Maintenance Bill / Electricity Bill
6. Business Existence Proof: 3 years old Salary Statement / Shop Establishment
7. Income Proof: Latest 2 years Income Tax Returns including Computation.
8. 1 Passport size color Photograph.
9. Personal Loan Application Form duly filled.

1. 1 Passport size colour photograph.
2. Personal Loan application form duly filled.
3. 1 copy of the passport.
4. 1 copy of the Visa.
5. Last 6 months NRO/NRE Bank statement.
6. Last 6 months Salary certificate or salary slip.
7. Proof of Employment.

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:

1. Identity
2. Age
3. Income
4. Address
5. Existing Loans
6. Repayment History (if any)

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.