One of the option to get money from reputed banks for all needs is through personal loan. Whether going for a vacation or to buy a best gift for your sibling, make use of the personal loan option! To apply successfully for a personal loan a borrower 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. Below are the checklist for all the required documents for a personal loan.
Here is the list of common documents that should be submitted irrespective of which bank you are applying and where you are located.
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
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