Get Personal Loan in 2 Hours! Apply for Instant Personal Loan Apply NowX

Documents Required for Personal Loans

4.7 stars based on 1084 reviews

 Checklist of Documents Required for Personal Loan

  1. Photo Identity Proof
  2. Residence Address Proof
  3. Residence Ownership Proof
  4. Income Proof
  5. Job Continuity Proof
  6. Bank Statement
  7. Investment Proof
  8. 1 passport size color photograph

Personal Loan Documents Required

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.

List of Common Documents Required for 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.

  1. Complete loan application form with one passport size photograph.
  2. Valid Proof of Applicant's Identity: Voter ID Card/Passport/PAN Card/Driving License
  3. Proof of Residence: Ration Card/Passport/Utility Bill
  4. Proof of Age: Voter ID Card/Passport/PAN Card/Driving License
  5. Financial Documents:

    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

Documents Required for 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

Documents Required for Self Employed Professionals

  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 Computa

ReviewsView All

Sandeep Paswan

5 / 5

I got my personal loan disbursed in Bangalore in 5 working days. The Loan amount is Rs. 2, 00,000 on an interest rate of 14%. The tenure is of 2 years and the monthly EMI which i am paying now is Rs. 9,600.
Vidya Sharma

5 / 5

I have my personal loan with INDUSIND BANK, the tenure of my loan is 2 years. There were no hidden charges and i got the loan amount what i wanted. There is an option of pre-closure too for my loan.
Aditya V

5 / 5

The response from the customer service was up to the mark. And the executives were helpful. The process went well and there was no delay in processing and disbursal.
Unable to Decide? Get in Touch with Us
query@financebuddha.com
+91

Learn How to Manage Your Money to Retire Wealthy!