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Personal Loan Documents Required - Complete Checklist

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Personal Loan Documents Required

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.

Below is the list of lenders document requirements and other details mentioned.

Checklist of Documents Required for Personal Loan

To apply for a personal loan an applicant needs to provide the following documents, atleast one document in each category.

  1. Photo Identity Proof: Voter ID Card / Passport / PAN Card / Driving License / Aadhaar Card.
  2. Residence Address Proof: Ration Card / Passport / Utility Bill
  3. Income Proof: Last 3 months Payslip & Bank Statement of last 3 months
  4. Job Continuity Proof: Job Offer Letter / Letter from the HRD (if current employment less than 2 years)
  5. 1 passport size color photograph
  6. Personal Loan Application Form duly filled.

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: Aadhaar Card /  Voter ID Card / Passport / PAN Card / Driving License.
  3. Proof of Residence: Ration Card / Passport / Rental Agreement / 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

Any individual who is employed by an institution and receives compensation in monthly salaries is an employee.

Lenders require the following set of documents from salaried individuals 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. 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

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.

Why are these documents required 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 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 is the checklist for all the required documents for a personal loan.

ReviewsView All

Subramani G

5 / 5

I am settled in Bangalore, am needed a personal loan due to some unexpected financial expenditure. I applied for it from finance buddha website and I was in so much relief as it took only a few minutes to apply for it and within 48 hours I got the money.
Mayura R.

5 / 5

Easy documentation and minimum eligibility criteria is required to avail personal loan through Finance Buddha. I applied it with Bajaj and I am happy for choosing it. It was a smooth process and I got the amount in my bank account within 48 hours.
Sandeep Narayan

5 / 5

My CIBIL was a bit low and because of that my loan application got rejected with another lender. I am thankful to Bajaj that they approved my loan. I got the loan disbursed on 2nd day from which I applied.
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