Finance

​What Are The Documents Required For Placing A Personal Loan Application?

A personal loan is an unsecured credit option that can be used for meeting your personal financial requirements like medical expenditures, higher education, vacation, wedding, debt consolidation, home renovation, etc. Personal loan documents required by the lenders for a personal loan even depend on the categories that the applicant belongs to, like a self-employed professional, salaried individual, pensioner, or NRI (non-resident Indians).

Before you zero on the best personal loan in India as per your requirement and preference, ensure to keep handy all the required documents for a personal loan. Listed here are some of the common documents that are required by distinct categories of applicants when placing an application for a personal loan –

Salaried individuals must submit the listed documents along with the duly filled out personal loan application form –

Photo identity proof (any of the documents)

∙  Driving license

∙  Aadhaar card

∙  Voter’s ID

∙  PAN card

∙  Passport

Address proof (any of the documents)

∙  Utility bill (electricity, telephone, gas, water) – must be less than two months old

∙  Aadhaar card

∙  Ration card

∙  Passport

∙  Driving license

Income proof

∙  Past 3 months’ salary slips

∙  Bank statements for the past three to six months showing your salary credit

Tax paid (any one of the documents)

∙  Form 16

∙  IT returns for the past two years

Residence ownership proof (any of the documents)

∙  Electricity bill

∙  Maintenance bill

∙  Property documents

Proof of employment continuity (any of the documents)

∙  Current employment certificate

∙  Experience certificate (last employer’s appointment and relieving letters along with the job experience certification)

∙  Present job appointment letter (in case over 2 years have been spent with the organization)

∙  Investment proof (if any) – fixed deposit, shares, fixed assets, etc.

∙  Existing loans (if any) – sanction letter and payment track record

∙  Photograph – colored passport-sized photos

What is the list of required documents for self-employed personal loan applicants?

Self-employed applicants of personal loans are usually required to submit the listed documents along with the duly filled out application form along with passport-sized photos –

Photo identity proof (any of the documents)

∙  PAN card

∙  Passport

∙  Aadhaar card

∙  Voter’s ID

∙  Driving license

Address proof (any of the documents)

∙  Aadhaar card

∙  Passport

∙  Driving license

∙  Utility bills (water, telephone, electricity, and gas) below two months old

∙  Ration card

Residence ownership proof (any one of the documents)

∙  Electricity bill

∙  Maintenance bill

∙  Property documents

Proof of ownership and office address (any one of the documents)

∙  Electricity bill

∙  Maintenance bill

∙  Property documents

Proof of the existence of your business (any one of the documents)

∙  Shop establishment proof

∙  Company registration license

∙  Copy of the GST registration

Proof of income

∙  Past 2 years’ income tax returns along with the computation of the income duly attested by a chartered accountant.

∙  Audited profit & loss accounts and balance sheets, including tax audit reports.

∙  Current/saving account, bank passbook and bank statement for the last year.

∙  Investment proof (in case any) – Your investments like fixed assets, shares, fixed deposits, etc.

Existing loan documents (if any) – your payment track record as well as your loan’s sanction letter

Professional degree certificate

Colored passport-sized photos

List of the required documents for the NRI personal loan applicants

Basically, NRI applicants for personal loans are required to submit the listed documents.

Identity proof

∙  Copy of visa

∙  Copy of passport

Employment proof

∙  Appointment letter

∙  Job contract

∙  Identity or labor card (if applicable)

∙  Official mail ID or the email ID of the HR

Income proof

∙  Past six months’ bank statements

∙  Past six months’ salary certificate or salary slips

What is the list of documents that are required for pensioners?

A pensioner usually requires submitting the listed documents when placing an application for a personal loan. These include –

Age or identity proof (Any one of the documents)

∙  Passport

∙  Ration card

∙  PAN card

∙  Voter ID card

∙  Aadhaar card

∙  School leaving certificate

∙  Birth certificate

∙   Driving license

Address proof (any one of the documents)

∙  Driving license

∙  Ration card

∙  Utility bills

∙  Aadhaar card

∙  Passport

Income proof (any one of the documents)

∙  Past six months’ salary slips or bank statements

∙  Bank passbook

∙  Income tax returns

∙  Copy of your pension payment order

∙  Form 16

Frequently asked questions about personal loan documents

Do all the borrowers require submitting the same documents regardless of the lender when placing an application for a personal loan?

The required documents might differ slightly among lenders. However, there are specific documents like your identity proof, address proof, and income proof that all lenders require to understand your personal loan eligibility chances. Based on their assessment, they even tend to understand the loan amount that you are eligible for and the rate of interest as per your credit profile. Based on the lender’s requirement and the type of loan you apply for, you may be asked for any additional documents, if required.

Do you require submitting the same document set in case you want to apply for an instant personal loan or a pre-approved personal loan?

No, generally, minimal documentation is required to take up an instant or a pre-approved personal loan because the lenders provide such loans just to those existing customers whose KYC details they already have in their database.

Are you required to submit your original KYC documents when placing an application for a personal loan?

No, you just require submitting the photocopies of the KYC documents, which must be self-attested. However, it is recommended to keep all the original documents handy in case the lender wants to cross your copies with your original documents.

Is it possible for you to conduct the personal loan documentation process through the online portal?

Yes, there are several lenders that presently permit borrowers to complete the whole loan application procedure online. This includes uploading soft copies of all required documents in the format prescribed by the lender.

How does improper documentation impact the turnaround time involved in personal loan application processing?

In case you miss out on any important document while placing the application for a personal loan, then this may impact the personal loan’s processing time. This is because the lender, after reviewing your application, will ask you to submit the document, which you must submit instantly. Post you submit the document, your application is reviewed again, which consumes a lot of time. So, ensure to submit all the documents asked by the lender and do not miss out on any, as this may delay your personal loan’s processing time.

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