PERSONAL LOAN

A personal loan is a quick loan which helps you meet the financial requirements of personal or commercial nature. The loan is unsecured and has a multipurpose use making it ideal for every possible financial use. You can even apply for a personal loan online and the loan is issued instantly. However, the personal loan application is a two-step process. You have to first fill up and submit the loan application form along with the loan processing fee. Secondly, you have to submit the relevant documents so that the lender issues the loan. When it comes to the documentation, many of you might not be fully aware of the documents which are required for personal loan application. So, here are the documents which would be required when you apply for a personal loan –

Your identity proof

You would have to prove your identity to the lender for which your identity proof would be required. Documents which are accepted as a valid identity proof include the following –

  • Passport
  • Aadhar Card
  • PAN Card
  • Voetr’s ID Card
  • Driving license
  • Ration Card
  • An ID Card issued by your employer

Your age proof

After the identity proof you have to furnish a proof of your residential address. For this, you can submit any of the following documents which contain your address –

  • Aadhar card
  • Passport
  • Voter ID Card
  • Driving License
  • Utility bills like electricity bill, telephone bill, gas bill, etc. which should not be more than 3 months old
  • Registered rent agreement or ownership deed and title deed of your property

Your address proof

The next proof would be the proof of your age. Since personal loans have the age criterion, the lender makes sure that your age is within the prescribed bracket. The following documents can be used as a proof of age –

  • Aadhar Card
  • PAN Card
  • Voter’s ID Card
  • Driving license
  • Birth certificate
  • School certificate

Bank statement

The statement of your bank account would also be required so that the lender can judge your financial standing. Statements of the last 3 months or 6 months are required by lenders

Income proof

Your income level is another criterion for availing a personal loan. That is why the lender requires your income proof to ensure that you meet the minimum income level. Income proof depends on the type of occupation you have. It can be the following –

If you are salaried If you are self-employed
Salary slips of the last 3-6 months Personal Income Tax Return of the last 3 years
Salary certificate Audited financial statements of your business
Form 16 Income Tax Return of your business
Copy of Income Tax Returns of the last 2 or 3 years
Salary account statement of the last 3-6 months

Occupation proof

You would also have to provide an occupation proof which would be your appointment letter or salary certificate if you are employed and trade license of your business if you are self-employed.

These are the basic documents which are required for personal loan application. Lenders might also require other documents if needed depending on the loan application. So, keep these documents handy to avail the loan instantly without any hassles.

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