What Are the Documents Required for Personal Loan Application?

When you apply for a personal loan, it is crucial that you ensure you mitigate all the required eligibility parameters to avoid rejections. One of the important requirements for a 5 lakh loan or 2 lakh loan approval on a personal loan is your income and employment status. It means that whether a borrower is salaried or self-employed, his income and employment status plays an essential role in determining whether the loan should be approved.

To confirm your personal loan eligibility, you can simply check your personal loan eligibility calculator. Once you are done with these steps, you should check whether all the necessary documents are available. To assist you in doing this, curated here is a list of all the important documents required for a personal loan, both for self-employed and salaried applicants.

It is vital to note that as the employment status and applicant’s income play an essential role in the process of loan approval, required documents also differ for self-employed, salaried and NRI applicants or pensioners.

Personal loan – documents required for the salaried employees

Salaried employees receive a fixed monthly income, due to which it becomes simpler to get personal loan approval. Listed here are some of the crucial documents required for the salaried while applying for a personal loan –

       Photo identity proof (any of the listed documents)

  PAN card

  Passport

  Aadhaar card

  Voter’s ID card

  Driver’s license

       Residential proof (any of the listed documents)

  Ration card

  Driver’s license

  Aadhaar card

  Utility bill (less than two months)

  Passport

       Income proof

  Bank statements, as salary credit proof (past 3 months)

  Salary slips (past 3 months)

       Income tax deduction

  Form 16

  IT returns (two years)

       Ownership proof of residence

  Maintenance bill

  Property documents

  Electricity bill

       Job continuity proof

  Present employment certificate

  Present appointment letter (in case your work experience in the organization is over 2 years)

  Relieving/experience letter (from past employer)

  Investment proof (if any)

  Passport size photo (coloured)

  Existing loans (if any)

Personal loan – crucial documents required for self-employed

In case you are self-employed and applying for a personal loan, then you should have a fixed income of over Rs 25,000 and an annual income of Rs 5 lakh. After you ensure you meet the criteria and all the other crucial parameters, you are required to show the listed documents –

       Photo ID proof (any of the listed documents)

  PAN card

  Passport

  Aadhaar card

  Voter’s ID card

  Driver’s license

       Residential proof (any of the listed documents)

  Utility bill (less than two months)

  Passport

  Driver’s license

  Ration card

  Aadhaar card

       Residence ownership proof

  Maintenance bill

  Property documents

  Electricity bill

       Office ownership proof

  Electricity bill

  Maintenance bill

  Property documents

       Business existence proof

  Electricity bill

  Property documents

  GST registration copy

Income proof

       Income tax returns (ITR) along with income attested by the chartered accountant (past two years)

       Audited balance sheet & profit and loss accounts, along with tax audit reports

       Bank statement – Account statement and passbook for past one year

       Existing loans (if any)

       Investment proof (if any)

       Passport size photo (coloured)

       Professional degree certificate

Personal loan – Crucial documents required for the NRIs

In case you are an NRI applying for a personal loan, then you should furnish the listed documents –

       Identity proof

  Visa copy

  Passport copy

       Employment proof

  Appointment letter

  Identity card/ labor (if applicable)

  Validity of permit or work visa

  Official mail ID

  Identity or labour card (if applicable)

       Income proof

  Salary slips (past six months)

  Bank statements (past six months)

  Passport size photo (coloured)

Personal loan – crucial documents required for the pensioners

Individuals more than the age of 68 years aren’t eligible for the personal loan. But if you have retired and are eligible for a personal loan, then you may be required to show the listed documents for the processing of your personal loan application. Crucial documents include –

       Identity proof

  Ration card

  Aadhaar card

  PAN card

  Voter ID card

  School leaving certificate

  Driver’s license

  Birth certificate

       Residential proof

  Utility bill

  Passport

  Ration card

  Driver’s license

  Aadhaar card

       Income proof

  Form 16

  Bank’s passbook

  Income tax returns

  Pension payment order (copy)

       Passport size photo (coloured)

It is crucial to remember that having all the above-listed documents is important for a hassle-free experience. Every financial institution and lender has its own terms and conditions set for lending you the funds, which may also differ from one borrower to another.

Is it necessary to submit all the documents while making a personal loan application?

No matter whether it is a 2 lakh loan or a 5 lakh loan, it is crucial to submit all the necessary documents while making a personal loan application. However, if you cannot show any of the specific documents, then make sure to contact your lender to ask for an alternative solution.

What are the crucial personal loan documents necessary for the application?

Major personal loan documents necessary for application approval are income proof, address proof, identity proof and employment proof.

Necessary documents for a personal loan application for self-employed?

Listed are the important documents important for a personal loan application for the self-employed –

       Identity proof (anyone – PAN card, Passport, Voter’s ID, Driver’s License, Aadhaar Card)

       Residential proof (any one – utility bill, passport, driver’s license, Aadhaar card, ration card)

       Ownership of residence proof (maintenance bill, property documents, electricity bill etc.)

       Ownership of office proof (maintenance bill, property documents, electricity bill etc.)

       Business existence proof (GST registration, electricity bill and property document copy)

       Income proof (income tax returns (ITR) along with calculation of income by the CA, audited balance sheet as well as profit and loss account and tax audit reports)

       Bank account passbook or statement of past year

       Investment proof and proof of existing loan (if any)

       Professional degree certificate

       Colored passport size photo

 

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