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The documents required for taking a personal loan include your income, age and other proofs that help the lender process your loan application. Also, these documents are common across all lenders, no matter whether you opt for a personal loan online or offline. They help the lender verify and assess your credibility and speed up the approval timeline.

Documents Required to Apply for a Personal Loan

  • Identity Proof:

Any document with your personal details like name, age, gender, etc., can be submitted as identity proof, such as passport, PAN Card or driver’s licence 

  • Residence Proof:

Your permanent and current place of residence should be mentioned on a document that is considered as an address proof such as Aadhaar Card or Voter ID 

  • Employment Proof:

Documents showing your employment details, such as whether you are salaried or a self-employed applicant (business), name of the organisation, etc. are considered as employment proof

  • Income Proof:

Documents showing your net monthly in-hand income such as bank statements are considered as proof of your earnings

Personal Loan Documents for Salaried Professionals

Type of Proof

Salaried Employees

Identity Proof

  • PAN Card

  • Voter ID

  • Aadhaar Card

  • Passport

  • Driving Licence

Address Proof

  • Passport

  • Aadhaar Card

  • Utility Bills (Water/electricity/gas bills)

  • Ration Card

  • Driving Licence

  • Property documents

  • Electricity bill

  • Maintenance bill

Income Proof

  • Last 3 months’ salary slips 

  • Last six months’ bank statement

  • Proof of employment from your existing employer

Photograph

One passport-size colour photograph

Personal Loan Documents for Self-Employed Individuals

Type of Proof

Self-Employed Individual

Identity Proof

  • PAN Card

  • Voter ID

  • Aadhaar Card

  • Passport

  • Driving Licence

Address Proof

  • Passport

  • Aadhaar Card

  • Utility Bills (Water/electricity/gas bills)

  • Ration Card

  • Driving Licence

  • Property documents

  • Electricity bill

  • Maintenance bill

Business Ownership Proof

  • Property documents

  • Maintenance bill

  • Electricity bill

Business Existence Proof

  • Maintenance bill

  • Property documents

  • Electricity bill

  • Tax registration copy

Income Proof

  • Last two years of ITR, including computation of Income, audit report, balance sheet, etc.

  • Last 12 months of the bank statement of your business account

Photograph

One passport-size colour photograph

It is important to note that personal loan documents required for self-employed individuals must be verified by a chartered accountant.

FAQs on Personal Loan Documents

Is it mandatory to submit original ID and address proof documents when availing a personal loan?

No. You can submit photocopies of the KYC documents. However, keep the original documents handy in case they are required for cross-verification.

Is the list of documents required for a personal loan the same across lenders?

With the majority of the lenders, the documents required remain the same. However, based on the personal loan application process, banks and NBFCs may ask you to submit additional documents as well.

Can I apply for a personal loan without a PAN card?

A PAN card is mandatory to apply for a personal loan according to the tax laws. However, you can apply for a personal loan amount below ₹50,000 without a PAN card. 

How many salary slips do I need to submit for a personal loan?

If you are a salaried individual, you need to submit salary slips for the last three months when availing a personal loan. This is because lenders evaluate your in-hand salary to assess your loan terms and repayment ability.

Is a salary certificate required for a loan?

A salary certificate is not mandatory, but some lenders may request it.

Do banks verify payslips?

Banks use salary slips to verify your monthly and net income. They verify the details of the recent payslips with bank details and employment proof to assess your personal loan eligibility. 

What are the post-sanction or pre-disbursement documents I may need to submit?

After the loan sanction, you need to submit a duly signed loan agreement, ECS form, post-dated cheque, standing instruction (SI) request and margin money receipt. You can add these to your personal loan documents list as well.

Is it possible to carry out the personal loan documentation process online?

With the online application process, you can attach soft copies of your documents on the lender’s digital platform. For offline applications, you may need to submit documents physically. 

What is the alternative to salary slips?

If you do not have a salary slip, you can submit a salary certificate issued by your employer. In addition, some lenders may allow bank statements to be submitted as proof of income.

Is Form 16 mandatory for a personal loan?

Yes. Form 16 is a mandatory personal loan document required for salaried applicants as it gives lenders details of deductions and taxation on your income.

Which documents can be submitted as an income proof?

Commonly accepted income proof documents include salary slips, income tax return filings, bank statements, and employer-issued salary certificates.

How long does the documentation process take?

The personal loan documentation process typically takes a few days. However, the exact duration may vary depending on the lender and submission time of the required documents.

Can we submit all the required documents online?

Yes. Many lenders allow online submission of all the required documents.

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