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The process of applying for a personal loan requires the right documents. Make this easier on yourself by having all the documents required for a personal loan handy. 

 

The documents needed for personal loan application are the same, no matter whether you are taking a marriage loan or a travel loan. They help the lender verify and assess your credibility and speed up the approval timeline. 

 

The documents required for taking a personal loan include your income, age and other proofs that help the lender process your loan application. It is well known that a personal loan offers speedy financing for a range of planned and unplanned expenses. One of the reasons for this is that the list of documents required for a personal loan are minimal. 

 

Here is a personal loan documents checklist you can follow, which will help you apply for unsecured credit from most banks and NBFCs. Remember, you will need to submit these once you meet the lender’s required personal loan eligibility criteria and fill in the application form.

 

Also, these documents are common across all lenders, no matter whether you opt for a personal loan online or offline. 

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

 

Before submitting any personal loan documents and availing a loan, check your monthly instalments using a personal loan EMI calculator. This helps you plan your finances better and compare various loan offers.

 

Using a calculator can help you zero in on a lender offering competitive personal loan interest rates too. However, remember that your loan interest rate is dependent on various factors, one of which is your CIBIL score.

 

Maintaining a good repayment history can help you maintain a high credit score and avail of a personal loan at low interest rates hassle free. Thus, consider these factors before providing your KYC documentation and opting for a loan.

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. 

 

Now that you know what these documents are, keep them on hand so you can submit them at the right time and get your loan amount as quickly as possible. Make sure that you get any discrepancies (such as incorrect spellings or old data) in your documents corrected before you apply for a loan. 

FAQs on Personal Loan Documents

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

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.

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. 

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.

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

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. 

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.

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. 

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.

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.

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