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It is essential to check the documents required before applying for a personal loan. The documents required for getting a personal loan often include your income, age and address proofs. These documents are checked by the lender to verify and assess your credibility.


Submitting the right documents in the requested format not only speeds up the processing of your loan but also helps in avoiding delays or rejections. The required documents may vary by lender and whether you are salaried or self-employed, as each has its own criteria for assessing financial stability.

Types of Documents Required for a Personal Loan

To prove your eligibility for a personal loan, you are usually required to submit some essential documents. These typically include:

  • Identity Proof: To verify your identity and prevent fraud

  • Address Proof: To confirm your current residence and ensure proper communication regarding the loan

  • Income and Employment Proof: To verify your job status and assess your ability to repay the loan based on your employment

Documents Required for Salaried Applicants

Here is a comprehensive list of documents salaried applicants are usually asked to submit when applying for a personal loan on Bajaj Markets:

Type of Proof

Details

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

Documents Required for Self-employed Applicants

If you are self-employed, the paperwork you need to submit may differ. Here is a complete list of common documents most lenders ask you to furnish as a self-employed applicant:

Type of Proof

Details

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.

Documents Required for NRI Applicants

If you are an NRI looking to apply for a personal loan, it is important to keep the following documents handy in order to ensure a smooth application process:

Type of Proof

Details

Identity Proof

  • Aadhaar card

  • PAN card

  • Passport

  • Driving licence

Address Proof

  • Property documents

  • Passport

  • Aadhaar card

  • Utility bills (Water/electricity/gas bills)

  • Ration card

  • Driving licence

  • Maintenance bill

  • Electricity bill

Income Proof

  • Last six months’ bank statement

  • Last 3 months’ salary slips

  • Proof of employment from your existing employer

Photograph

One passport-size colour photograph

Note: It is best to check with the lender as there could be other documents that they may require

Documents Required for Pensioners

Pensioners may need to access funds for unforeseen expenses. In case they would apply for a personal loan, here are the documents they would need:

Type of Proof

Details

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

  • Proof of employment from your existing employer

  • Last 3 months’ salary slips

  • Last six months’ bank statement

Photograph

One passport-size colour photograph

Documents Required for Government Employees

Government employees must keep the following the documents ready during the personal loan application process:

Type of Proof

Details

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

Documents Required for First-time Borrowers

As a first-time borrower, the personal loan application process can be a simple start. You may need to keep these documents ready to take the process forward:

Type of Proof

Details

Identity Proof

  • Passport

  • Driving licence

  • PAN card

  • Voter ID

  • Aadhaar card

Address Proof

  • Passport

  • Aadhaar card

  • Driving licence

  • Maintenance bill

  • Property documents

  • Utility bills (Water/electricity/gas bills)

  • Ration card

  • Electricity bill

Income Proof

  • Last 3 months’ salary slips

  • Proof of employment from your existing employer

  • Last six months’ bank statement

Photograph

One passport-size colour photograph

The documents needed for a personal loan may vary depending on the lender's policies and specific criteria. You may be asked to submit some additional documents alongside the ones mentioned above. Be sure to reach out to your loan provider to understand all the personal loan requirements thoroughly before applying. This will help you avoid delays.

Disclaimer

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.

Frequently Asked Questions

Are you required to submit original documents to get 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.

Can I apply for a personal loan without an Aadhaar card?

Yes, you may be able to apply for a loan without submitting an Aadhaar card, depending on the lender’s policies. They may ask you to submit alternate identity proofs.

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.

Can we submit all the required documents online?

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

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.

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.

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.

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

What is the document required for a personal loan?

The documents required for a personal loan generally include proof of identity, address, and income. These documents help lenders assess your credibility and ability to repay the loan.

What documents are required for a ₹2 Lakh loan?

The documents required for a loan of ₹2 Lakh typically include proof of identity, address, and income. Lenders may also request additional documents depending on their specific requirements and your employment status.

Which bank gives a loan easily?

On Bajaj Markets, you can explore a wide range of lenders that offer personal loans through an easy online application process.

Who is eligible for a personal loan?

The eligibility criteria to get a personal loan via Bajaj Markets include the following:

  • Citizenship: Indian 

  • Age: Above 18 years

  • Income Profile: Salaried or self-employed

  • Income: Minimum income of ₹10,000 per month

  • Experience: At least 1 year of work experience

  • CIBIL Score: 600 or above

What documents are required for a ₹1 Lakh loan?

For a ₹1 Lakh loan, you will generally need to provide proof of identity, address, and income.

Can I get a personal loan without documents?

No, you may not be able to secure a personal loan without submitting the required documents since lenders need to verify your identity, address, and income. Incomplete or insufficient documentation may lead to the rejection of your application.

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