Personal Loan Documents Required

If you are a self-employed individual, the additional documents besides your Identity and Address proofs include your Income proof, such as last 2 years’ ITR, latest bank statement of current/savings account, P&L statement. Business proof includes the property documents, business address proof, letter of incorporation, etc.

Further, let’s talk about the pre-approved personal loans offered by preferred partners to its existing and eligible customers on Paisabazaar.

Pre-Approved Programs on Paisabazaar with zero documentation

Lenders offer pre-approved loans to its eligible customers who are already been accessed as creditworthy. Pre-approved customers can avail instant personal loans from banks/NBFCs without submitting any document with the lender. Therefore, to check your eligibility as a pre-approved customer you can visit Paisabazaar and get all the related information.

Leading Banks/NBFCs offering Pre-approved Personal Loans

Some of the renowned lending Banks/NBFCs offer Pre-approved personal loans on Paisabazaar. Find below the preferential interest rates offered to its existing customers.

Documents Required for Personal Loan

To apply for personal loans for loan amounts up to Rs. 40 lakh at an interest rate of 10.50% p.a. onwards, you shall require the following documents. However, if you are a pre-approved customer then you are not required to submit any documents while applying for a personal loan.

Find below the documents required for applicants from various categories:

For Salaried Individuals:

• Identity Proof: Aadhaar Card, Voters ID, Driving License, PAN Card, Passport
• Address Proof: Aadhaar Card, Driving License, Ration Card, Passport, Proof of residence ownership, Utility Bills (Latest electricity, water, gas bills), Rent agreement, (NREGA card in specific cases)
• Income Proof: Last 6 months’ salary slips, last 6 months’ bank statement, Form 16, Latest ITR
• Employment Proof: Employee ID card, Appointment/Offer Letter or experience letter from your previous employer or company

For Self-employed Individuals:

• Identity Proof: Passport, Aadhaar card, Voter’s ID, Driving license, PAN card
• Address Proof: Aadhaar card, passport, proof of residence ownership, utility bills (water, gas, and electricity)
• Income Proof: Last 2 years’ ITR, last 1 years’ current/savings account statement, audited balance sheet, P&L statement
• Business Proof: Letter of incorporation, property documents, business address proof, business vintage proof, proof of business continuity

For NRI Applicants:

• Identity Proof: Passport and resident VISA copies, duly attested by Foreign offices, Notary Public, Indian Embassy or authorised officers or corresponding banks
• Employment Proof: Job contract, Letter of Appointment, Labour/ Identity card (if applicable), Official email ID or the HR’s email ID
• Income Proof: Last 6 months’ bank statement and salary slips

For Pensioners:

• Identity Proof: Ration card, Passport, PAN card, Aadhar card, Voter ID card and Driving licence
• Address Proof: Passport, Aadhaar card, Utility bills, Ration card and Driving licence
• Income Proof: Last 6 months’ bank statements/salary slips, Copy of bank passbook and pension payment order, and Form 16/ITR (if applicable)

For New-to-Credit/No Credit History Applicants:

Additional documents to be kept handy by New-to-Credit applicants or Individuals with No Credit History while applying for personal loans include details of their savings/current account(s), fixed deposits, secured credit card(s), if any. These documents shall help these applicants to avail personal loans, though at higher interest rates.

FAQs on Persona Loan Documents

What documents are needed for a Rs. 5 lakh personal loan?

The documents required for Rs. 5 lakh personal loan remains the same, as required for normal personal loan irrespective of the loan amount. The basic personal loan documents include your identity/address proofs, such as Aadhaar card, Voter ID, Passport, Driving License and Utility bills. For income proofs, applicants are required to submit Form 16, last 3 months’ salary slips, last 6 months’ bank statement, ITR etc.

Can I get a personal loan without income proof?

If you are a salaried or self-employed individual, then you are required to furnish the income proofs to the lender, as on the basis of your income the lender shall be able to know your repayment capacity and decide on the loan amount.

Are scanned documents acceptable for personal loan?

Yes, scanned documents that are all self-attested by the applicant and are from authentic sources are acceptable by most of the lenders for personal loan applications while applying for personal loan online.

Which bank gives a loan with minimum documentation?

There is no specific bank that offers loans with minimum documentation. However, if you are a pre-approved customer of a bank/NBFC then you can avail personal loan with no documents.

How many months’ salary slip is needed for a personal loan?

Usually, the salary slips of the last 3 months are required by most of the lenders in providing personal loans.

Can I submit a bank statement PDF from a mobile app?

Yes, you can share the bank statement PDF via mobile app

Is a passport mandatory for personal loan?

No, Passport is not a mandatory document for your personal loan. However, it is one of your identity and address proofs required by the banks/NBFCs for processing your personal loan application.

Do all borrowers need to submit of the same documents, irrespective of lender, when applying for a personal loan?

The documents required may vary slightly across lenders however most are the same. Depending upon the lender’s requirement and loan type, applicants may be asked to submit additional documents as and when required.

Do I need to submit the same documents for instant or pre-approved personal loans?

No, usually minimal documentation is required to avail an instant or pre-approved personal loan as lenders offer these loans only to their existing customers whose KYC details already exist in their database.

How does documentation impact personal loan processing time?

If the applicant submits his/her KYC, income etc. documents required as part of the personal loan application process correctly along with the duly filled out personal loan application form, it usually speeds up the verification process. This can potentially result in quicker loan approval and disbursal process.