A personal loan is an unsecured loan given to an eligible loanee to serve his monetary requirements. Its vantage point is that it doesn’t require a collateral. Hence, it enables an individual to avail of a personal loan at the time of his personal need. Depending on a loanee’s age, monthly take-home income and proper documentation, he may meet the personal loan eligibility criteria as set by lender banks. The age limit for availing the loan approximately ranges between 21 to 60 years.
Although personal loan eligibility criteria may slightly vary from bank to bank, here is a list of general documents required by loan providers.
List of documents that need to be submitted by a salaried loanee:
Proof of identification (any one of the following):
- PAN card
- Passport
- Driving License
- Voter’s ID
- Employee ID
- Bank passbook
- Ration card
Address proof (any one of the following):
- Passport
- Utility bill (telephone, electricity, water, gas) – less than 2 months old
- Letter from a recognized public authority verifying the customer’s residence address
- Bank passbook or Bank account statement
- Voter’s ID
- Ration card
- LIC policy/ receipt
Residence ownership proof (any one of the following):
- Property documents
- Maintenance bill
- Electricity bill
Proof of income- epending on type of employment (any one of the following):
- Payslip (Last 3 months)
- Bank Statements (3 – 6 months)
- Passbook (3 – 6 months)
- Increment or Promotion letter
- Certified letter from Employer
Tax paid (any one of the following):
- IT returns (for 2 years)
- Form 16
Proof of job continuity (any one of the following):
- Current job appointment letter (if more than 2 years have been spent in the same job)
- Current employment certificate
Experience certificate (including previous job certificate or appointment and relieving letter)
- Bank statement: Last 6 months bank statements of salary account
- Existing loans: In case of any existing loan, need to submit sanction letter, payment track record
- Investment proof (if any): fixed deposit, fixed assets, shares, etc.
- Passport size, coloured photograph
List of documents that need to be submitted by a self-employed individual/businessman:
- Proof of Identification
- Address Proof
- Residence ownership proof (any one of the following):
- Property documents
- Electricity bill
- Maintenance bill
- Office address and ownership proof (any one of the following):
- Property documents
- Electricity bill
- Maintenance bill
- Proof of business existence (any one of the following):
- Sales deed/ agreement (executed)
- Saral copy (3 years old)
- Copy of tax registration
- Company registration license
- Proof of Income (any one of the following):
- Last 2 years Income tax returns of the applicant along with computation of income duly attested by a Chartered Accountant
- Audited balance sheet and Profit & Loss accounts, including tax audit report, if applicable
- Bank statement: Latest 1 year bank statement (both savings and current)
- Passport size, coloured photograph
- Investment proof (if any): fixed deposit, fixed assets, shares, etc.
- Existing loans: In case of any existing loan, need to submit sanction letter, payment track record
- Professional Degree Certificate: (in case of professionals)