A personal loan is an unsecured loan that you can use to meet personal financial needs such as medical expenses, debt consolidation, home renovation, etc. All personal loan applicants are required to submit some key documents when applying for a personal loan which can differ from one lender to another. Additionally the documents required for a personal loan also depend upon the category that an applicant belongs to such as salaried, self-employed, NRI (Non-Resident Indian) or a Pensioner. Given below is a list of common documents required by different categories of applicants when applying for a personal loan:
List of Documents Required for Salaried Applicants
Salaried individuals are required to submit the following documents along with a duly-filled personal loan application form:
| Photo Identity Proof (Any one) | ● Passport ● PAN Card ● Voter’s ID ● Aadhar Card ● Driving License |
| Address Proof (Any one) | ● Passport ● Utility Bill (telephone, electricity, water, gas) – less than 2 months old ● Aadhaar Card ● Driving License ● Ration Card |
| Income Proof | ● Salary slips (Last 3 months) ● Bank statements for the last 3 to 6 months (showing salary credit) |
| Tax Paid (Any one | ● IT returns (for 2 years) ● Form 16 |
| Residence Ownership Proof (Any one) | ● Property documents ● Maintenance bill ● Electricity bill |
| Proof of Job Continuity (Any one) | ● Current employment certificate ● Current job appointment letter (if more than 2 years have been spent in the same organisation) ● Experience certificate (previous employer’s relieving or appointment letter along with job certificate) |
| Proof of Investment (if any) | Fixed assets, fixed deposit, shares, etc. |
| Existing Loans (if any) | Payment Track Record & sanction letter |
| Photograph | One coloured passport size photograph |
List of Documents Required for Self-employed Applicants
Self-employed personal loan applicants are typically needed to submit the following documents along with a duly completed loan application form:
| Photo Identity Proof (Any one) | ● Passport ● PAN Card ● Voter’s ID ● Driving License |
| Address Proof (Any one) | ● Passport ● Aadhaar Card ● Driving License ● Utility Bill (telephone, water, electricity, gas) – less than 2 months old ● Ration Card |
| Proof of Residence Ownership (Any one) | ● Property documents ● Maintenance bill ● Electricity bill |
| Proof of Office Address and Ownership (Any one) | ● Maintenance bill ● Property documents ● Electricity bill |
| Proof of Business Existence (Any one) | ● Copy of GST registration ● Company registration license ● Shop establishment proof |
| Income Proof | ● 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 | Savings/current account bank statement/ bank passbook for the past one year |
| Proof of Investment (in case any) | Investments such as fixed deposit, fixed assets, shares, etc. |
| Existing Loans (in case any) | Payment Track Record and sanction letter |
| Professional Degree Certificate | In case of professionals |
| Photograph | One coloured passport size photograph |
List of Documents Required for NRI Applicants
Typically, NRI personal loan applicants are required to submit the following documents when applying for a personal loan:
| Identity Proof | ● Copy of the passport ● Copy of the visa |
| Employment Proof | ● Letter of Appointment ● Job contract ● Labour/ Identity card (if applicable) ● Official email ID or the HR’s email ID |
| Income Proof | ● Last 6 months’ bank statements ● Last 6 months’ salary slips or salary certificate |
| Photograph | Passport size photographs |
List of Documents Required for Pensioners
A pensioner generally needs to submit the following documents when applying for a personal loan:
| Identity/Age Proof (Any one) | ● Ration card ● Passport ● PAN card ● Aadhar card ● Voter ID card ● Driving licence ● Birth certificate ● School leaving certificate |
| Address Proof (Any one) | ● Passport ● Aadhaar card ● Utility bills ● Ration card ● Driving licence |
| Income Proof (Any one) | ● Last 6 months’ bank statements/salary slips ● Bank pass book ● Form 16 ● Copy of pension payment order ● Income tax returns |
| Photographs | Passport size photographs |
FAQs
Q1. Do all lenders require submission of the same documents 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. The documents listed above are for indicative purposes only and are subject to change as per RBI guidelines.
Q2. Do I have to submit the same set of documents in case I want to avail an instant personal loan or pre-approved personal loan?
No. Usually minimal documentation is required to avail a pre-approved or instant personal loan as lenders offer these loans only to their existing customers whose KYC details already exist in their database. Typically such loans are offered to customers based on their income, repayment history, credit history, employment status, etc. and thus, do not usually require submission of additional documentation.
Q3. Am I required to submit my original KYC documents when I apply for a personal loan?
No, you only need to submit photocopies (usually self-attested) of your KYC documents. However, it is advisable to keep the original documents handy in case the lender needs to cross-check the copies with original documents when applying for a personal loan.
Q4. Is it possible to carry out the personal loan documentation process online?
Yes. A number of lenders currently allow borrowers to complete the entire loan application process online which involves uploading soft copies of all the relevant documents in the prescribed format on the lender’s website.
Q5. How does proper documentation affect the turnaround time involved in processing a personal loan application?
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 approval and disbursal of the personal loan.
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