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Documents Required for Personal Loans

Personal loans are unsecured loans used to satisfy personal financial requirements such as debt consolidation, medical expenses, home renovation, etc. To avail a personal loan you have to submit some key documents, and do bear in mind the documentation can differ from one lender to another. Moreover, the required documents may depend upon the category that the applicant belongs to, like salaried, self-employed, NRI (Non-Resident Indian), or a Pensioner. 

Following is the list of the common documents required by various categories of applicants while applying for personal loans:

Identify Proof: Passport/PAN Card/Voter's ID/ Aadhaar Card/Driving Licence

Address Proof: Passport/Aadhaar Card/Driving Licence/Utility Bill (not more than 3 months old)/Ration Card

Income Proof: Salary Slip/Form 16/ Bank Account Statement/Copy of Pension Payment Order/Previous Year ITR

Employment/Business Proof: Letter of Appointment/Job Contract/Labour Identify Card (if applicable)/Official or HR's Email ID/Certificate of Practice/GST Registration and Filing Documents/Partnership Deed/Shop Act License/MOA & AOA

For salaried people the required list of documents are below:

Along with a duly-filled personal loan application form, the salaried individuals have to are required to submit the following documents:

Photo Identity Proof (Any one): Passport/PAN Card/Aadhaar Card/Driving License/Voter’s ID

Address Proof (Any one): Passport/Ration Card/Utility Bill (not more than 2 months old)/Aadhaar Card/Driving License

Income Proof: Bank statements for the last 3 to 6 months that shows salary credit/Salary slips (Last 3 months)

Tax Paid (Any one): Form 16/IT returns for 2 years

Residence Ownership Proof (Any one): Maintenance Bill/Electricity bill/Property Documents

Proof of Job Continuity (Any one): Current employment certificate/Current job appointment letter/Experience certificate or a job certificate

Proof of Investment (if any): Fixed deposit, fixed assets, shares, etc.

Existing Loans (if any): Payment Track Record & Sanction letter

Photograph: One coloured passport size photograph 

For self-employed people the required list of documents are below: 

The self-employed people have to submit the following documents along with their duly completed loan application form: 

Photo Identity Proof (Any one): Passport/PAN Card/Aadhaar Card/Driving License/Voter’s ID

Address Proof (Any one): Passport/Utility Bill (not more than 2 months old)/Ration Card/Aadhaar Card/Driving License

Proof of Residence Ownership (Any one): Property documents/Electricity bill/Property Documents

Proof of Office Address and Ownership (Any one): Property documents/Electricity bill/Maintenance bill

Proof of Business Existence (Any one): Company registration license/Shop establishment proof/Copy of GST registration

Income Proof: Last 2 years Income tax returns of the applicant and the computation of income duly attested by a Chartered Accountant/Audited balance sheet and Profit & Loss accounts, and tax audit report if applicable

Bank statement: Current account bank statement/savings account bank statement/bank passbook for the past one year

Proof of Investment (in case any): Investments proof 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

 

For pensioners the required list of documents are below:

Pensioners are generally required to submit the following documents:

Identity/Age Proof (Any one): PAN card/Aadhaar Card/Voter ID card/Driving License/Ration card/Passport/Birth certificate/School leaving certificate

Address Proof (Any one): Passport/Utility bills/Ration card/Driving License/Aadhaar Card

Income Proof (Any one): Bank statements from last 6 months’/salary slips/Form 16/Bank passbook/Copy of pension payment order/Income tax returns

Photographs: Passport size photographs

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