Personal Loan Documents

Personal loans are unsecured loans and are offered to alleviate a person from a temporary financial crunch. Although a financial institution does not question the purpose of applying for a personal loan, it does have certain eligibility criteria for the same. After checking the credit score, one must submit certain documents for a personal loan application to prove that the eligibility criteria are adequately met with. These requirements are different for salaried employees and self-employed individuals, and therefore the documents needed for a personal loan also vary for these two categories.

Basic personal loan documents that must be submitted are:

Address Proof – any form of authorised identification or bills that show that the person has been at his current residence for over 1 year;

ID Proof/Date of Birth – valid passport, Aadhar card or driver’s license to ensure that the applicant belongs to the age group of 23-58 years;

Other than this, a salaried individual must show that they are currently employed, and that they possess experience in the current occupation for over 2 years, with their salary exceeding INR 20,000 per month. The documents to be submitted in this case include:

Salary slips and bank statements of the past 3 months;

Form no. 16 with computed income;

Proof of education;

A self-employed individual, on the other hand must prove an annual turnover of more than Rs. 40 lakh, while the paperwork for the same includes:

Proof of business ownership, and continuity;

Bank statements of the past 6 months;

Audited financials from the previous two years;

Office address proof.