What are the documents Required for a Personal Loan : A Complete Guide

A personal loan in India needs one identity proof, one address proof and a means of verifying your income. On Stashfin the checklist is a PAN card, an Aadhaar proof or driving license, a live selfie captured in the app, and the last 3 months’ digital bank statements for select profiles only. There is no physical application form, no branch visit and no notarised paperwork.

Personal Loan Eligibility and Required Documents

Qualification

• Age: 18 to 59 years of age
• Employment Status: Both salaried and self-employed are eligible
• Income: A minimum monthly income as per policy
• Credit Score: Fair credit score of 730 or above, though exceptions may apply

Documentation

• Mandatory Identity Proof: Aadhaar, PAN, or Passport
• Address Proof: Utility bill, rent agreement, or driving license
• Bank Statements: Last 3 months’ bank statements (needed for some users only)

Detailed Personal Loan Document Checklist

To ensure a smooth loan application experience, prepare these digital verification proofs:

Mandatory Identity Proof (Any One)

Your identity proof verifies your legal citizenship, age, and full name across official financial registries:

• PAN Card (compulsory): The single most critical document required by all RBI-regulated lenders in India to assess your CIBIL or Experian credit history.
• Aadhaar Proof / Card: Used for instant paperless e-KYC authentication.
• Official Passport or Voter ID: Valid alternative identity proofs.

Address & Residence Proof (Any One)

Lenders require proof of current residence to confirm your location and contact details:

• Aadhaar Proof / Card: Fastest for automated digital address verification.
• Valid Driving License: Valid alternative address proof.
• Recent Utility Bills: Electricity bill, piped gas bill, or water bill dated within the last 3 months.
• Registered Rent Agreement: For tenant applicants living in rented accommodation.

Financial Assets & Income Proof

Depending on your employment type and credit score, income proofs demonstrate cash flow stability:

• For Salaried Applicants: Digital bank account statements for the last 3 months showing salary credits.
• For Self-Employed Applicants: Digital bank account statements for the last 3 months showcasing ongoing business cash flow. No complex audited profit-loss statements or multi-year tax filings are required on Stashfin.

Real-Time Facial Verification (Live Selfie)

To prevent identity theft and impersonation fraud, digital platforms require a live selfie captured through your smartphone camera during the application process.

Why Stashfin for Instant Personal Loan

Stashfin’s instant personal loan cuts down on the delays often experienced with traditional lenders, offering a truly digital and collateral-free lending experience based on your income.