Documents Required for Personal Loan in India
A personal loan is a type of unsecured loan which you can apply for in case of need of funds. However, when applying for a personal loan, it is important to know if you fit the lender’s eligibility criteria and have the required necessary documents. Read on to know more about the list of documents for a personal loan.
What Are the Required Documents for a Personal Loan?
As part of the process of applying for a personal loan, you will have to submit certain documents that verify your identity, address, income, and employment.
While the banks and NBFCs may differ slightly in what they require, the acceptable documents will include:
- Proof of identity, which can include Aadhaar card, PAN card, Voter ID, Passport, or Driving Licence.
- Proof of address, which can include Utility bills, Aadhaar card, Passport, or Rent Agreement.
- Proof of income, which can include salary slips, bank statements, Form 16, or audited financial statements if self-employed.
- Photographs should include some new passport-sized photographs.
And, finally, clear application forms, which can include a duly filled out and signed personal loan application form. In addition, lenders may ask for self-attestation on all the documents as well as ask to view the originals of all documents for verification purposes during the processing stage.
List of Documents Required for Salaried Employees
The following are documents which salaried employees are expected to submit when applying for a personal loan:
1. Completely Filled Application Form
- Duly filled and signed personal loan application form with a recent passport-sized photograph.
2. Proof of Identity (KYC / OVD Documents) Any one of the following:
- NREGA Job Card
- Letter issued by the National Population Register
3. Proof of Address
- Utility bills (electricity, water, gas, or telephone) not older than 3 months
- Aadhaar Card
- Passport
- Driving Licence
- Voter ID
4. Proof of Income
- Latest salary slips (for the last 2–3 months)
- Form 16 or Employment Certificate
- Income Tax Returns (ITR) for the previous year
- Bank account statements (last 2–3 months) showing salary credits
5. Signature Proof
- Signature verification from bank or identity document, if requested by the lender.
6. Self-Attestation All copies of submitted documents must be self-attested (signed by the applicant).
7. Post-Sanction / Pre-Disbursement Documents
- Duly signed loan agreement
- ECS (Electronic Clearing Service) or Standing Instruction (SI) mandate for EMI payment
List of Documents Required for Self-Employed Individuals
Self-employed professionals and business owners must provide the following:
1. Application Form
- Completely filled and signed application form with photograph.
2. Proof of Identity (KYC / OVD Documents)
- Aadhaar Card
- PAN Card
- Passport
- Voter ID
- Driving Licence
3. Proof Address
- Utility bill dated within the last 3 months
- Passport
- Aadhaar Card
- PAN Card
4. Proof of Income
- Income Tax Returns (ITR) for the last two financial years
- Audited financial statements (Profit & Loss Account and Balance Sheet)
- Bank account statements (last 6 months)
5. Business Proof / Additional Documents
- Business registration / incorporation certificate
- GST registration certificate (if applicable)
- Lease or agreement proving ownership of office
6. Self-Attestation
- All documents must be self-attested prior to submission.
7. Post-Sanction / Pre-Disbursement Documents
- Signed loan agreement
- ECS / SI mandate
List of Documents Required for NRI Applicants
Non-Resident Indians (NRIs) must provide the following documents when applying for a personal loan in India:
1. Completely Filled Application Form
- Duly filled in and signed application form with recent photograph.
2. Proof of Identity
- Valid Passport copy
- Valid Visa or Work Permit copy
3. Proof of Employment
- Employment contract or appointment letter
- Office email ID or HR email verification
- Work permit issued by overseas employer
4. Proof of Indian Residence
- Aadhaar Card
- Indian Passport showing address in India
- Utility bills or rent agreement in India
5. Proof of Overseas Address
- Driving licence issued abroad
- Recent utility bill in applicant’s name
- Resident permit or tenancy agreement
6. Proof of Income / Tax Documents
- Salary slips or employment income certificate
- Overseas bank statements
- Tax Identification Number (TIN) or tax statements
7. Additional Documents
- NRE/NRO bank account statement
- Pension number (if applicable)
8. Post-Sanction / Pre-Disbursement Documents
- Signed loan agreement
- ECS / SI form or mandate for EMI deduction
List of Documents Required for Pensioners
As a pensioner looking to apply for a personal loan, you'll be required to provide:
1. Loan Application Form
- Loan application form that has been duly filled out and signed along with your photograph.
2. Proof of Identity
- Aadhaar Card
- Voter ID
- PAN Card
- Passport
- Employee ID issued by govt (if applicable)
3. Proof of Address
- Aadhaar Card
- Passport
- Any utility bill dated within the last 3 months
4. Proof of Income
- Pension payment slip/certificate
- Form 16
- Bank account statement with pension deposits
5. Additional Documents
- Pension number or PPO - Pension Payment Order
6. Pre-Disbursement / Post Sanction Documents
- Loan Agreement duly signed
- ECS / SI mandate
FAQs on Personal Loan Documents
- Can I apply for a personal loan online?
Most lenders do provide an online application process. You can complete the application digitally, upload any necessary documents, and be able to check the status of your application online. Completing the application digitally generally allows for faster verification and loan approval.
- Is there a minimum income requirement for a personal loan?
Yes, generally a lender will have a minimum income requirement for borrowers in consideration of their application. The minimum requirement will vary depending on the borrower's employment type, borrower profile, and lender guidelines; however, it can help lenders understand the borrower's ability to repay the loan.
- What is the maximum amount I will be able to be approved for?
The maximum loan amount will depend on borrower factors like income, credit score, and ability to repay the loan. Higher income levels and/or high credit score often allow for larger loan amounts to be approved, whereas low credit scores often produce fewer, lower amounts to be approved.
- Can a self-employed person take out a personal loan?
Yes, self-employed individuals can still apply; however, they might need to provide additional documentation. You will often need to provide, for example, the Income Tax Returns (ITRs) for the last two years, audited financial statements for the business, and bank account statements as income and business support.
- Is a co-applicant required for personal loan applications?
You are not required to have a co-applicant in order to apply for a personal loan, but having a co-applicant may increase your eligibility for a loan. If, for example, the co-applicant has a solid credit score or a higher income, it will increase the likelihood that you will get the loan approved and there is also a chance that you could get a higher loan amount.
- What is the interest rate on a personal loan?
Interest rates will greatly depend on each individual's credit score, income, and loan amount. A person with a strong credit profile could offer a lower interest rate for having a satisfactory and reliable credit history, while a higher-risk credit applicant may receive a slightly higher interest rate.
- Are there any processing fees if I apply for a personal loan?
Yes, basically every lender charges a processing fee, normally a small percentage of the approved loan amount. This processing fee covers administrative costs and can vary depending on the lender and specific loan product.
- Is collateral necessary for personal loans?
No, personal loans are unsecured loans, which means you do not need to provide any collateral or insurance. The personal loan will be provided based on creditworthiness, income, and ability to pay back the loan rather than physical assets.
- What is the difference between digital and physical document submission?
Digital submission involves uploading scanned documents online, offering faster processing and home convenience. Physical submission requires originals at the branch and may take longer but is necessary for high-value loans or verification of originals.
- How long will it take to receive a personal loan?
Different lenders and/or different applicant profiles will produce different timelines with regard to the loan process. If the necessary documents are verified and approved, it could take hours to days to receive the loan. This depends on the lender.
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