Which Documents Are Required For Personal Loan upto 5 Lakh
What would you do if you found out that you have an urgent need of Rs. 5 Lakh and have a very limited time to gather the amount? Don’t fret, Instant Loan upto 5 Lakh is the most feasible option. Getting a personal loan is hassle-free and requires minimum documentation. Personal Loan provides borrowers with quick cash without any restriction on how to utilise the funds, giving them complete freedom in times of emergency. A personal loan comes to the rescue in challenging financial situations when you don’t have enough savings to meet your financial requirements.
Eligibility Criteria for Instant Loan Upto 5 Lakh
Applicant age
At the time of loan application, the applicant’s age must be between 21 and 58 years, which is the maximum age allowed at the time of loan maturity.
Work experience
The candidate must have at least 2 year’s worth of work experience, with at least two months of consistency with the current employer.
Income
The candidate must earn at least Rs. 30,000 in net monthly income.
Employer category
The candidate must be a full-time worker for a business, LLP, private or public limited corporation, or similar entity.
Citizenship
Personal loans are only available to Indian citizens.
Credit score
A minimum credit score of 750 or higher is typically required by lenders in order to be approved for a personal loan.
People should prevent payment defaults, keep a low credit utilisation ratio, and make on-time loan repayments in order to raise their credit score.
Documents Required To Avail Personal Loan Upto 5 Lakh
Identity Proof
● PAN card
● Aadhaar card
Address Proof
● Electricity bill, rent agreement or Indian passport
Income proof
● Latest monthly salary slip from the current employer
Bank account statement
● Original bank statement for the last three months in PDF format.
Employment proof
● Offer letter
● Monthly salary slip
● Copy of the employment contract
How To Apply For a Personal Loan upto 5 Lakh
● Visit the official website of LoanTap or download the official app
● On the home page, click on the ‘Apply Now’ Tab to apply for personal loan
● Select your employment profile. Select if you are a business owner, an employee, or a salaried person.
● Select the purpose of your loan, like home loan, personal loan, wedding loan, etc. and click on continue
● Enter your email id and current city of residence.
● Enter all additional information, including monthly income, active loans (if any), and type of current residence.
● Upload the necessary paperwork, such as bank statements, salary slips, and property ownership papers, etc.
● Enter your PAN Card number and birthdate.
● After entering all the required details, the insurer will verify, and after the approval, your loan amount will be sanctioned immediately.
Conclusion
To apply for a personal loan of up to 5 lakh with LoanTap, you’ll typically need a few essential documents. These include proof of identity and proof of address. You’ll need to provide your income proof, which could be in the form of salary slips or bank statements.
LoanTap offers a hassle-free lending experience with minimal documentation requirements. This means you can access the funds you need quickly and efficiently, making it a convenient choice for those seeking financial assistance without the burden of excessive paperwork.
