Here’s The List Of Documents Required For Personal Loan Procedure

Personal loans are a popular form of credit, the reason for its popularity being the convenience and flexibility of availing and using them.

Must Read: Tips to Improve Personal Loan Eligibility

Listed below are some advantages –

• Minimal documentation- These loans come with minimal documentation to help in instant approval. They require very few documents compared to other forms of credit.
• Quick disbursal- Minimal documentation also helps ensure low turnaround times for disbursal. You can refer to specific lenders who provide instant personal loans.
• Flexibility of use- Personal loans come with no end use restriction. It means that you can use the funds for any purpose as per your needs.

Now, the document requirements for personal loan vary between salaried and self-employed individuals. These are listed below.

For salaried Individuals

• Identity proof- You will need to submit copies of passport, PAN card, driving license, and Aadhaar card along with originals.
• Employment proof- You can submit your offer letter or a letter from the HRD of your office.
• Residence- Submit property tax receipts, electricity bills to fulfil this requirement.
• Income proof- You will be asked to submit copies of your salary slips of last 3 months along with bank statements.
• Application form- The personal loan application form fully filled out with required details.
• Photo- One passport-sized colour photograph of the applicant.

For self-employed individuals

• Valid Identity proof- You will need to submit copies of at least two of these along with originals — PAN card, Aadhaar card, driving licence or Voter ID card.
• Proof of residence- Submit your property tax receipts or electricity or phone bills. They must be recent to be considered a valid proof of residence.
• Income proof- You must submit your balance sheet and P/L statements of the last two years, duly audited by a chartered accountant for instant personal loan approval.
• Continuity proof- Providing the latest electricity bills and current account statements will suffice as continuity proof.
• Declarations- For this, you will need to submit sole proprietorship declaration, or partnership deed, Articles, Memorandum etc. depending on the type of your business.
• Application form and photo- Submit the filled out application form along with a passport-sized colour photograph of the applicant.

Keep these documents handy when applying for a personal loan. This will help you avail an instant personal loan.

Must Read: Here Are Documents That are Required for Personal Loan Procedure