A personal loan is an unsecured loan that you can use to finance your own requirements, such as debt reduction, home improvements, vacations, higher education, weddings, and other personal financial obligations. The documentation that lenders want for personal loans also depends on the applicant groups, such as salaried workers, professionals who are self-employed, NRIs (Non-Resident Indians), or retirees.
You can apply personal loan online as they are simple and practical to complete. Before taking the loan, make sure to carefully read and comprehend the loan agreement. Do not hesitate to contact the lender’s customer care team for clarification if you have any issues or inquiries.
Required Documents for Personal Loan
Before applying for a personal loan, it’s crucial to review the list of required papers and have a set of them on hand because it’s practically impossible to obtain one without them.
Let’s look at the paperwork needed for various types of borrowers seeking personal loans.
List of Documents Needed for Salaried Workers
- Income Proof: Copy of Form 16, most recent three months’ worth of bank statements, salary certificate, or salary slips from the account being credited with the income.
- A copy of your PAN card, Aadhar card, voter ID card, or driver’s licence serves as identification.
- Copy of a driver’s licence, utility bills, a bank statement, or an Aadhar card.
- An official identity card or a copy of the contract or letter appointing you to the position serves as proof of your employment.
- Proof of residence ownership includes a copy of the deed, the maintenance bill, and the power bill.
- (If any) Investment Proof – A copy of the receipts for mutual funds or fixed deposits
- The most recent coloured passport-size picture.
List of Documents Needed to Support Self Employed
- Income: Your most recent six months’ worth of bank statements, a copy of your most recent income tax returns, and documentation to support your last two financial years’ audited financials.
- A copy of a PAN card, passport, voter ID card, or driver’s licence serves as identification.
- Copy of a passport, Aadhar card, or utility bill as address verification
- Office Address Proof: A copy of the business space’s shop & establishment act certificate, incorporation documents, registration certificates, MSME paperwork, or GST documents.
- Copy of a maintenance bill, real estate paperwork, or an office electrical bill might serve as proof of ownership.
- Business Existence Proof – A copy of the licence or tax registration for the firm.
- The most recent coloured passport-size picture.
Required Documents for Pensioners
- An income copy of a pension statement or bank account statement is proof.
- Identity Proof: a copy of your passport, driver’s licence, voter ID card, PAN card, or Aadhar card.
- Address proof can be provided via a copy of a driver’s licence, utility bill, bank statement, or Aadhar card. Photographs should be recent, coloured passport photos.
List of Documents Needed for Women
- Income Proof: A copy of the most recent ITR, Form 16, or the past three months’ worth of bank statements for applicants who are self-employed, and a copy of the last two months’ worth of pay stubs or the previous three months’ worth of bank statements for salaried employees.
- A copy of your PAN card, Aadhar card, voter ID card, or driver’s licence serves as identification.
- Address Proof: A copy of the applicant’s driver’s licence, Aadhar card, utility bills, or bank statement in the event of a salaried employee; moreover, for a self-employed application, a copy of the applicant’s company registration licence or tax registration.
- The most recent coloured passport-size picture.
List of Documents Required for Senior Citizen Personal (Pension) Loans
- Identity Proof: A copy of an Aadhar card, PAN card, voter ID card, passport, or driver’s licence. Income Proof: A copy of bank account statements, a pension document (if applicable), or a PPO.
- Address Verification: A copy of your driver’s licence, utility bills, bank statement, or PAN card.
- The most recent coloured passport-size picture.
Documentation is essential when applying for a personal loan
If there is any contradiction in the paperwork, it must be fixed in order to prevent complications while completing a personal loan application. paperwork given by a borrower plays a crucial part in having quick personal loans accepted.
Another thing to bear in mind is that banks go over the paperwork applicants provide. Therefore, submitting a comprehensive and accurate set of paperwork might help you acquire your loan more quickly, yet submitting just one wrong document could cause your personal loan application to be denied.
Conclusion
Online personal loan applications are quick and easy to complete, but they do demand certain documentation to prove your identity, employment, and creditworthiness. In order to evaluate your eligibility and decide the loan amount and conditions they may provide you, lenders need certain papers.
You can speed up the online personal loan application process and improve your chances of a successful loan approval by being well-prepared and supplying the required documentation on time. This will enable you to get the cash you require for various personal or financial purposes. You may acquire cash quickly and easily with an instant cash loan app from Fibe in just a few clicks. Your money should be there for you, whether it’s for that thing you’ve desired for ages or for your rent and utilities costs. Fibe personal loans get you covered with rapid cash loans that are sent directly into your bank account.
