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Personal loans can be a great source of cash for individuals. When Applying for a Personal Loan, customers are requested to submit a certain set of documents which may vary from lender to lender and will also depend on whether the applicant is salaried, self-employed, Pensioners or a Non-Resident Indian (NRI).
| Proof of photo identity (Any one) |
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| Proof of Residence (Any one) |
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| Proof of Ownership of Residence (Any one) |
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| Proof of Income |
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| Proof of Job Continuity (Any one) |
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| Proof of Investment (if any) | Fixed assets, shares, fixed deposit, etc. |
| Photograph | One passport size Color photograph |
| Proof of photo identity (Any one) |
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| Proof of Residence (Any one) |
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| Proof of Residence Ownership (Any one) |
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| Proof of Office Address (Any one) |
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| Proof of Office Ownership (Any one) |
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| Proof of Business Existence (Any one) |
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| Proof of Income | Income tax returns for the previous two years inclusive of Computation of Income, audit report, balance sheet, profit and loss account, etc. |
| Bank statement | Savings and current bank statement for the past one year |
| Proof of Investment (if any) | Investments such as fixed assets, fixed deposits, and shares |
| Photograph | One passport size color photograph |
| Proof of Identity |
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| Proof of Employment |
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| Proof of Income |
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| Photographs | Recent passport-size photographs |
| Proof of Identity/Age  (Any one) |
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| Proof of Address  (Any one) |
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| Proof of Income  (Any one) |
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| Photographs | Recent passport-size photographs |
Yes, there is documentation involved after your loan is sanctioned. It includes the submission of duly-signed loan agreement and ECS Form or Standing Instruction (SI) request to the lender.
No, the documentation process may differ across lenders. You may have to provide additional documents if and when required during the personal loan application process. The documents listed above are only indicative and may be subject to change in line with the regulatory guidelines of RBI.
Yes, minimal documentation is one of the perks of an instant personal loan offer. Banks offer pre-approved loans to their existing customers depending on their income, credit history, and employment status. As the bank already has the customer’s KYC details in its database, he or she need not worry about going through the hassle of heavy documentation when applying for a pre-approved personal loan.
The turnaround time depends on the documentation process. If you ensure the KYC documents, income proof, and duly filled application form are submitted without any errors then the documentation and verification processes will be done without any delay or hassle. Once the verification process is completed successfully, the loan application will be approved immediately, and a loan agreement will be drafted for you to sign.
You have to submit photocopies of your KYC documents to the lender. However, it is advisable to carry the original documents with you to the bank so that the executive can cross-check the photocopies with the original documents. You don’t have to submit your original KYC documents to the lender but carry recent 2-3 passport-size photographs to be submitted along with the application form.
Very few lenders (NBFCs like IIFL finance) offer end-to-end online personal loan facility. If you opt for such a facility then all you have to do is fill up an online application form, upload the soft copy of your KYC documents and proofs of identity, address, and income in the prescribed format to the website. If you have an Aadhaar number then you can opt for eKYC, in which case uploading address and ID proofs may not be necessary. Upon successful verification of the documents provided by you, the lender will offer a loan agreement and you can choose to sign it digitally using Aadhaar e-sign facility.
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