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  • Documents Required for Personal Loan

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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).

    List of Documents Required for Salaried Employees

    Proof of photo identity (Any one)
    • Passport
    • Voter’s ID
    • PAN Card
    • Driving License
    • Aadhar Card
    Proof of Residence (Any one)
    • Passport
    • Aadhar Card
    • Utility Bill
    • Ration Card
    • Driving License
    Proof of Ownership of Residence (Any one)
    • Property documents
    • Electricity bill
    • Maintenance bill
    Proof of Income
    • Salary slips for the last three months along with Form 16
    • Bank statement for the previous six months where the salary has been credited
    Proof of Job Continuity (Any one)
    • Employment certificate from the current employer
    • Certificate of experience (relieving or appointment letter from the previous employer along with job certificate)
    • Appointment letter from the current employer (if employment period exceeds two years)
    Proof of Investment (if any) Fixed assets, shares, fixed deposit, etc.
    Photograph One passport size Color photograph

    List of Documents Required for Self-Employed Individuals

    Proof of photo identity (Any one)
    • Passport
    • Voter’s ID
    • PAN Card
    • Driving License
    Proof of Residence (Any one)
    • Passport
    • Aadhaar Card
    • Utility Bill
    • Ration Card
    Proof of Residence Ownership (Any one)
    • Property documents
    • Electricity bill
    • Maintenance bill
    Proof of Office Address (Any one)
    • Maintenance bill
    • Property documents
    • Utility bill
    Proof of Office Ownership (Any one)
    • Maintenance bill
    • Property documents
    • Electricity bill
    Proof of Business Existence (Any one)
    • Tax registration copy
    • Company registration license
    • Shop establishment proof
    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

    List of Documents Required for NRI Applicants

    Proof of Identity
    • Copy of your passport
    • Copy of your visa
    Proof of Employment
    • Appointment letter
    • Job contract
    • Identity/Labour card (if applicable)
    • Official email ID or the HR’s email ID
    Proof of Income
    • Bank statements of the last 6 months
    • Salary slips or salary certificate
    Photographs Recent passport-size photographs

    List of Documents Required for Pensioners

    Proof of Identity/Age  (Any one)
    • Ration card
    • PAN card
    • Voter ID card
    • Passport
    • Driving licence
    • School leaving certificate
    • Birth certificate
    Proof of Address  (Any one)
    • Aadhaar card
    • Passport
    • Ration card
    • Utility bills
    • Driving licence
    Proof of Income  (Any one)
    • Bank pass book
    • Bank statements of the last 6 months
    • Form 16
    • Income tax returns
    • Copy of pension payment order
    Photographs Recent passport-size photographs

    FAQ's

    1. Are there any documents that I should submit post-sanction or pre-disbursement of my personal loan?
    2. 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.

    3. Are the documents required to apply for a personal loan the same across lenders?
    4. 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.

    5. Is the documentation process minimal for pre-approved or instant personal loans?
    6. 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.

    7. What is the turnaround time for processing a personal loan application?
    8. 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.

    9. Do I have to submit my original KYC documents when applying for a personal loan?
    10. 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.

    11. What is the documentation process for personal loans applied online through the lender's website?
    12. 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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