How often do you feel that if only there was someone who could lend you some money for a particular necessity at the time which you can pay back later? Be it just a month-end cash crunch or a big requirement like a wedding. Now you can avail personal loans from ₹ 15000. Also with time and technology, it has become easier to avail this facility. There are just certain documents that you need to provide the financial institution in order to get the loan. Therefore, here is a section-wise list of Documents Required for Personal Loan-

Common Check List of Documents Required for Personal Loan

No matter which category you belong to or which bank you are applying to. There are certain documents that are required for availing a personal loan at any financial institution. Here is the list:

• Complete loan application form: Whether online or paper form
• Passport size photograph: Keep a few photographs handy
• Identity proof: Any identity proof generated by the government like Voter ID Card/Passport/PAN Card/Driving License
• Residence proof: Ration Card, Passport or Utility Bill can be used to prove your residence.
• Age proof: Voter ID Card/Passport/PAN Card/Driving License
• Financial Documents:

• Salaried Individuals: Latest 3 months’ Salary Slips and Form 16, Bank Statements of 6 months
• Self Employed Individuals: Latest 1 year bank statement for both savings and current account

Check List of Documents Required for Personal Loan
Salaried Employees

Getting a personal loan can be a piece of cake if you are a salaried employee at a company and have a good credit score. Here is the list of documents that you would need in order to get a personal loan-

• Identity proof: Any identity proof generated by the government like Voter ID Card/Passport/PAN Card/Driving License
• Residence proof: Ration Card, Passport or Utility Bill can be used to prove your residence.
• Latest 3 months Bank Statement (where salary/income is credited)
• Salary slips for last 3 months
• 2 Passport Size photographs

Check List of Documents Required for Personal Loan

Self-Employed Individuals

It can be a little difficult for self-employed individuals to get a personal loan due to the fact that their source of income is slightly riskier than salaried individuals. However, if you have a steady income, most banks would offer you good rates. Here is the list of documents that you would need to provide them-

• Identity proof: Any identity proof generated by the government like Voter ID Card/Passport/PAN Card/Driving License
• Residence proof: Ration Card, Passport or Utility Bill can be used to prove your residence
• Income proof: Since you are a self-employed professional, this might be a little tricky. You should maintain your income records properly documented.
• Latest 6 months Bank statement
• Office address proof
• Proof of office ownership
• Proof of continuity of business

Check List of Documents Required for Personal Loan

Senior Citizens/Pensioners

Even senior citizens and pensioners can apply for a personal loan. Below is a list of documents required for a personal loan for senior citizens and pensioners-

• Identity proof: Any identity proof generated by the government like Voter ID Card/Passport/PAN Card/Driving License
• Residence proof: Ration Card, Passport or Utility Bill can be used to prove your residence.
• Passport size color photographs
• Age proof: Voter ID Card/Passport/PAN Card/Driving License
• Income Proof: Pension Returns or Bank Statement

FAQs regarding Documents Required for Personal Loan:

What purpose can I use a personal loan for?

You can use a personal loan for a variety of purposes like debt consolidation, home renovation, home furnishing, travel expenses, wedding expenditures etc. Because a personal loan is a multi-purpose loan and hence it has gained popularity recently.

Am I eligible for a personal loan?

If you have a steady source of income, you are eligible for a personal loan. However, there are certain other criteria like credit score which would depend on the lender you are applying for.

Is there a minimum/maximum personal loan amount?

Yes, most banks have a minimum amount that you need to borrow. You can get loans for amounts starting ₹ 15000 from online portals like IndiaLends. The maximum amount also varies from person to person and bank to bank. That is, according to your income, you might be eligible for a different amount up to which you can choose.

What is the tenure of a personal loan?

The tenure for a personal loan can vary from anywhere between 6 months to 5 years according to the EMI structure you choose.

Can I apply for a personal loan jointly with someone?

Yes, you can. In such a case you would have to provide documents for all the applicants. Also, keep in mind that when you apply for a loan jointly. Each applicant needs to maintain a good credit score.

Getting a personal loan is not as difficult as it might sound. And with IndiaLends’ paperless application procedure, a personal loan is literally a few taps away. Also, you also get to choose from various offers and the opportunity to get EMI options starting ₹1400. Apply now to check the best interest rates. If you have any questions regarding personal finance, do let us know in the comments below!