Comprehensive List of Documents Required for Personal Loan

Do you have a home renovation on cards or a family wedding or emergency cash needs? For such requirements, a personal loan is a good way out. For this to happen though, you need to get the first step right and have a proper application done. This will entail getting your documents organized and ready for submission. Personal loan application processes are quite extensive and getting this step right will save a lot of time and iterations before the loan is approved.

The right documents

If you wish to get the loan quickly, you have to submit necessary documents required for a personal loan application. Apart from the basic papers, borrowers have to specify their job roles and submit additional documentation. Salaried individuals may have to enclose special documents while applying for loans. Here’s a comprehensive list, for potential loan applicants:

  1. Residential address proof
  2. Photo Identity proof
  3. Proof of job continuity
  4. Income proof certificates
  5. Residential ownership proofs
  6. Bank statements and declarations
  7. 1 color photograph in passport size

These are the necessary documentations that will help you get qualified for a loan. For some borrowers, just the basic information won’t be enough. They might look for specific updates and details about the nature of these documentations. Check out this list of documents before you apply for a loan:

documents personal loan

Get the details

Irrespective of your location, address, and choice of financial institutions, you will have to enclose these documents along with your loan application.

  • Applicant’s ID proof: Your voter ID card, Passport, Pan Card, and Driving License are some of the reliable and widely accepted ID proofs.
  • Residential address proof: Lenders refuse to approve your loans if you fail to provide complete information about your geographical location. Address proof is a prime requisite in this regard. Utility bills, Ration Card, and Passport can serve as perfect address proofs.
  • Age proof: Your age is a vital factor for loans. The borrower has to provide supporting documents for the age declared in the application. Your Pan Card, Voter ID Card, and Driving License serve the purpose. The emergence of Aadhaar Card in India is a notable factor. In most of the places, Adhaar Card is acting as a supporting document. Quite naturally, it plays an important role in personal loan applications.

These are the must-haves of the project. Financial documentations are also necessary for this purpose, but it depends on the job roles served by individual applicants. You might be a salaried individual, whereas, another applicant can be a self-employed person. Your loan requirements may vary, and hence the other factors can also be different.

documents personal loan

Financial documents

When it comes to submitting financial documentation, borrowers must have crystal clear ideas of the requirements. Depending on your job roles, you will have to submit the desired documents. Here’s a list for you:

  1. Self-employed individuals: Bank statements of the past one year and that too from current as well as savings account.
  2. Salaried people: If salaried people wish to apply and get approved for personal loans, they have to attach the following documents along with their loan application:
  • Form 16
  • Salary slips for last 3 months
  • Bank account statements for 6 months
  • Once they submit these documents, their applications will be considered and sent for approvals.

Check and recheck

A loan applicant can use this post as a handy checklist to prepare for an upcoming loan application. You can also enlist the assistance from a financial expert so that your chances of personal loan approval grows manifold.