Personal loans are indeed an ideal source of cash for individuals. However, while applying for a personal loan, customers are required to submit certain documents that might differ from lender to lender. It is also based upon whether the applicant is a salaried, self-employed professional, pensioners, or non-resident Indian (NRI).
Before applying for a personal loan, he/she should be well aware of the list of loan documents that are to be submitted to the concerned lender along with the loan application. It is mandatory to furnish an entire set of documents as a single incorrect document might block or lead to the rejection of your application. Apart from that, documents for address proof and identity proof for both salaried and self-employed individuals are almost similar; the ones for income may slightly vary.
List of Documents Required for Salaried Employees
|Proof of identity (any of one)||Passport, voter ID, PAN card, driving license, Aadhaar card|
|Address proof (any of one)||Passport, Aadhaar card, utility bill, driving license, or ration card|
|Proof of ownership of residence (anyone)||Electricity bill, maintenance bill|
|Monthly income proof||Salary slips for the last three months along with Form 16, Bank statement for the last six months wherein salary has been credited|
|Proof of job continuity (any of one)||Employment certificate from existing employer, certificate of experience (appointment letter from ex-employer along with years of experience), appointment letter from the existing employer (if in case of the employment year exceeds two years)|
|Investment proof||Fixed deposit, shares, and fixed assets|
|Photograph||A single passport size color photograph|
List of Documents Required for Self-employed Individuals
|Proof of photo identity (anyone)||Passport, voter's ID, PAN card, driving license|
|Residence proof (anyone)||Passport, utility bill, Aadhaar card, ration card|
|Proof of residence ownership (anyone)||Maintenance bill, electricity bill, property documents|
|Office address proof (anyone)||Maintenance bill, property documents, utility bill|
|Proof of office ownership (anyone)||Maintenance bill, property documents, electricity bill|
|Proof of business existence (anyone)||A valid copy of tax registration, company registration license, shop establishment proof|
|Income proof||Income tax returns of the last two years including computation of income, audit report, balance sheet, Profit and loss account|
|Bank statement||Savings along with current bank statement for the last year|
|Investment proof||Fixed deposits, shares, and fixed assets|
|Photograph||A single passport size photograph|
List of Documents Required for NRI Applicants
|Identity proof||Copy of your passport, copy of your visa|
|Employment proof||Job contract, appointment letter, labor card/identity, official email ID, or HR's mail ID|
|Income proof||Bank statements for the last six months, salary slips along with salary certificate|
|Photographs||Recent passport size photographs|
List of Documents Required for Pensioners
|Age/identity proof (anyone)||PAN card, ration card, voter ID card, passport, driving license, birth certificate, school leaving certificate|
|Address proof (anyone)||Aadhaar card, passport, utility bills, ration card, driving license|
|Income proof (anyone)||Bank passbook, Form 16, bank statements for the previous six months, income tax returns, copy of pension payment order|
|Photographs||Recent passport size photographs|
If you intend to track the status of a personal loan, it is required to follow the below-mentioned steps:
- Visit the 'check your loan application status' section of the concerned lender's website.
- Now select case ID/loan ID. Input the personal loan case ID which can be found in the loan form.
- Now choose the 'submit button' to retrieve the results.
- Finally, customers will be able to view the status of their loan application.
Some of the factors to be taken into consideration while submitting documents for a personal loan are as follows:
- The documents required might differ amongst various lenders as it is based upon the lender's requirement, type of loan. There are circumstances wherein applicants are supposed to attach additional documents. The documents listed above are meant for indicative purposes. It is subject to change according to guidelines mentioned by the Reserve Bank of India.
- If an applicant wishes to avail of an instant personal loan or a pre-approved personal loan, only minimal documentation is required. In such cases, lenders usually provide these loans exclusively to those customers whose KYC details are already registered in the primary database. Such type of loans is granted to customers depending upon their monthly income, past repayment records, credit history, employment status. It does not require the submission of any additional documentation.
- Customers are required to furnish only photocopies of i.e. self-attested of KYC documents. But, it is highly recommended to keep aside the originals of the KYC document in the case the concerned lender requires cross-check copies with an actual document while applying for a personal loan.
- Those customers who wish to carry out the application process online may visit the official website of the lender. However, customers are required to upload soft-copies of essential documents in a designated format.
Customers are required to follow the guidelines mentioned by the concerned lender and this is helpful for them to get their loan sanctioned at a rapid pace. To ensure a speedy verification process for disbursal of personal loan, it is essential for the customers to submit KYC documents along with monthly income certificate in an accurate manner.