There are numerous ways in which people can benefit from personal loans. However, to take advantage of a personal loan, there are a few documents which one has to provide, as they are needed to take a personal loan. Although the number of documents is small, they are compulsory, and without them you cannot apply for your loan.
It is recommended to give accurate information and documents so that your loan application gets processed quickly. Below is a list of the documents needed for a personal loan.
Documents required for Personal Loan
Let us discuss the documents required for obtaining personal loans for different types of applicants.
Documents Required for Salaried Individual
Proof of Income: Photocopy of Form 16 or Bank statements/salary certificate or payslip of the bank account where salary is being deposited.
Proof of Identity – Photocopy of PAN card/AADHAAR card / Voter identification Card or Driving License.
Proof of Address – Photocopy of driving license/ Utility Bills/Bank statement /AADHAR Card
Proof of Employment – Photocopy of Job letter / Contract or Email ID of HR/company of employment.
Proof of Residence – Photocopy of property document / Maintenance receipt and electricity bill of residence.
Proof of Investment (if any) – Photocopy of Fixed Deposit Receipts/ Mutual Fund.
Proof of Photograph – Photocopy of latest colored passport-size photograph.
Documents Needed for the Self-Employed
Income Proof – The most recent copy of income tax return filed by the applicant, proof documents of audit of last 2 years’ finances and last 6 months’ bank statements.
Identification Proof – A copy of PAN card/ passport/ Voter id or driving license.
Address Proof – A copy of passport/Aadhaar card or utility bills.
Commercial Property Proof – A copy of incorporation documents/registration certificates/MSME/ GST registration document or Shop and Establishment Act of commercial property.
Property Owner Proof – Copy of maintenance bill, property deed or electricity bill of the office.
Business Existence Proof – A copy of company registration license or tax registration.
Photograph – Colored passport-sized photograph.
Documents to be Attached by Women
Proof of Income – Duplicate of two months’ pay slips for a salaried individual or three months’ bank statements for the case of self-employed individuals and duplicate of the latest ITR/Form 16 or last 3 months’ bank statements.
Proof of Identity – Copy of PAN card/Aadhar card/Voter ID card or driving license.
Proof of Address – Copy of Driving License/Aadhar Card/Utility Bills/Bank Statement in case of a salaried individual or company registration certificate or tax registration in case of a self-employed individual.
Photograph – Latest coloured passport-size photograph.
Conclusion
The documents submitted by the applicant play a very important role in the approval process for fast personal loans. Any discrepancy in these documents must be sorted out so that there is no trouble when filing for personal loans. Also, one thing which needs to be kept in mind is that the documents are checked by the banks. A complete set of documents will lead to quicker approval of your loan; however, just one discrepancy could cause rejection of your application for personal loans.