List of Documents Required for Personal Loan Approval

Personal Loans offer a quick and easy way for individuals to meet their financial needs. During emergencies, where time is crucial, financial institutions offer streamlined loan application processes to ensure a hassle-free experience. The document required for Personal Loan are minimal, typically involving submitting basic documents such as KYC (Know Your Customer) details and income proof. However, it is essential to note that the necessary documentation may vary for salaried and self-employed individuals. In this post, we provide a comprehensive list of documents financial institutions usually require from both salaried and self-employed individuals.

Documents Required for Personal Loan – Salaried Individuals

Here is a list of the documents financial institutions usually require from salaried individuals.

1. Duly signed loan application Form
2. Passport-size coloured photograph
3. Identity Proof: Any one of the following documents – Driving License, Passport, PAN Card, or Aadhaar Card
4. Residence Proof: Any one of the following documents – Driving License, Passport, Aadhaar Card, Ration Card, or a recent utility bill
5. Income Proof: Last six months’ salary slips, bank account statements (from the salary account), and Form 16 to verify the income
6. Job Continuity Proof: Appointment letter from the current employer and an experience certificate from the previous employer to demonstrate job continuity

Documents Required for Personal Loan – Self-Employed Individuals

Here is a list of documents self-employed individuals need to submit when applying for a Personal Loan.

1. Duly signed loan application Form
2. Passport-size coloured photograph
3. Identity Proof: Any one of the following documents – Driving License, Passport, PAN Card, or Aadhaar Card
4. Residence Proof: Any one of the following documents – Driving License, Passport, Aadhaar Card, Ration Card, or a recent utility bill
5. Office Address Proof: Maintenance bill, utility bill, property documents, or a rent agreement
6. Business Existence Proof: Copy of tax registration, shop establishment, or the company’s registration certificate
7. Income Proof: Last six months’ bank statements and income tax returns (ITR) for the last two consecutive years

Tips to Expedite the Loan Application Process

●      Prepare all necessary documents in advance

Have all the required documents, such as identification proof, income proof, residence proof, and employment details, before starting the application process.

●      Complete the loan application form accurately

Fill out the application form with complete and correct information.

●      Respond promptly to lender’s requests

If the lender requires additional information or documentation, respond promptly.

●      Apply online

Opt for an online Personal Loan as they are often faster and more convenient than traditional paper-based processes.

●      Follow up with the lender

Stay in touch with the lender to remain updated on the status of your application and to address any queries or concerns.

●      Choose a reputable lender

Select a trusted and reputable lender known for efficient and prompt loan processing.

●      Provide clear and concise explanations

If your application has any special circumstances or complexities, provide clear explanations to help the lender understand your situation.

Conclusion

Whether looking for a Personal Loan in Kolkata or any other city, the process has become more convenient with the option to apply online. Gone are the days of visiting a branch in person. Now, you can easily apply for the loan online and submit the necessary documents from your smartphone. The online application process saves time and effort, making it more accessible for individuals seeking a Personal Loan instantly.