Articles

Seven Documents Required for Personal Loan

by Aman Khanna Finance
The personal loan has gained immense popularity as a financing option in India. A large number of people are now opting for this fund generating method due to its convenience. But a thing that one usually struggles with is identifying personal loan eligibility criteria. It also includes documents required for personal loans.

The reason why trying to find out about personal loan documents is so difficult is because it varies from lenders to lenders. In other words, every financing firm has its own set of requirements, which is why the documents that you need to submit are also different.
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If you are confused about what are the documents required for a personal loan in general, then here is a list that we have created. These are standard paperwork, which needs to be submitted irrespective of the chosen financing agency.

1. Address proof

The first document which is mandatory while apply for a personal loan is the address proof certificate. This can be in the form of utility bills as well. Besides, the more current your address proof is, the better it would be. To know what all can be used as your address proof, you can view the documents required for personal loan section of your bank’s website.

2. Identity proof

Identity proof is another set of paperwork that cannot be skipped while filling out a personal loan application. The thing that one needs to remember while choosing an identity proof document is that the certificate must have your picture. Otherwise, it will not fit in with the criteria of documents required for personal loan.

3. Job continuity proof

Since the personal loan is a financing service, you need to prove that you will be able to pay back the amount in full. For this, financing firms require you to submit a job continuity proof if you are a salaried individual. It allows them to build trust towards you.


4. Income proof

The next on our list of documents required for personal loan is the applicant's’ income proof. In the case of a salaried employee, your pay slip can be used as income proof. However, if you are an entrepreneur or self-employed individual, then you can simply submit the balance sheet of your business under this category.

5. Ownership proofs

Depending on the amount that you require, personal loan eligibility criteria can also demand ownership proves from applicants. It usually happens when you have to mortgage certain things to receive finance. For example, if you are mortgaging a property, then you would need to show that you are its legal owner of the property. 

6. Bank statement

A bank statement of the past 6 months is also important when it comes to documents required for personal loan. This is applicable in both cases for salaried employees and self-employed individuals.

7. Passport size photograph

The last and the most convenient to remember document required for personal loan is a passport size photograph of the applicant. Always make sure to carry at least two or three copies of your passport size photograph, so that it can be used on multiple application copies.

NBFCs like Bajaj Finserv offers pre-existing deals for financing services like home loans, personal loans, business loans, and credit cards. Considering these deals will cut your loan processing time in half and make it completely hassle-free.

You can view your pre-approved loan offer online by registering with your name and contact number.

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About Aman Khanna Innovator   Finance

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Joined APSense since, March 16th, 2017, From Delhi, India.

Created on Apr 2nd 2019 00:27. Viewed 621 times.

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