Requirements For A Personal Loan – What Documents Are Needed

If you are planning to take a personal loan from a bank, you are required to produce all the necessary documents to ensure that you are eligible to apply for the bank loan.

Your loan application procedure will be completed only when the document you submitted is successfully verified.

The documents required will differ according to the loan type you want to apply for.

In the case of unsecured loans like personal loans, your income proof and salary slip are given the most priority apart from your existing loans and Cibil score.

While for secured loans such as home loans or for loans against property, the property paper will be given the utmost importance.

Eligible Criteria For Taking Personal Loan In India

  1. You must be a resident of India.
  2. You must be over 21 years of age.
  3. You must have a regular income source.

Here are the documents required to apply for a personal loan in the bank. The documents required may differ according to different lenders, however, these documents are commonly asked by most banks and lenders.

Documents Required for a Personal Loan

The following documents are required along with your Personal Loan application:

1. Identity proof

Your proof of identity can be given by submitting a copy of either one of the following documents – 

  • Voter ID
  • Passport
  • PAN Card
  • Driving License
  • Aadhar Card.

2. Address proof

For your address proof, you can submit a copy of either one of the following –

  • Voter ID
  • Driving Licence
  • Passport
  • Aadhar Card

3. Latest Salary Slip

Some banks or lenders will ask for 3 months salary slip. However, the latest salary slip is commonly required.

4. Bank Statement

You need to submit your salary account of the bank statement for the previous 3 months.

If you are submitting copy of your bank passbook, you need to submit the previous 6 months’ transaction details.

5. Copy of Company ID Card

This is not mandatory. Some banks or lenders will ask you for it while some won’t. Still, keep a copy of it incase you need to produce one.

6. Latest Form 16.

 

Documents Required For Taking A Business Loan

If you are trying to apply for a business loan, here are the documents you are required to furnish along with your loan application –

1. PAN Card

It can be of an individual, Company, Or Firm.

2. Identity Proof

You can submit a copy of any of the following documents as identity proof – 

  • PAN Card
  • Voter ID
  • Driving Licence
  • Aadhaar Card
  • Passport.

3. Address Proof

You can submit a copy of any of these as your address proof –

  • Voter ID
  • Aadhar Card
  • Passport
  • Driving Licence

4. Bank statement of the previous 6 months

5. Latest ITR along with computation of income, Balance Sheet, and Profit & Loss account for the previous 2 years, after CA Certification or Audited.

6. Proof Of Continuation Of Business

You can submit either Trade License, Establishment, Sales Tax Certificate or ITR filed in the Business name.

7. Other Mandatory Documents

Sole Proprietorship, Declaration Or Certified Copy of Partnership Deed, Certified True copy of Memorandum & Articles of Association which is being certified by the  Director and Board resolution – these documents needs to be submitted in original.

 

Documents Required for Loan against Property

For Salaried Individuals

1. Proof of Residence

You can submit copy of any of of the following –

  • Voter ID
  • Electricity Bill
  • Telephone Bill
  • Ration Card 

2. Proof of Identity

You can submit copy of any one of the following –

  • Voters Card
  • Company ID
  • Driving License
  • Aadhaar Card

3. Latest Bank Statement or Passbook

The bank statement should be your salary account where your salary is credited for past 6 months.

4. Latest 6 Months Salary Slip with all deductions

5. Last 2 years Form 16.

6. Copies of all Property Documents

 

For Self-Employed Individuals

1. Proof Of Identity

Copy of any one of the following –

  • Voter ID
  • Company ID
  • Driver License
  • Aadhar Card

2. Proof Of Residence

Copy of any one of the following – 

  • Voter ID
  • Aadhar Card
  • Telephone Bill
  • Electricity Bill
  • Ration Card

3. Certified Financial Statement for the last two years.

4. Latest Bank Statement or  Passbook

You should submit copy of 6 months bank account statement where your salary is credited.

5. Copies of all Property Documents.