Documentation is an integral part of availing a personal loan. Since the competition is high in this segment of borrowing, getting a personal loan without documents is challenging. Most lenders approve the loan amount only to those with all the necessary documents along with other eligibility parameters.
Documents checklist for a personal loan
In order to get the desired loan amount, individuals need to submit the following documents. It is slightly different for both employed and self-employed individuals.
For employed individuals
Proof of identity
Bank account details of previous 6 months
Salary slips of previous 3 months
IT documents for the last one year
For self-employed individuals
Along with all the documents mentioned above, applicants also need to provide the following.
Proof of business ownership
Details about a business account of last 6 months
These are some of the documents that you need to provide to avail a personal loan. All you have to do is submit the soft copies of the documents online. However, if you do not have all the documents, you still can avail the funds following some useful tips.
Maintain a credit score of 750 or above
Apply for a low-value loan
Showcase all the additional sources of income
Apply with a co-signer with a better CIBIL score
Following these tips, you can thus avail a personal loan without documents or at least improve your eligibility for the same. Moreover, you can also use a personal loan eligibility calculator to check your eligibility for the credit.