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What Are The Essential Documents Needed For Personal Loans?

· personal loan

There are several banks that offer personal loans these days. A personal loan is an unsecured loan that can be employed for any personal reason. It is permitted according to the income and repayment capability of the borrower. If you think you can apply for a personal loan without documents, then you’re absolutely wrong as you are required to submit a number of documents when applying for any kind of loan.

Documents Required For Personal Loans:

  • Identity Proof

An Id proof issued by the Indian Government is known to be the most reliable and essential documents. You can present any of these while applying for personal loans:

  • Aadhaar Card

  • Valid Passport

  • PAN Card

  • Valid Driving License

  • Voter ID Card

  • Proof of Residence

It is not compulsory to submit a proof of residence ownership, but if you submit that hints the lenders about your robust financial background which can influence your approving status in a positive way.

Documents to be Submitted By Self-Employed Professionals For Personal Loans Include:

Here are some additional documents that are required other than the above basic ones:

  • You should have the latest 6 months statement from the bank.

  • Latest ITR together with the computation of income, and recent Balance sheet with Profit & Loss a/c (CA Certified /Audited)

  • Proof of continuation

  • Other essential documents – certified original copy of Memorandum and Articles of Association (certified by Director) and Board resolution (Original), Sole Proprietorship Declaration Or Certified Copy of Partnership Deed

  • An applicant should be somewhere between 23-55 years old, as the younger you’re the higher chances of a huge amount of loan approval you get.

  • You should be a resident citizen of India.

  • You should be a working individual in any of the working sectors.

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