Documentation is a crucial stage of the personal loan application process. It is important to complete the documentation process as it determines your eligibility for the loan. Most people think it is a mere formality but the documentation of documentation is way higher than they think in the process of loan approval. So it is important to complete the documentation when you apply for a personal loan. The requirement of documents for a personal loan may slightly vary according to lenders and the type of employment you have, such as salaried or self-employed. Let us discuss the complete list of personal loan documents required in the process.
You must provide a proof that you are an Indian citizen. So those documents which provide photo identity such as Passport, Adhar card, PAN card, Driving license, Voter id, etc will work.
You must produce the proof of your residence. Documents such as Adhar card, Driving license, Power bill, Passport, Ration card etc will be accepted.
To establish the ownership of your property you can show your property documents. The Electricity bill and maintenance bill are also accepted. Those who are self-employed must produce the proof of office ownership for which they can show the property documents/power bill or maintenance bill of their office space. They must also give the proof of their business by means of income tax certificate, company registration license etc.
If you are a salaried employee, you must submit your last three months’ salary slips along with Form 16 certificate. Together with this, you may also require submitting your six months bank statements. Self-employed individuals must submit 2 years of income tax returns in detail such as audit reports, balance sheets, profit and loss etc. they will also need to show 1 year banks statements of both savings and current account.
Proof of job stability
You may produce your appointment letter from your current organization. Additionally, you may require showing an experience certificate from your previous employer in the form of relieving/appointment letter.
A recent passport-size photograph is a mandatory requirement for the personal loan document process.
In some instances, you may need to submit any form of investment you are doing such as fixed deposits, share stock etc. This could be optional and applied to both salaried and self-employed applicants.
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Documentation for NRI applicants
NRI individuals can also apply for a personal loan in India. But the personal loan documents required for NRIs will include some extra information. As identity proof, they will need to produce their Passport and Visa details. As proof of employment, they will also need to provide an appointment letter, job contract, labor card, official email id etc things. A 6-month bank statement with salary slips is also necessary for them. A passport-size photo is also compulsory for them.
Documentation for pensioners
Some lenders also provide personal loans to pensioners. They will require producing their identity proof or age proof in the form of an Adhar card/Pan card/ Driving license /Birth certificate etc. For the proof of address, the same documents will be required as mentioned above. When it comes to income proof they will need to show their pension payment order along with other requirements such as bank statements, income tax returns, form 16 etc. Again, a passport-size photo will be required in the process.
You can gauge how important this list of personal loan documents required for the process of approval of the loan. If you furnish all the details as requested by your lender, this will show that you are a sincere individual and this increases your chance of getting the loan. These requirements slightly vary depending on the lender you choose but the basic requirements will be the same. If you are seeking an easy personal loan in Mumbai, the same amount of documents will require to submit and you cannot skip this.