Documents for Personal Loan

You never know when you might need emergency funds! Be it a medical emergency or any other, a personal loan can help. It doesn’t matter how big or small your emergency savings are, sometimes it might fall short to cover your expenses. Therefore, a personal loan with quick disbursement facility can do wonders.

List of documents needed for personal loan

The documents needed for personal loan differ for every type of lender. It depends on whether the individual is salaried, self-employed, NRI (Non-Resident Indian), or a pensioner.

We will discuss these one by one.

Personal Loan documents for salaried employees

Here’s a list of documents that a salaried employee should present when applying for a personal loan:

• Proof of Identity
  • Passport
  • Aadhaar Card
  • Driving License
  • PAN Card

• Address Proof
  • Aadhaar Card
  • Passport
  • Voter’s ID
  • Ration Card
  • Utility Bill
  • Driving License

• Proof of Income
  • Last 3 months salary slips
  • Last 6 months bank statements

• If a homeowner, proof of home ownership
  • Property ownership documents
  • Electricity bill

• Employer related documents
  • Appointment letter
  • Experience certificate
  • Employment certificate from the current employer

• Passport size color photograph

Personal Loan documents for self-employed employees

Self-employed individuals have a different set of documents needed since their income might differ for every month.

• Proof of Identity
  • Passport
  • Aadhaar Card
  • Voter’s ID
  • Driving License
  • PAN Card

• Address Proof
  • Aadhaar Card
  • Passport
  • Voter’s ID
  • Ration Card
  • Utility Bill
  • Driving License

• Proof of Income
  • Income tax returns for last two years including Computation of Income, P&L account audit report, balance sheet, etc.

• If a homeowner, proof of home ownership
  • Property ownership documents
  • Electricity bill

• Passport Color Photograph

• Proof of Office address
  • Utility bill
  • Property document
  • Maintenance bill

• Proof of Business Existence
  • Company Registration License
  • Tax Registration Copy
  • Shop establishment Proof

• Bank Statement
  • For last 1 year (both savings and current)

• Proof of Investment (if available)
  • For FD, shares, etc.

List of documents required for pensioners

Senior citizens or pensioners may sometimes find it difficult to get a personal loan. If these set of documents is produced, the process will be much easier.

• Proof of Identity and Age
  • Ration card
  • Aadhaar card
  • Voter ID card
  • Passport
  • Driving License
  • School Leaving Certificate
  • Birth Certificate
• Income Proof
  • Last 6 months bank statements
  • Bank passbook
  • Income Tax returns
  • Copy of pension payment order
  • Form 16

• Proof of Address
  • Aadhaar card
  • Utility bills
  • Ration card
  • Driving license
  • Passport

• Latest colored passport size photos
  

Documents required for NRI applicants

NRI or Non-Resident Indians need to submit a different set of documents to get a personal loan.

• Proof of Identity
  • Passport
  • Visa

• Income Proof
  • Last 6 months bank statement
  • Salary slips for last 3 months or more

• Proof of Employment
  • Job Contract
  • Employment or Appointment letter
  • Official mail ID and HR’s mail ID
  • Identity card (if available)

• Latest colored Passport size Photographs

Documents required for personal loan may vary from lender to lender. The above list includes most relevant documents for a personal loan application. Talk to the lender and understand what they require for the application.

There are many lenders these days who offer personal loan with minimal documentation. Airtel Personal Loan is one such option. The Airtel Personal Loans have multiple lending partners. Therefore, if your application is not satisfactory for one, it could be good enough for other. You can compare interest rates and more and apply for the loan accordingly.

The best way to apply for an Airtel Personal Instant Loan is from the Airtel Thanks app’s Shop section. Tap on financial services to learn more details about the loan. You can also check your credit score in the app before starting the application process. A better credit score and all relevant documents in order will help you get your application approved faster! Good luck!

Related read: Minimum Salary Required to Get a Personal Loan

We have talked about documents required for personal loan above in the article for your better understanding. Check out our other finance related articles to know more.

Also read: Personal Loans for Housewife