Personal Loan Documents Required to Apply @ Banks & NBFCs

Check the list of documents required to apply for a personal loan at banks & NBFCs. Simplify your loan process with complete document details. Read now!

what is Personal Loan and Documents?

A personal loan is an unsecured loan provided by banks or financial institutions to meet personal financial needs like medical expenses, weddings, travel, or debt consolidation. It doesn’t require collateral and is approved based on income, credit score, and repayment capacity. Key documents required include identity proof (Aadhaar, PAN), address proof (utility bills, passport), income proof (salary slips, IT returns), bank statements, and passport-sized photographs.

What Are Basic Documents Checklist for Personal Loans?

Key Documents Required for Personal Loans

Here is a detailed list of the documents generally required to apply for a personal loan at banks and NBFCs in India:

1. Proof of Identity

To verify your identity, lenders typically ask for any government-issued document. Acceptable identity proofs include:

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

2. Proof of Address

Address proofs ensure that you have a stable residential address. Some commonly accepted address proofs include:

• Aadhar Card
• Passport
• Utility Bills (Electricity, Water, Gas) not older than 2-3 months
• Ration Card
• Rent Agreement (if applicable)
• Driving License

3. Income Proof

Lenders assess your repayment capacity using your income proof. The documents vary for salaried and self-employed individuals:

• Salaried Applicants:

  • Latest 3-6 months’ salary slips
  • Recent bank statements (3-6 months) showing salary credits
  • Form 16 or Income Tax Return (ITR) of the last year

• Self-Employed Applicants:

  • Income Tax Returns for the last 2-3 years
  • Profit & Loss (P&L) statements
  • Balance Sheet (certified by a Chartered Accountant)
  • Bank statements (last 6-12 months)
  • Business registration certificate (if applicable)

4. Proof of Employment (For Salaried Individuals)

• Appointment Letter
• Employment ID Card
• Work Experience Certificate (if applicable)

5. Photographs

• Recent passport-size photographs (usually 2-3 copies)

6. Other Documents (If Required by the Lender)

• Loan application form (duly filled and signed)
• Declaration of existing loans or liabilities
• Cheques for processing fees (if applicable)

Documents Based on Applicant Categories

Depending on your profession or employment type, the required documents might differ slightly. Below is a detailed breakdown:

1. Salaried Individuals

• Identity Proof
• Address Proof
• Last 3-6 months’ salary slips
• Latest bank statements showing salary credits
• Form 16 or ITR

2. Self-Employed Professionals

• Identity Proof
• Address Proof
• Business registration certificate
• Income Tax Returns (last 2-3 years)
• Profit & Loss statements
• Balance Sheet
• Bank statements (6-12 months)

3. Pensioners

• Identity Proof
• Address Proof
• Pension Payment Order (PPO)
• Bank statements showing pension credits
• Form 16 (if applicable)

4. Non-Resident Indians (NRIs)

• Passport and Visa copies
• Address proof (Indian and overseas)
• Income proof (NRE/NRO account statements)
• Employment proof (offer letter, work permit, etc.)

5. Applicants with No Income Proof

If you cannot provide formal income proof, some NBFCs and digital lenders may still approve loans based on alternative documents:

• Bank statements showing regular inflows (e.g., rental income)
• Collateral documents (if a secured loan is offered)
• Guarantor’s documents (if applicable)

FAQs on Personal Loan Documents

1.Can I get a personal loan without income proof?

Yes, some lenders offer loans without income proof if you provide alternate guarantees like collateral or a guarantor’s assurance.

2. Do I need to submit originals?

No, most lenders accept photocopies or scanned copies. However, you may need to show the original documents for verification.

3. Is a PAN card mandatory?

Yes, a PAN card is usually mandatory for loan applications as it is used to track your credit and financial transactions.

4. Can I apply for a loan if I’m unemployed?

While it’s challenging to get a loan without a steady income, some lenders may consider your application if you have a co-applicant or collateral.

5. How can I check the status of my loan application?

Most lenders provide an online portal or app where you can track your application status using your reference number.

Related Links

• What is a Personal Loan?
• Personal Loan Application Process: A Step-by-Step Guide
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