What are the Documents required for personal loan processing?
It is a well known fact that personal loans can serve people for a wide range of purposes. In general, personal loans are very easy to apply and needs minimum paperwork. With sites like Fincover available in the market, it is easy for people to get awareness about the country’s top personal loan deals. Individuals can compare and apply for their most comfortable personal loan policy right from the comfort of their homes. Once, the verification is successfully completely, we would instantly process the loan and the lender would credit the amount to your account within few hours from the application. As the whole process is online and transparent, you can keep track of each step for your own reference. The documents required for submitting the loan request would vary depending on the status of the applicant. Below we have enlisted the documents that will be considered during the application process, not all the documents mentioned below need to be submitted. For Salaried Employees
|Type of Employment||Photo Identity||Residence Proof||Proof of Ownership of residence||Proof of Income||Proof of Job continuity||Proof of Office Ownership||Proof of Business Existence||Proof of Office Address `|
|Salaried||Passport, Voter ID, PANCARD, Driving License, Aadhar Card||Passport, Utility Bills, Ration Card, Driving License, Aadhar Card||Property Documents, EB Bill or Maintanence Bill||Last 3 months Salary Slip, Bank Statement||Employment Certificate, Experience Certificate||–||–||–|
|Self-employed||Passport, Voter ID, Pan card||Passport, Ration Card, Aadhar Card||Property Documents, EB Bill or Maintanence Bill||Profit and Loss Account. IT Returns for previous 2 years, Balance Sheet||Maintenance Bill, Property Documents, EB Bill||Tax Registration Copy, Company Registration License, Shop Establishment Proof||Maintenance Bill, Property Documents, Utility Bill|
You can learn more from our asked questions
When it comes to Personal Loans, the processing time is quicker than the other loans. The main step in the personal loan approval process is the documentation work. If the KYC documents and other required proofs are submitted on time, the banking officials will cross verify the submitted documents. The loan agreement will be prepared when the verification process is completed.
Banks and Financial Institutes in India have predefined eligibility criteria for each product and service offered under their banner. Sites like Fincover have enlisted the eligibility criteria for personal loan applicants on their website.
No, the applicant will have to present their original documents but not submit them. The bank officials will cross check the originals with the photocopy of the documents.
Sites like Fincover have a tool named EMI calculator in their portal. It is easier for a common man to calculate the EMI to be paid with such tools. The tool helps you get the exact amount to be paid every month, thus helping you plan your monthly budget.