Documents Required For Personal Loan

A personal loan is an unsecured loan which is meant to provide monetary help to the salaried individuals who are running short of funds to meet their personal as well as financial requirements like managing wedding expenses, financing child’s education, utility bill payments etc. Personal loans are available to both self-employed professionals as well as the salaried borrowers. These loans help one to meet short term financial crunches as well as to meet the general personal expenses of our daily lives. However, being unsecured in nature they do not require any collateral or security to avail the loan.

This is the reason why these loans bear a higher rate of interest on them along with a greater risk of default by the loan borrower. However, any individual who wishes to avail a personal loan needs to provide a set of documents and pass the eligibility criteria pre-determined by the lender. The age limit for availing a personal loan approximately ranges between 21 to 60 years. However, the eligibility criteria for a personal loan may vary from one lender to another. This is it is quite essential for a loan borrower to check the personal loan eligibility criteria as well the terms and conditions relating to it in order to avoid any reason for rejection by the lender.

Apart from checking what all documents do you require in order to apply for a personal loan you also need to check your personal loan eligibility beforehand by using the personal loan online eligibility calculator which is available online in order to avoid any errors while making a loan application with the lender of your choice. Additionally, a loan applicant also has to find out for how much loan amount he is eligible for to know whether he will be able to satisfy his requirement or not by applying for a personal loan beforehand. Using a personal loan EMI calculator, a loan applicant might calculate his loan EMI he needs to pay each month to the lender. Given below are the list of some general documents needed to produce at the time of making a loan application.

KYC and Income Documents for Applying for Personal Loan

Signed Application Form
Identity Proof – IT PAN Card
Present residential address proof – Any one of passport, Aadhaar card, voter I card, landline bill, registered rent agreement, driving license, bank statement or passbook or utility bill. Bills and statements must not be more than 3 months old.
In case present address is different from permanent address, one address proof of permanent address is also required.
Last 2 years Form 16 from employer
last 6 months salary slip from employer
last 6 months bank account statement showing salary credit, which should match with the amount shown in salary slip
Personal Loan News - Mar 2020
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