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Personal Loan Documents

KYC and Income Documents for Personal Loan

Last Updated 03rd Jul 2020

Form Signed Application Form with a Photograph
Identity Proof Aadhaar Card / PAN Card/ Driving License, Voter ID Card, Passport
Age Proof Birth Certificate/ Voter ID Card/ School or College Leaving Certificate
Address Proof Passport/ Aadhaar Card/ Voter ID Card/ Landline Bill/ Registered Rent Agreement/ Driving License/ Bank Statement/ Passbook/ Utility Bill
Income Proof ITR Forms, Form 16, Last 6 Months Salary Slips, and Bank Statements

Documents Required for Personal Loan

Personal loan documents play an important role in the loan process. The lender collects the specified documents from the lender in order to verify the authenticity of the loan applicant and to ensure that accurate information is provided for the loan process. Further, the information is collected in order to reduce the risk and to ensure the repayment of documents. The documents required for a personal loan are listed below:

For Salaried Employees

Salaried individuals can avail personal loans by submitting the following personal loan documents:

  • Signed application form along with a photograph
  • Identity proof such as Aadhaar card, PAN card, Voter Id card, or passport
  • Address proof such as passport, utility bills like electricity, gas, water, or telephone, and driving license
  • Age proof such as school and college leaving certificates, birth certificates, and voter Id card
  • Income proof such as ITR forms, form 16, last six months salary slips, and banking statements

For Self-Employed Individuals

Self-employed individuals can avail a personal loan by submitting the following personal loan documents:

  • Signed application form along with a photograph
  • Identity proof such as Aadhaar card, PAN card, Voter Id card, or passport
  • Age proof such as school and college leaving certificates, birth certificates, and voter Id card
  • Address proof such as passport, utility bills like electricity, gas, water, or telephone, and driving license
  • Income proof such as ITR forms, form 16, 6 months salary slips, and bank statements
  • Proof of their business existence through documents like the partnership deed, certificate of practice, registration certificate, and PAN card of the business enterprise.

For NRI Applicants

Even NRIs (Non-Resident Indians) can opt for a personal loan in India by fulfilling the requirements of the following documents:

  • Signed application form along with a photograph
  • Identity proof such as Aadhar card, PAN card, Voter Id card, or passport
  • Address proof such as passport, utility bills like electricity, gas, water, or telephone, and driving license
  • Age proof such as school and college leaving certificates, birth certificates, and voter Id card
  • Income proof such as ITR forms, form 16, last six months salary slips, and banking statements for the last twelve months for both the Indian and international bank accounts
  • Passport and Visa copy
  • The NRI applicant also needs to submit a power of attorney that is attested by the local authorities, in case they are present in the country while availing the loan.
  • All the documents related to salary must be submitted in English.

For Pensioners

A retired individual person can also avail personal loans as per the submission of the following personal loan documents:

  • Signed application form along with a photograph
  • Identity proof such as aadhar card, PAN card, Voter Id card, or passport
  • Address proof such as passport, utility bills like electricity, gas, water, or telephone, and driving license which should not be older than last three months
  • Age proof such as school and college leaving certificates, birth certificates, and voter Id card
  • Income proof such as ITR forms or form 16 from the last two years, last six months salary slips, and banking statements

FAQs

Are the documents required to apply for a personal loan the same across lenders?

A personal loan requires one to submit some basic personal loan documents across all lenders. These include the personal loan application form of the lender; identity proof such as aadhar card, PAN card, Voter Id card, or passport; address proof such as passport, utility bills like electricity, gas, water, or telephone, and driving license; age proof such as school and college leaving certificates, birth certificates, and voter Id card; and lastly income proof such as ITR forms, form 16, last six months salary slips, and banking statements. In addition to these, self-employed business enterprises are also required to submit the proof of their business existence through documents like the partnership deed, certificate of practice, registration certificate, and PAN card of the business enterprise. Thus, the personal loan documents vary across the occupation of the applicant, instead of the lenders.

Which proof of income is valid for personal loans?

The proof of income valid for a personal loan include various documents that reflect the earning of a loan applicant. For salaried individuals, these include the form 16 from the last two years, the applicant's last six month's salary slip, and the bank statement for the last six months. Self-employed individuals, on the other hand, require last two-year ITR forms, and bank account statements for the last six months.

What is the age limit to get a loan?

The minimum and maximum age limit to get a personal loan are 21 years and 65 years, respectively.

What are the documents required for HDFC personal loan?

The documents required to avail HDFC personal loan are identity proofs(copies of aadhar card, driving license, Voter Id, passport), address proof(copies of aadhar card, driving license, Voter Id, passport), last six months banking statements, last two-month salary slips, Form 16, and proof of end-use.

Do personal loans require proof of income?

Yes, personal loans require proof of income to be submitted by the borrower. This is because the personal loans are unsecured loans, and thus the repayment ability of the borrower is ensured through their income.


Personal Loan News - Jul 2020
  • 2020-07-03 : Bank credit soars by 6.18% and deposits by 11% news
    RBI reported that the Bank credit backed by retail loans like home, personal, car, two-wheeler, gold loans along with business loans and mudra loans grew by 6.18% in the fortnight ending 19 June. Further, the deposits backed by Fixed deposits and Recurring deposits grew by 11%.
  • 2020-07-02 : ICICI Bank introduced instant loan facility against mutual funds news
    ICICI Bank has introduced Insta Loans against Mutual Funds in partnership with Computer Age Management Services. The credit will be availed against a wide range of debt and equity schemes of mutual funds. The loan will be paperless and amount upto Rs. 1 crore can be availed under this facility.
  • 2020-06-30 : HDFC Bank launches app for farmers
    HDFC Bank introduced a new app for the farmers. The new app is introduced to assist the farmers and ease the banking experience.
  • 2020-06-30 : Central Bank of India Q4 loss narrowed
    Central bank of India reported narrowing of loss to Rs 1,529.07 crore for March quarter 2019-20 as provisions for bad loans declined. The bank reported a loss of Rs 2,477.41 crore in January-March, 2018-19. Total income backed by the retail loan like home, personal, gold, two-wheeler, car along with business and mudra loan, grew to Rs 6,723.73 crore in the three months to March.
  • 2020-06-30 : Punjab and Sind Bank Q4 loss widens
    Punjab and Sind Bank reported widening of loss to Rs 236.30 crore for the fourth quarter of 2019-20 as provisions for bad loans rose. The public sector bank had posted a loss of Rs 58.57 crore in January-March, 2018-19. During the quarter, the bank backed by the retail loan like home, personal, gold, two-wheeler, car along with business and mudra loan, earned an operating profit of Rs 429.75 crore as against Rs 404.13 crore in the same period of the previous fiscal.
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