The List of Personal Loan Documents Required in India

When someone applies for a personal loan, the person needs to ensure that he matches all the requirements for eligibility to avoid any future rejections. However, one of the significant elements for a personal loan application is the borrower’s employment status and income proof, whether the person is a salaried employee or self-employed. This plays a vital role for the lending organisation to decide whether his/her request would get approved or denied for the personal loan. 

While appealing for a personal loan, the applicant must present some important personal loan documents required for the purpose. This is the essential step once you check your eligibility through the lender’s website. To help you organize your documents for the loan, we have curated the document list required to submit along with an application form for both self-employed and salaried persons. 

Personal Loan Documents Required for Salaried Individuals:

Salaried individuals serve on a fixed monthly wage, due to which the loan application of the individual can easily get approved. Here is a list of essential documents necessary for a salaried applicant while applying for a personal loan-

Photo Identity Proof

· Voter Card

· Aadhaar Card

· Passport

· Driving license

· PAN Card, etc.

Address or residential proof

· Electricity bill

· Aadhaar card

· Voter card

· Utility bill

· Ration card, or

· Passport

Income proof

· Last 3months of payslips

· Last 3months of bank statement as proof of salary credit

Tax deduction

· 2yeras of IT returns 

· 2years of Form 16

Proof of residential Ownership

· Maintenance bill

· Electricity bill

· Property documents

Proof of Employment continuity

· Current employment certificate

· Appointment letter from current company to prove you are working in the same company for continuous 2years

· Experience letter

· Relieving letter from the prior employer

Others

· Existing loan papers (if any)

· Passport-sized photograph

Personal Loan Documents Needed for Self-employed People

In the case of a self-employed or business person applying for a personal loan, he/she must hold a fixed monthly income, which is more than INR 25000. Or the earning must be annually INR 5 lakh. Once the lender ensure you meet the eligibility portion, you can present these following documents,

Photo Identity Proof

· Aadhaar Card

· Voter Card

· Passport

· Driving license

· PAN Card, etc.

Address or residential proof

· Electricity bill

· Aadhaar card

· Voter card

· Utility bill

· Ration card, or

· Passport

Proof of Residential & Business/ Office Ownership

· Maintenance bill

· Electricity bill

· Property documents

Earning proof

· The last 2years of IT attested from a Chartered Accountant along with computation of the income.

· Profit & loss account plus balance sheet audit with tax reports. 

Others

· Last 1 year of bank statement

· Existing loan papers (if any)

· Passport-sized photography 1 copy

Besides self-employed and salaried persons, an NRI and a prisoner can apply for a personal loan. In that case, the documentation will be the same. NRIs additionally require to present visas and passports as mandatory documents. 

Conclusion:

While you submit personal loan documents required to proceed with the loan application, you must note that your lender may or may not demand you for any of these documents. In India, every lender has their own eligibility criteria, documentation process and terms & conditions to lend money that may vary from the borrower.