What Are The Documents Required For Personal Loan? Find The Entire List With Relevant Information!

As personal loans are sought by many and its need is surging than ever before, it is important to know the documents required for personal loan application. Though the exact required documents for a personal loan differ from one bank to another, we will look at the basic but mandatory list of documents asked by the banks in pursuit of a personal loan.

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What are the Documents Required by Salaried Individuals for Personal Loan?

The need for monetary assistance can arise at any given point in life. And in the cases of salaried people with a limited amount earned every month, it might get difficult to meet an urgent requirement of money – and the best option to deal with such a money crunch is by availing a personal loan. With the help of the list below, you can start gathering the documents that will be needed by the banks to consider your personal loan application:

• Identity Proof (Driving License, Aadhar Card, Voter ID, Passport, etc.)
• PAN Card (Permanent Account Number)
• Residence Proof (Utility Bills (like Electricity Bill, Gas Bill, Voter ID, etc.), Passport, Ration Card, Bank Statement, Rental Agreement, etc.)
• Bank Statement of 3 Months
• Salary Slips/Certificate of 3 Months
• Form 16 (or ITR – Income Tax Returns)

What are the Documents Required by Self-Employed Individuals for Personal Loan?

As self-employed persons generally run a business, they can need urgent money for various purposes – they might need to make an urgent payment to the supplier or manufacturer, or they may look to bring in young talents to boost their business, or they would want to invest in the appearance of office through renovation, or they would like to stabilize the business cash flow – and in case of any of the above reasons, the business owner can take a personal loan and fulfil the concerned requirements. The following list depicts the generally required documents for a self-employed person to apply for a personal loan:

• Identity Proof (Driving License, Aadhar Card, Voter ID, Passport, etc.)
• PAN Card (Permanent Account Number)
• Residence Proof (Utility Bills (like Electricity Bill, Gas Bill, Voter ID, etc.), Passport, Ration Card, Bank Statement, Rental Agreement, etc.)
• Bank Statement of 3 Months
• Balance Sheet of 2 Years
• Profit/Loss Account Statement of 2 Years
• Income Computation of 2 Years
• Business Proof – Service Tax Registration, Licence, Registration Certificate
• Clearance Certificate/IT Assessment
• Income Tax Returns

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