What documents are required to take a personal loan?

Documents Required for Personal Loan for Salaried, Self Employed, NRI and Pensioners

Cash shortage can happen at any time. It is great that a personal loan can easily meet any financial situation. An individual who is above 18 years of age and has a regular income can take a personal loan in India. All banks and non-banking financial companies operating in India advance such loans. But since personal loans are unsecured loans that are issued without collateral, the borrower must fulfill the eligibility conditions set by the lender to get a personal loan. The eligibility conditions are further validated through the relevant documents. Let us understand what documents are required for personal loan:

Documents Required for Personal Loan

The documents required for personal loan can be broadly classified into four categories:

Age Proof – The loan tenure depends on the age of the applicant. The document validating the age of the applicant is considered as the age proof.

Identity Proof – List of documents validating the identity of a person is considered as identity proof. The lending company checks the identity of the applicant to reduce the risk of default.

Address Proof – The lender should be sure about the residential address of the applicant before sanctioning the loan. Thus, a series of documents are accepted as proof of address. Applicant can submit any one of the address proof mentioned in the documents required for personal loan.

Income Proof – The amount of loan to be sanctioned will depend on the income status of the applicant. Thus, it becomes mandatory to submit income proof for availing a personal loan. Also, the documents required for personal loan vary according to the job profile of the applicant. Thus, the salaried, self-employed and pensioners have to submit separate income proof documents.

A potential personal loan borrower needs to submit documents under each category. Each lender has a series of documents that are accepted under each category. Thus, the personal loan borrower has to go through the list of documents required for personal loan of a particular lending company before filling the loan application form.

List of Documents Required for Personal Loan for Salaried Employees

salaried person

Identity Proof (Any one) :

  • Aadhar card
  • Passport
  • driving license
  • voter id card
  • pan card

Address Proof (Any one) :

  • Aadhar card
  • Passport
  • Voter ID Card
  • driving license
  • rent agreement
  • Postpaid mobile phone bill (don’t submit bills older than three months)
  • Water Bill (Don’t submit bill which is more than three months old)
  • Electricity bill (do not submit bill which is more than three months old)
  • Landline telephone bill (don’t submit bills older than three months)
  • Gas Bill (Don’t submit the bill which is more than three months old)

Age proof (any one)

  • Aadhar card
  • Passport
  • pan card
  • driving license

photograph

  • Recent colour, passport size photographs

Proof of income

  • latest salary slip
  • Form 16, duly certified by the employer
  • 6 months bank statement in which salary is credited
  • income tax return
  • appointment letter

List of Documents Required for Personal Loan for Self Employed

self-employed person

Identity proof (any one)

  • Aadhar card
  • Passport
  • driving license
  • voter id card
  • pan card

Address Proof (Any one)

  • Aadhar card
  • Passport
  • Voter ID Card
  • driving license
  • lease agreement
  • rent agreement
  • Postpaid mobile phone bill (don’t submit bills older than three months)
  • Water Bill (Don’t submit bill which is more than three months old)
  • Electricity bill (do not submit bill which is more than three months old)
  • Landline telephone bill (don’t submit bills older than three months)
  • Gas Bill (Don’t submit the bill which is more than three months old)

Age proof (any one)

  • Aadhar card
  • Passport
  • pan card
  • driving license

photograph

  • 2 recent color passport size photographs taken

Proof of income

  • ITR of last three years
  • 6 months bank account statement of current account
  • Financial records such as balance sheet, profit and loss account

other documents

  • Attested copy of academic degree/license

List of Documents Required for Personal Loan for Pensioners

Identity proof (any one)

  • Aadhar card
  • Passport
  • driving license
  • voter id card
  • pan card

Address Proof (Any one)

  • Passport
  • Voter ID Card
  • driving license
  • lease agreement
  • rent agreement
  • Water Bill (Don’t submit bill which is more than three months old)
  • Electricity bill (do not submit bill which is more than three months old)
  • Piped gas bill (do not submit bill which is more than three months old)
  • Postpaid mobile phone bill (don’t submit bills older than three months)
  • Landline telephone bill (don’t submit bills older than three months)

Age proof (any one)

  • Aadhar card
  • Passport
  • pan card
  • driving license

(The age of the pensioner should not be more than 75 years)

photograph

  • 2 recent color passport size photographs

Proof of income

  • Bank account details of last 6 months in which pension is credited
  • Pension Payment Order (PPO) number on the passbook
  • Authorization letter in case of DPDO pensioners

List of Required Documents for Personal Loan for Indians Residing Abroad i.e. NRI’s

Identity proof (any one)

  • Aadhar card
  • Passport
  • driving license
  • voter id card
  • pan card

Address Proof (Any one)

  • Aadhar card
  • Passport
  • Voter ID Card
  • driving license
  • lease agreement
  • rent agreement
  • Postpaid mobile phone bill (don’t submit bills older than three months)
  • Water Bill (Don’t submit bill which is more than three months old)
  • Electricity bill (do not submit bill which is more than three months old)
  • Landline telephone bill (don’t submit bills older than three months)
  • Gas Bill (Don’t submit the bill which is more than three months old)

Age proof (any one)

  • Aadhar card
  • Passport
  • pan card
  • driving license

photograph

  • 2 recent color passport size photographs

other documents

  • copy of passport
  • valid visa
  • E mail ID

Proof of income

  • Bank account details of all accounts
  • 6 months bank statement of NRE/NRO account

NRI applicants must have a close relative in India. Indian resident must be present in person at the time of loan application.

Documents Required for Personal Loan Questions and Answers (FAQs)

Question: What are the documents required for NRI to avail personal loan?

Answer: The documents required for personal loan for NRIs are:

  • valid identity proof
  • valid address proof
  • Age proof
  • 2 recent color passport size photographs
  • copy of passport
  • copy of valid visa
  • E mail ID
  • 6 months bank account statement of all accounts
  • 6 months bank statement of NRE/NRO account

Question: What are the documents required for personal loan for pensioners?

Ans: The documents required for personal loan for pensioners are:

  • valid identity proof
  • valid address certificate
  • Age Certificate – The age of the pensioner should not be more than 75 years.
  • Two recent color passport size photographs
  • Bank account details of last 6 months in which pension is credited
  • Basic part of pensioner’s PPO
  • Authorization letter in case of DPDO pensioners

Question: What are the documents required for personal loan to self-employed?

Ans: The documents required for personal loan for self-employed are:

  • valid identity proof
  • valid address certificate
  • Age proof
  • Two recent color passport size photographs
  • ITR of last three years
  • 6 months bank account statement of current account
  • Financial records such as balance sheet, profit and loss account
  • Attested copy of academic degree/license

Question: What are the documents required for personal loan for salaried employees?

Answer: The documents required for personal loan for salaried employees are:

  • valid identity proof
  • valid address certificate
  • age certificate
  • Two recent color passport size photographs
  • latest salary slip
  • Form 16, duly certified by the employer
  • 6 months bank statement in which salary is credited
  • income tax return
  • appointment letter

Question: Which documents are accepted as identity proof for personal loan?

Answer: The following documents are accepted as proof of identity:

  • Aadhar card
  • Passport
  • driving license
  • voter id card
  • pan card

Question: Which documents are accepted as address proof for personal loan?

Answer: The following documents are accepted as proof of address:

  • Aadhar card
  • Passport
  • Voter ID Card
  • driving license
  • lease agreement
  • rent agreement
  • Postpaid mobile phone bill (don’t submit bills older than three months)
  • Water Bill (Don’t submit bill which is more than three months old)
  • Electricity bill (do not submit bill which is more than three months old)
  • Landline telephone bill (don’t submit bills older than three months)
  • Gas Bill (Don’t submit the bill which is more than three months old)

Question: Which documents are accepted as proof of age for loan?

Answer: The following documents are accepted as proof of age:

  • Aadhar card
  • Passport
  • pan card
  • driving license

Question: Can I get a personal loan without documents?

Answer: Yes, you can avail a personal loan from your existing banker without documents, provided all the KYC details have already been updated.

Question: Is Aadhar card mandatory for personal loan?

Answer: Aadhar card is not mandatory for loan. However, it is accepted as a proof of identity, address and age and hence eases the loan application and processing process for both the borrower and the lender.

Question: Which documents are accepted as valid photo identity proof?

Ans: The photo identity proof acceptable for the loan is:

  • Aadhar card
  • Passport
  • driving license
  • voter id card
  • pan card
  • official id card

Question: Who is eligible for personal loan in India?

Answer: A personal loan in India can be applied by the salaried, self-employed, pensioners and NRIs.

Question: Are NRIs eligible for personal loan in India?

Answer: Yes, some banks and non-banking consider personal loan applications submitted by NRIs.

Question: Can pensioners apply for a personal loan?

Answer: Yes, pensioners can apply for a personal loan. The age of the pensioner should not be more than 75 years. The pension account should be in the same bank in which the personal loan application is submitted.

Q: Can utility bills be used as address proof for loans?

Answer: Utility bills, such as water bills, electricity bills, piped gas bills, postpaid mobile connection bills and landline telephone bills can be used as address proofs for loans. The utility bill should be in the name of the loan applicant. Also, the utility bill should not be more than three months old.

Question: What are the pension documents required by the pensioner for personal loan?

Ans: The pensioner needs to submit the following pension documents to avail the personal loan:

  • Bank account details of last 6 months in which pension is credited
  • Basic part of pensioner’s PPO
  • Authorization letter in case of DPDO pensioners

In this post, what are the documents required for personal loan has been told. What are the documents required for Personal Loan for Salaried Employees? What are the documents required for personal loan to self-employed? What are the documents required for Personal Loan for Pensioners? What are the documents required for NRI to avail personal loan?

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