What documents do I need to provide when applying for a personal loan?

When applying for a personal loan, you will need to provide a set of documents to support your loan application. These documents are required to verify your identity, income, employment, and financial stability. The specific documents may vary slightly depending on the lender and your employment status, but generally, you will need the following documents:

For Salaried Individuals:

1. Proof of Identity (Any one of the following):
Aadhaar Card
Passport
Voter ID Card
Driving License
PAN Card

2. Proof of Residence (Any one of the following):
Aadhaar Card
Passport
Utility Bill (Electricity, Water, Gas) not more than 3 months old
Rental Agreement

3. Proof of Age (Any one of the following):
Birth Certificate
School Leaving Certificate
Passport

4. Proof of Income (Any one or more of the following):
Salary slips for the last 36 months
Bank statements for the last 36 months
Form 16 or Income Tax Returns (ITR) for the last 23 years
Appointment letter or employment contract from your current employer

5. Passportsized Photographs: Usually, 24 passportsized photographs are required.

6. Bank Statements: Bank statements for the last 612 months showing salary credits and other financial transactions.

7. Loan Application Form: This is provided by the lender and must be filled out accurately.

For SelfEmployed Individuals:

In addition to the above documents, selfemployed individuals will generally need to provide:

1. Proof of Business Existence: Business registration documents, such as the Certificate of Incorporation, Partnership Deed, or Business License.

2. Income Proof for SelfEmployed: Depending on your business structure, you may need to provide audited financial statements, Profit and Loss statements, and Income Tax Returns (ITR) for the business for the last 23 years.

3. Business Bank Statements: Bank statements of your business accounts for the last 612 months.

4. Business Ownership Proof: Proof of ownership or shareholding in the business.

5. Income Tax Returns: Your personal Income Tax Returns (ITR) for the last 23 years.

6. Additional Documents: The lender may request additional documents depending on the nature of your business.

Please note that the specific requirements and documentation can vary from lender to lender. It's advisable to check with your chosen lender to understand their specific document requirements and the eligibility criteria for the personal loan you are applying for. Providing complete and accurate documentation is crucial for a smooth loan application process and timely approval.