When it comes to applying for a personal loan online in India, one of the most important things to keep in mind is the documentation required. Having all the necessary documents in order can greatly increase the chances of your loan application being approved. Here are the documents required for obtaining a personal loan online.
Documents Required for Salaried Individuals
These are the documents required for working, salaried people.
- Identity Proof
Proof of identity is one of the most important documents needed for a personal loan online is to provide proof of your identity. It is typically done by submitting a copy of your government-issued ID, such as your passport, PAN card, voter ID card, Aadhaar Card, or driving license.
- Address Proof
A copy of your voter ID, driving license, telephone bill, electricity bill or passport can prove your address.
- Proof of Income
You can submit your last three months’ salary slips or the last three months’ bank statement to provide proof of your income.
Lenders will use this information to determine your repayment capacity, which will play a key role in determining whether or not your loan application is approved.
- Bank Statement
A bank statement proves your income source and shows lenders that you have the financial stability to repay the loan. Most lenders will require at least 3 to 6 months of bank statements, so it’s important to have these on hand when you apply.
- Passport Size Photograph
It is a requirement for all individuals applying for a loan.
Documents for Self-Employed Individuals
The following documents are required to get a personal loan online as a self-employed individual.
- Identification proof
It includes a PAN card, voter ID card, passport, Aadhaar card, or driver’s license
- Address proof
An Aadhaar card, property documents, voter ID card, ration card, passport, maintenance bills, or driver’s license are accepted as proof of address.
- Income proof
It includes the last three years’ income tax return audited by a CA, an audit report, a copy of the profit and loss statement, a bank statement for the last three months, a copy of the passbook showing the last six months, or the lease agreement of the business.
- Office address proof
Self-employed individuals need to provide their office address proof. You can use a utility bill, GST registration, property documents, or maintenance bills.
- Office existence proof
A company registration license or tax registration copy can serve as office existence proof.
- Two recent passport-size photos
Photographs are required for all individuals.
Documents for NRIs
To apply for a personal loan as a Non-Resident Indian (NRI), the following documents are typically required:
- Identity proof, such as a visa and passport.
- Employment proof can include the job contract, appointment letter, official email ID, or the email address of the HR manager of the organization, and employee ID card.
- Income Proof, including the last six months’ salary slip or the last six months’ bank statement.
Applying for Loan Online
Once you have all the necessary documentation, you are ready to apply for a personal loan online. It is relatively simple and can be done from the comfort of your home.
To apply loan online, you can directly visit the lender’s website and follow the directions mentioned. It is important to remember that the process of applying for a personal loan online can vary from lender to lender, so it’s always best to check with the bank directly to see what documentation is required.
Conclusion
When applying for a personal loan online, it is helpful to have all the documents ready at hand and then go online to start the application process. Some necessary documents include proof of identity, address proof, proof of income, a bank statement, and a passport-size photograph. Having the correct documentation can greatly increase the chances of your loan application being approved. It is always best to check with the lender directly to see what documentation is required and to ensure you have everything you need before applying.
