Need a Personal Loan? Documents Required for a PL Application, Document you must have before applying for Instant Personal Loan…
More and more people are now turning to personal loans whenever they have an emergency. And there is nothing wrong with taking this approach since the loan will save you big time when running low on finances. Better, it won’t take long before the personal loan applied for is approved.
But just as is the case with any other type of loan, there are a couple of documents you need to have with you before filling the application form. Luckily, we are here to offer a helping hand. Keep on reading to find out more.
Checklist of Documents Required for Personal Loan
For you to increase your chances of getting a personal loan, there are documents you must present either in print or digital format. Below is the list of documents to have ready with you before contacting a lender.
- Residence Proof Documents: When it comes to the documents that serve as proof of where you reside, you can make use of a Ration Card, Passport, or Utility bill. Ensure the utility bill is dated for the last three months
- Identify Proof: Personal loan lenders also have to confirm your identity before approving the loan. The documents to submit in this regard include voter ID card, Passport, PAN Card, Aadhaar Card or driving license
- Income Proof: Not many personal loan lenders can approve one without making sure you have a proof of income. For this reason, you must be more than ready to submit your payslip and bank statement for the last three months
- Job Continuity Proof: With this document, you’re free to use your job offer letter or letter from the Human Resource Department. That’s mostly the case if you’ve been at the current employment for less than 2 years
- Financial Documents: The financial documents required depend on whether you happen to be a salaried or self-employed individual. For salaried individuals, you need to have with you a Form 16, salary slip (the last three month) and bank statement (the last six months).
Things are somehow different for self-employed individuals since you have to submit the latest one year bank statement for both current and savings account. Furthermore, you must also provide proof of office address, business existence and office ownership
- 1 Passport size color photo
- Dully filled personal loan application form
Need a Loan Instantly?
Applying for a personal loan does not have to be the underlying reason why you are going through a hard time. All it takes is for you to figure out the documents you need to have with you before you can start filling the application form. Remember, these documents make it easy for the financial lending institution of choice to know and understand the financial stability of the borrower way better.
If this is not enough, they make it is easy for the lending institution to analyze the credit risk of a borrower. Hopefully, this post can serve as a good starting point the next time you decide to apply for a personal loan.