A personal loan is a type of loan that doesn't require any collateral, and you can use it for various personal needs like medical bills, vacations, education expenses, weddings, home improvements, and combining debts. The paperwork needed by lenders for personal loans depends on your employment status, like if you're a salaried worker, self-employed, a non-resident Indian, or a retiree.
Here is a list of common documents needed for various applicant categories when applying for a personal loan:
List of Documents Required for Salaried Applicants
Salaried individuals need to submit the following documents along with a completed personal loan application form:
Address Proof (Any one):
- Aadhaar Card
- Passport
- Driving License
- Ration Card
- Utility Bill (telephone, electricity, water, gas) – less than 2 months old
Photo Identity Proof (Any one):
- Aadhar Card
- Driving License
- Passport
- PAN Card
- Voter’s ID
Income Proof:
- Salary slips (Last 3 months)
- Bank statements for the last 3 to 6 months (showing salary credit)
Tax Paid (Any one):
- IT returns (for 2 years)
- Form 16
Residence Ownership Proof (Any one):
- Electricity bill
- Property documents
- Maintenance bill
Proof of Job Continuity (Any one):
- Current Employment Certificate
- Current Job Appointment Letter (if employed with the same organization for more than 2 years)
- Experience Certificate (includes relieving or appointment letter from the previous employer along with a job certificate)
Proof of Investment (if any) – Fixed assets, fixed deposit, shares, etc.
Existing Loans (if any) – Payment Track Record & Sanction letter
Photograph – Coloured passport size photographs
List of Documents Required for Self-employed Applicants
Self-employed individuals applying for a personal loan usually need to submit the following documents, along with a completed loan application form and passport-sized photographs:
Address Proof (Any one):
- Aadhaar Card
- Passport
- Ration Card
- Driving License
- Utility Bill (telephone, electricity, water, gas) – less than 2 months old
Photo Identity Proof (Any one):
- Aadhaar Card
- Passport
- PAN Card
- Voter’s ID
- Driving License
Proof of Residence Ownership (Any one):
- Maintenance bill
- Electricity bill
- Property documents
Proof of Business Existence (Any one):
- Copy of GST registration
- Company registration license
- Shop establishment proof
Proof of Office Address and Ownership (Any one):
- Maintenance bill
- Property documents
- Electricity bill
Income Proof:
- Last 2 years' Income Tax Returns of the applicant, along with the computation of income, duly attested by a Chartered Accountant.
- Audited Balance Sheet and Profit & Loss Accounts, including the tax audit report if applicable.
- Savings/Current Account Bank Statement or Bank Passbook for the past one year.
Proof of Investment (in case any) – Investments such as fixed deposit, fixed assets, shares, etc.
Existing Loan Documents (in case any) – Payment Track Record and sanction letter
Professional Degree Certificate- (In case of professionals)
Photograph – Coloured passport size photographs
List of Documents Required for NRI Applicants
Identity Proof:
- Copy of the passport
- Copy of the visa
Employment Proof:
- Letter of Appointment
- Job contract
- Labour/ Identity card (if applicable)
- Official email ID or the HR’s email ID
Income Proof:
- Last 6 months’ bank statements
- Last 6 months’ salary slips or salary certificate
List of Documents Required for Pensioners
Address Proof (Any one):
- Aadhaar card
- Passport
- Utility bills
- Ration card
- Driving licence
Income Proof (Any one):
- Last 6 months’ bank statements/salary slips
- Bank passbook
- Form 16
- Copy of pension payment order
- Income tax returns
Identity/Age Proof (Any one):
- Aadhar card
- Voter ID card
- Ration card
- Passport
- PAN card
- Driving licence
- Birth certificate
- School leaving certificate