Essential Documents Required to Secure a Personal Loan

The success of your personal loan application depends on many factors, including your documents

There are countless ways in which individuals can benefit from personal loans. But to avail a personal loan, you must present a set of documents that are required when applying for a personal loan. While only a few documents are required, they are mandatory and your application depends on them.

It is best to provide accurate information and documents so that your loan application is quickly processed. Here are the details of the documents required for a personal loan.

Documents required for a traditional personal loan
 

There are different requirements for an instant personal loan for different people.

Personal loan document list for self-employed individuals:
 

Here is the list of documents required to apply for personal loan for a self-employed individual. Note that only one proof is required from each category.

1. Proof of identity
 

• Passport
• PAN Card
• Driver’s license
• Voter’s ID

2. Address proof
 

• Passport
• Aadhaar Card
• Ration Card
• Utility Bill

3. Proof of home ownership
 

• Documents proving ownership
• Utility bills
• House maintenance bills

4. Office address
 

• Maintenance bill
• Property documents
• Utility bill

5. Proof of ownership of the office
 

• Maintenance bill
• Property documents
• Electricity bill

6. Proof of the authenticity of the business
 

• Shop establishment proof

7. Proof of income tax returns or Form 16
 

8. RBI Approved Account Aggregator Process/ Bank Statement
 

9. One coloured passport size picture
 

Personal loan documents list for salaried individuals
 

The following is the list of documents required to apply for a personal loan for salaried individuals. One document is required from each category.

1. Proof of Identity
 

• Passport
• Voter’s ID
• PAN Card
• Driving License
• Aadhar Card

2. Address proof
 

• Passport
• Aadhar Card
• Utility Bill
• Ration Card
• Driving License

3. Proof of home ownership
 

• Property documents
• Electricity bill
• Maintenance bill

4. Proof of income
 

• Salary slips for the last three months along with Form 16
• Bank statement for the previous six months

5. Proof of job stability
 

• Employment certificate from the current employer
• Certificate of experience
• Appointment letter from the current employer

6. One passport size coloured photograph
 

Documents required for a personal loan for NRI’s
 

NRIs may require an additional set of documents along with identity, employment, and address proof as mentioned below.

1. Proof of identity
 

• Copy of your passport
• Copy of your visa

2. Employment proof
 

• Appointment letter
• Job contract
• Identity/Labour card (if applicable)
• Official email ID or the HR’s email ID

3. Income proof
 

• Salary slip
• Bank statements from the last 6 months

4. A recent passport size photograph

Documents required for the best personal loans for retired individuals
 

Retired individuals need to submit one document from each category to secure a personal loan.

1. Proof of identity
 

• Ration card
• PAN card
• Voter ID card
• Passport
• Driving licence
• School leaving certificate
• Birth certificate

2. Address proof
 

• Aadhaar card
• Passport
• Ration card
• Utility bills
• Driving licence

3. Income proof
 

• Aadhaar card
• Passport
• Ration card
• Utility bills
• Driving licence

4. Recent passport size photograph

FIRSTmoney smart personal loan: Apply with just your Aadhaar details

While this list shows the typical documentation required to get a personal loan, banks may ask additional documents on a person-to-person basis. When choosing a loan, always prefer a lender that offers quick online applications and minimal documentation. With FIRSTmoney smart personal loans from IDFC FIRST Bank, you can instantly apply for a loan online only with your Aadhaar card number and by displaying your physical PAN card during the video KYC process.

What makes this loan unique is the low personal loan interest rates starting at just 9.99% p.a., zero foreclosure charges, and flexible tenures ranging from 9 months to 60 months. Moreover, when in need of additional funds, you can opt for multiple on-demand loans with a just a few clicks, avoiding the hassles of starting over with a new application.

Conclusion

Some of the best personal loans available in the market today are great for many reasons. They are easy to avail and offer attractive rates of interest, which makes them easy to payback. To avail these benefits, you must have the right documents required for a personal loan.

Choosing the right bank is equally vital. IDFC FIRST Bank’s FIRSTmoney offers competitive personal loan interest rates and a digital application process. You can get the best personal loans from the comfort of your own home in a hassle-free and paperless manner. Visit the IDFC FIRST Bank’s website or download our online banking app for the best deals on personal loans.