Personal loan application: What are the documents required for a personal loan?

Are you planning something significant in your life, such as a wedding, remodelling your home, or that long-awaited bucket list vacation? However, before applying, however, you'll need to provide the following documents to the lender: In this article, we will examine the key documents required for a personal loan. Documents required for applying personal loan To ensure a fast and timely personal loan approval, you must provide the lender with documentation verifying your identity, income, and trustworthiness. Documents required for salaried individuals Salaried individuals must submit the following documents, together with a properly completed personal loan application form: Identity proof : Passport PAN card Voter’s ID Aadhar card Driving license Address proof : Passport Utility bill – less than 2 months old Aadhaar card Driving license Ration card Income proof: Salary slips Bank statements for the last three to six months Tax paid : IT returns Form 16 Residence proof : Property documents Maintenance bill Electricity bill Proof of job : Current employment certificate Current job appointment letter Experience certificate 2. Documents required for self-employed individuals Self-employed personal loan applicants are often required to submit the following documents, along with a fully filled loan application form and passport-sized photographs: Identity proof : Passport PAN card Voter’s ID Aadhaar card Driving license Address proof : Passport Aadhaar card Driving license Utility bill Ration card Proof of residence ownership : Property documents Maintenance bill Electricity bill Proof of office address and ownership : Maintenance bill Property documents Electricity bill Proof of business existence Copy of GST registration Company registration license Shop establishment proof Income proof Last two years' income tax returns of the applicant Audited balance sheet and profit & loss accounts Savings/current account bank statement/ bank passbook for the past year Submitting correct and complete documents early helps reduce processing delays and significantly increases the chances of getting a personal loan.