What documents are needed for a personal loan application?

When applying for a personal loan in India, you need to provide a set of documents that help the lender verify your identity, address, income, and employment status. The documentation requirements may change slightly depending on whether you are salaried, self-employed, a pensioner, or an NRI. However, most lenders follow a standard list to assess your eligibility and repayment capacity.

Common documents required for a personal loan application:

• Proof of Identity:
• Aadhaar Card
• PAN Card
• Passport
• Voter ID
• Driving Licence
• Proof of Address:
• Aadhaar Card
• Passport
• Utility bills (electricity, water, gas, not older than 2-3 months)
• Ration Card
• Rent Agreement
• Driving Licence
• Proof of Income:
• For salaried individuals: Last 3–6 months’ salary slips, Form 16 or latest Income Tax Return (ITR), and recent bank statements showing salary credits
• For self-employed: Income Tax Returns for the last 2–3 years, audited financial statements (profit & loss, balance sheet), and bank statements for the last 6–12 months
• Proof of Employment (for salaried):
• Appointment letter
• Employment ID card
• Work experience certificate (if applicable)
• Business Proof (for self-employed):
• Business registration certificate
• GST registration or Shop & Establishment Act certificate (if applicable)
• Photographs:
• Recent passport-size photographs
• Loan Application Form:
• Duly filled and signed

Some financial institutions can also request additional documents like property documents, investment proofs or a declaration of existing loans. It is advisable to keep both original documents and photocopies ready. Having all required paperwork in order may help ensure a smooth and faster loan approval process.