What Documents are Required for a Digital Loan Application?

Here are the typically required documents for a digital loan application:

• Proof of Identity: You are required to provide an official ID document to confirm your identity. Commonly accepted IDs are Aadhaar cards, PAN cards, Voter's IDs, driving licences, and passports.
• Address Proof: To validate your address, you can submit documents under your name, such as your Aadhaar card, voter ID, driving license, or utility bills for electricity, water, etc.
• Income Documents: These show your earning capacity to determine loan eligibility. Salaried people can give recent salary slips, bank statements showing salary credits, or tax documents like Form 16. Self-employed people can provide income tax returns, (ITRs) financial statements, etc.
• Bank Statements: To assess your finances, you need statements of all your active bank accounts for the last six months, including salary and non-salary accounts.
• Photograph: A recent passport-sized colour photo is also required in most cases.

Depending on their policies or loan type, some loan providers may also ask for extra documents, like proof of business registration.